Introducing The Draft Commercial Law for Public Consultation

Introducing The Draft Commercial Law for Public Consultation

Photo by Cyber Riyas

The ministry of Commerce has introduced the draft Commercial Law on the National Competitiveness Center’s Public Consultation platform (Istitlaa) for the public and the government entities to submit their views and feedback.

The commercial transactions draft law aims to address challenges to the legal framework of commercial transactions and was developed in light of leading international practices and in cooperation with relevant international organizations, in order to study opportunities and areas of development.

The draft law includes provisions regulating the conduct of business; In addition, it includes provisions related to the merchant's obligations and the commercial obligations in general.

Among the most prominent features of the draft is that it regulates commercial contracts. For the commercial sale contract, liquidation sale contract, public auction contract, supply sale contract, brokering contract, commercial representation contract, commercial agency contract. The draft also addresses the subject of negotiable instrument, defines them, indicates their types, and specifies their related provisions. It includes provisions on bills of exchange, checks and promissory notes.

The draft Law can be viewed, and feedbacks can submitted via the following link: click here