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AMENDMENTS TO UAE COMMERCIAL AGENCY LAW
The amendments to the UAE Commercial Agency Law (CAL) brought about by Federal Law No. 11 of 2020, makes a significant addition to the types of UAE legal entities that can register a Commercial Agency arrangement at the Ministry of Economy, UAE. Commercial Agency is basically an arrangement entered into between a Producer/Manufacturer and his…
Purchase Financing in UAE – Recent changes in Law
On 01/06/2020, Federal Law No. 4 of 2020 on Guaranteeing Rights Related to Movables (New law) repealed Federal Law No. 20 of 2016 on mortgaging of movable property as security for debts (Old law). The Old law, had put in place a regime for registering security interests over movable assets in UAE and bridged various…
A FAST TRACK TO SAVING LEGAL COSTS FOR BUSINESSES: PREVENTIVE LEGAL METHODS
Businesses spend large amounts in litigation costs every year. The amounts lost on account of lost claims are frighteningly higher. An emerging trend is to identify and prevent or reduce such losses at an early stage, resulting in substantial financial benefits to businesses. There are various innovative ways by which potential legal risks can be…
SIX THUMB RULES TO BEAR IN MIND BEFORE ENTERING AN ARBITRATION AGREEMENT
Arbitration is a legally binding private dispute resolution mechanism outside of courts. In arbitration, disputes are resolved by one or more arbitrators appointed by the parties through agreement. Arbitrator is bound to issue a final binding decision after reviewing evidence and hearing arguments of the parties, much like a court process. Arbitration awards are final,…
UAE now allows 100% Foreign Ownership of Maritime Businesses
Foreign Ownership of Maritime Businesses The UAE Government has announced foreign ownership of maritime businesses in the country are now allowed. It follows the issuing of the positive list which is the official list of the commercial activities in which 100% foreign ownership is allowed. It will allow people to register vessels under the Emirati…
Exporters & Importers: Are you prepared for change in INCOTERMS effective Jan 2020
International Exports and Imports International sale of goods involve multiple parties and jurisdictions. Each transaction is a complex one. International Commercial terms, commonly referred to as Incoterms, aims to smoothen the complicated international trade process. It is a set of pre-defined and universally accepted commercial / contractual terms for international sale of goods. Incoterms clearly…