A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, a take-it-or-leave-it contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it" position. SFCs are normally exempted from negotiation based on their fixed clauses and facilitation of routine transactions. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible. in effect , the contractual thread of formulation of Standard form contract and smart contract is one and same . however , the brilliant vetting and understanding of contractual terms are sin-que-non before proceeding to the transactions as there is limited scope / no scope at all for negotiation. Author: Associate attorney with Dubai Based law firm, can be reached +971-527520742
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Emirates Maritime arbitration center has commenced the operation from last September completing first year with good record of arbitration. EMAC is unique of its kind in the region aimed to address and resolve the maritime disputes via arbitration and Mediation based on the standard regulatory frameworks available with industry. UAE, As a shipping Hub of the region has a Geographical demand for having a center of arbitration in par with the known arbitration centers of Landon, New York, Singapore and Hong Kong. EMAC, as an independent legal entity, functioning under the EMAC Arbitration and Mediation rules formulated on the bases UNICTRAL 2010 with Minor variations. Unless the parties otherwise choses, the Dubai International Financial Center (DIFC) Courts shall be the supervising court with full jurisdiction. It enables the easy enforcement of the awards with the support the Domestic and Foreign courts if required.
Author: Associate attorney with Dubai Based law firm, can be reached +971-527520742 United Arab Emirates (UAE) has taken the historic stand of introducing the tax system to the country and the more or less similar regimes are under pipeline with the other Gulf Countries. Value added Tax (VAT) will be the first tax under the new Law to be imposed with the effect from the beginning of next year as expected. The draft of UAE tax Law, that is Federal Tax Procedure (FTP) Law is a general framework for the institution of Federal Tax Authority, registration, record and submission of tax returns, Functioning, collection and its enforcement, penalties and administrative surcharges, etc. The supplementary regulations are expected to come during the time with more details. The FTP law is a cumulative parental legislation for assuring the fair treatment to the tax payers.
Author: Associate attorney with Dubai Based law firm, can be reached +971-527520742 Company is a Juristic person with separate legal status distinct from its owners, shareholders, Directors and Managers through the concept of corporate Veil. Company can sue and can be sued under the private and public international law. The incorporation of the company takes different forms depending upon the status of the company, either sole Establishment (single owner company), Civil Company, Limited Liability Establishment (LL.E) or Limited Liability Company (LL.C) or Joint stock or public joint stock company, Etc. it varies from country to country by name or requirements, However the principle of corporate veil exist in most of the jurisdictions.
The liability of shareholders is limited to the extent of their shares in cases of Limited Liability Company. However, the liability shall extend to the personal assets of its shareholders and directors in cases of extra ordinary specific circumstances to safeguard the company’s creditors at the best interest of the company. Criminal liability is structured under the principle strict liability although the vicarious liability plays a pivotal role to substantiate and elaborate the principle of strict liability. Nobody is liable for the actions committed by another person. The accused is innocent until proven guilty in accordance with law. Company is a legal person, independent from its shareholders, and with its own financial liability. Author is attached with a Dubai Based law firm, can be reached +971-527520742 Contract is a voluntary arrangement between the parties consisting the essential ingredients of Agreement, Contractual Intention and consideration. Offer and Acceptance leads to the agreement and when the agreement is reached with legal sanctity, it is concluded as contract. Business environment is with full of agreements between businesses and individuals, even the business entities comes to existence by way of incorporation agreements known as Memorandum of Association / Incorporation. Contract is a Basic legal document which represents the expectations of the parties in details and how negative situations shall be resolved. There is a common legal yardstick to be complied in every contracts depending upon the domestic law and best practice principles under the Private international law.
It is important to draft and review this basic document by a competent legal professional to avoid the future difficulties in the business Author is attached with a Dubai Based law firm, can be reached +971-527520742 United Arab Emirates (UAE) is a Sharia law country in respect of personal status and Inheritance. As per the UAE Law, UAE Courts will adhere to Sharia law in a situation where there is no Will in place. This means if you die without a Will, the local courts will distribute your estate and appoint guardians according to Sharia Law principles. The distribution of your estate in accordance with Sharia Law principle can have some, often surprising and unwanted implications. All personal assets of the deceased, including bank accounts, will be frozen until liabilities have been discharged. A wife who has children will qualify for only 1/8th of the estate, and without a Will this distribution will be applied automatically. Even jointly held assets will be frozen until the issue of inheritance and succession is determined by the local courts. Unlike other jurisdictions the UAE does not recognise the survivorship rules which ultimately means that there is no automatic transfer of joint assets to the joint survivor. If you own a business, whether this be a Free Zone Company or an LLC, in the event of a shareholder or director’s death, local probate laws apply and shares do not pass automatically by survivorship nor can a family member take over in lieu. The Sharia Law principles regarding guardianship of bereaved children importantly state that on the death of the children’s Father, the Mother has no automatic entitlement to legal guardianship of her own children. Since, the UAE has the highest Number of expats doing business and living here due to the fair policy of the government, In order to accommodate those residents of the UAE who ascribe to different religions, the Law of Personal Status permits a non-Muslim expatriate living in the UAE to elect to apply the law of his or her country to matters of personal affairs through the execution of proper will at Dubai Courts or DIFC Registry. Additionally Article 17 of the UAE Civil Code states that “inheritance shall be governed by the law of the testator at the time of his death”. Now, you may feel that, I do not have any assets here, then why I need a will??? Still, you need, because, you do not know about your future assets, like gratuity, Life insurance, Compensation or insurance on the ground of unexpected way of death, secure your interest in the mode of burial, Guardianship of children, etc Author is a lawyer with rich experience, competent to consult and advise on the legal issues and attached with a pioneer law firm in the region, can be reached at [email protected] http://legaldubai.weebly.com/ , +971-527520742 Crime is no more an exclusive of criminally motivated elements, the development in science and technology has paved a way for white-collar people to be criminals intentionally or by ignorance. It is an established principle of jurisprudence recognised throughout the world that ignorance of law is not an excuse. The traditional crimes have comparatively come down by the exposure of civilizations and the science and technology has equally contributed to prevent the crime in social parlance. In the meantime, new form of criminality emerged within the white-collar community which has no precedent in the history.
Corporate crime has major impact in the business and development of every sector, Financial Crime, corporate fraud and cyber crimes are the major corporate crimes committed by the corporate entities or individuals. Money laundering and corruption is another threat to sovereign states while controlling the corporate world. Therefore, the states are more vigilant against the violators of Anti-Bribery and Corruption (ABC) and Anti Money Laundering (AML) Legislations. Regulators and enforcement agencies are also now cooperating and sharing intelligence more with each other, in a system known as mutual legal assistance, the countries are becoming more willing to work together to prosecute companies for financial crime. Bilateral agreements between the countries expanded the way for the smooth detection of corporate criminals. As a flag bearer against the corporate and financial crimes, the UAE has smooth bilateral agreements with foreign countries to prosecute the financial crime in the region. Criminal Breach of trust and fleeing with financial liability has very wide connotations, the proper reading of law may presupposes the breach of trust, cheating, check fraud, inordinate delay and later fleeing from the financial liability, All coming under the ambit of Corporate and financial crime. The UAE has strong Laws to prosecute the criminals and get the money with compensation howsoever high he is, because it is a country of rule of law. But it requires proper follow-up and constructive action by choosing the right Lawyers. It is relevant to highlight here that rarely the innocent corporate professionals may be trapped to the prosecution on the bases of assumptions and presumptions. The proper defence through efficient lawyers may help to prove the innocence. Author is a lawyer with rich experience, can be reached [email protected] http://legaldubai.weebly.com/ , +971-527520742 Expats in Dubai with assets such as property will now be able to choose how their estate is to be distributed under new inheritance rules. New rules set in place by the Dubai International Financial Centre (DIFC) will allow non-Muslim to be exempt from Sharia laws on succession.
The DIFC has launched a Wills and Probate Registry which is the first of its kind in the Middle East that allows non-Muslims to register English-language wills under Common Law.The rules have been drafted on the basis of Common Law principles from the Estates Act and Probate Rules of the UK, and legislation of other leading common law jurisdictions such as Singapore and Malaysia. It creates legal clarity for expats from all over the world living, investing and conducting business in Dubai in that their assets can be transferred to their loved ones upon death according to their wishes, reflecting their own laws, traditions and cultures. Two innovative legal processes have been incorporated into the rules. The first is the requirement to sign the will, at the time of registration, in the presence of a registry officer. The second is the confidential and secure storage of the will at the registry.The signed wills will be safely stored in their electronic format for the remainder of the lifetime of the testator at the DIFC Wills and Probate Registry. This significantly minimises the possibility of damage, tampering and loss of the will. Until now, while United Arab Emirate law allowed expats to have wills according to the provisions of their native country, it did not include property. the author can be consulted for preparation and registration of Will in UAE +971527520742 http://legaldubai.weebly.com/ [email protected] Debt is an amount of money borrowed by one party from another. Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal circumstances. The duty or obligation arises out of debt usually secured through the negotiable instruments or debt agreement by which the lender can recover the amount due through the permissible legal remedies available under the jurisdiction, if failed through the international remedial institutions.
In the fast growing commercial world, the debt occurred out of defaulted payment of purchased invoice or other hire purchase terms often give way to the bad debts especially when the amount stands small in commercial terms. In such situation, the small and medium enterprises are forced to give up the marginal profits and even the costs. The small and medium entrepreneurs fuel the business out of invoiced debts and market capital. The absconding of borrowers from the market even questions the sustenance of innocent small and medium entrepreneurs. The market research reveals that cyclical business loss and profits compels the untrained borrowers to run away from the market without paying off the debt. Although such absconding and run away options shall create the legal consequences. But the innocent seller, to whom the amount is due on account of goods sold or service rendered or terms agreed left with no other remedy than to convert legitimate debt to bad debt. The banks and financial institutions can wait until the person/company return through the mechanical legal processing, but those individuals or companies who has substantial payment due from another company/individual can recover the debt through the help of debt recovery legal professionals irrespective of the amount due and to wherever the person concerned absconded. As per UAE law, the debt does not ceased at the border, the liability shall run until the repayment is affected. The majority of the people think that nothing can be done if the buyer/borrower has not paid back the debt. Since UAE is the party to the Riyadh agreement, the judgment of UAE court can be enforced outside the jurisdictions, what is required in the circumstances is the proper strategy planning and execution follow up to trap the debtor to bring back the debt. The author can be reached through [email protected] +971527520742 Although patents for inventions are granted as a policy tool meant to foster the innovations and to protect the interest of the inventors, the relationship between the IPRs and disciplines regulating competition has always been a debated one. The increased international relations among the nations by way of travel, trade and capital movement has added to the significance of patent and patent laws, at the same time with the industrialization and grant of patent the issue of controlling the monopolistic power associated with IPRs in order to enhance consumer welfare has also gained momentum. However in the absence of any uniform international dimension over competition policies, the relationship between IPRs and competition law has become complex and inadequate one. The grant of unified global flexible guidelines on competition policies under the patronage of WTO would definitely go long way in complementing the two different levels of market regulation both for developed and developing nations.
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