Commercial law Ibragimov Rauan 418 gr

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What is Commercial law provides the rules that merchants and others involved in commerce must follow as they conduct business amongst themselves and with consumers. It governs the sales of goods and services, negotiable instruments, security interests, leases, principal and agent relationships, contracts of carriage, and much more. In a broad sense, commercial law also encompasses related issues like business bankruptcy and tax planning

Elements of a Contract OFFER ACCEPTANCE CONSIDERATION History

The Uniform Commercial Code (UCC)

Third Party Contract Issues In today’s complex marketplace it is not unusual for a contract to affect the rights of a third party – that is, someone other than the parties who created the contract. This can create a number of legal issues. Consider the example of a bank who lends money to a borrower. After making the loan, the bank sells its right to collect the loan to another company. Is the borrower obligated to pay the company, even though the borrower never contracted with them directly? And if the borrower fails to pay, can the company turn around and sue the bank for breach of contract? Commercial law provides answers to these and other such questions involving third parties.

A good commercial solicitor needs… The ability to think creatively, laterally and commercially (balancing rules, regulations, risks, client interests and revenues). Project management skills. The dedication to keep up to date with a continually evolving area of the law. Sound drafting and negotiation skills. Adaptability, working alone and as part of a team. The ability to consider the bigger picture and not just focus on the issue at hand.

Commercial law in UAE Under United Arab Emirates (UAE) law, there are five types of business establishments applicable to foreign entities interested in establishing a formal presence in the UAE. A company can create a permanent establishment, establish a branch office, create an entity in a UAE free zone, create a civil company (currently limited to Sharjah and Dubai), or enter into a commercial agency agreement.

Free Zones

Different types of licenses that can be issued in a Free Zone are: • General Trading License • Trading License • Industrial License • Service License • National Industrial License

Commercial Agency Agreement Foreign companies may engage in a commercial agency arrangement which is defined as any arrangement whereby a foreign company is represented by a UAE agent to distribute, sell, offer, or provide goods or services within the UAE for a commission or profit. The agent must either be a person holding UAE nationality or a company that is 100% owned by UAE nationals. The agent must be registered with the Ministry of Economy. Unless otherwise agreed in writing between a foreign company and its commercial agent, an agent is entitled to receive a commission on the sale of products in his or her designated Emirate, irrespective of whether such sales are made by or through the agent.

DUBAI • Jebel Ali Free Zone (JAFZ) • Dubai Airport Free Zone (DAFZ) • Dubai Internet City (DIC) • Dubai Media City (DMC) • Dubai Gold and Diamond Park (DGDP) • Dubai Cars & Automotive Zone • Dubai Health Care City (DHCC) • Dubai International Financial Centre (DIFC) • Dubai Maritime City • Dubai Logistics City • Dubai Knowledge Village

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