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Economic and Fraud Provisions in the Middle East “There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open…
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Basis of claims in the construction industry in the UAE Disputes are widespread in the construction sector. Disputes develop owing to conflicts between any of the parties to the contract. Disputes may be detrimental to construction projects, causing enormous costs, disruptions, & reduced productivity. To execute a construction project on…
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Business Closure in the UAE, and How it Must Be Pursued When you decide to close your business in the UAE, you must cancel your business license as well as any related permits. Pretext It is imperative that the relevant government bodies are aware that you are no longer in…
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Q & A: Third-Party Funding in UAE Introduction Third-party funding, also known as litigation funding, provides a business with a viable means of pursuing litigation, Arbitration and adjudicating claims. Third-party financing ensures that the legal needs are met with minimum risk and subsequently preserve the business's liquidity in case of…
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Doing business in the Kingdom of Saudi Arabia- Part ii Tax XII. What contributions are made towards social security by the employee and the employer during the employment relationship? Is there an Income Tax regulation in the KSA? There are no income taxes impositions for the employees; however, the Saudi…
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Environment 2020 1. What is the main legislation governing contamination of land in this jurisdiction? What are the main penalties and how is liability determined? Bahrain Ministerial Order No. 21/1996 with respect to the Environment governs the issue of land contamination. Land is effectively protected by the prevention of indiscriminate…
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Competition 2020 Bahrain 1. What is the name of the main regulator/ regulators governing the competition law in this jurisdiction? The Authority for Promotion and Protection of Competition. 2. In the context of a merger acquisition in what circumstances, are the seller and/or the purchaser required to notify the competition…
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The Legality of Backdating Contracts Introduction The “contract date”, seemingly a very basic concept, can contribute to some problems and confusion among parties contracting therein. The main issue that parties may face is regarding the interpretation of the dates mentioned in the contract. There are essentially three types of dates…
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Duress in Contract Law In UAE, all legal aspects in regards to contractual related issues are encapsulated under the UAE Civil Code and the UAE Commercial Code. It is difficult to establish between illegitimate and legitimate duress as in regards to commercial contracts, a certain level of duress is expected…
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UBO Disclosure Requirements- UAE In recent years, counter-fraud, money laundering and terrorism funding have been the regulator's highest priority. Fraudulent parties conceal their service using offshore accounts, and authorities report fraudulent transacts routinely at fake emails, PO boxes or private residences. This term has taken on an increasingly significant role…
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Legality of the Unilateral Appointment of an Arbitrator India A unilateral appointment clause is an agreement that gives one of the parties the opportunity to choose between two available options to settle a dispute, while only one of the options is available to the other party. Whether Unilateral Appointment Clauses…
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UAE: Effect of the Amendment to the Companies Law on LLCs Introduction The UAE government has recently amended Federal Law Number 2 of 2015 (hereinafter referred to as “old law”) by issuing Federal Decree-Law Number 26 of 2020 (hereinafter referred to as “new law”). The introduction of this amendment has…
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Doing Business in Ras Al Khaimah 2021 Enforcing Contracts Questionnaire 1.Case Study Assumptions Two domestic companies - Seller and Buyer - conclude a contract for the sale of some custom-made goods. Further to such contract, Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, custom-made furniture.…
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Enforcement of New York Convention Awards in the UAE Introduction Arbitration clauses are becoming more and more prominent in corporate agreements, the reason behind this is the ease with which disputes can be dealt with as compared to the traditional court system. In any case, a corporation may find that…
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