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KT edit: Bracing for impact

Filed on October 27, 2020 | Last updated on October 27, 2020 at 12.15 am
Dirhams currency note and coins

(Hossein Lohinejadian / Alamy Stock Photo)

The latest amendments announced to the Commercial Transactions Law in the UAE aim to realign the interests of commercial institutions with the people who deal with them

The primary aim of law is not necessarily to nab the offender and slap a fine or harsh punishment. Many a time, stricter fines are meant to deter people from any wrongdoing and ensuring a balance in societies. The latest amendments announced to the Commercial Transactions Law in the UAE aim to realign the interests of commercial institutions with the people who deal with them. It is a bid to increase transparency and also redefine how cases of bounced cheques are dealt with in the country. There is an emphasis on reconciliation and avoidance of criminal lawsuits.

The coronavirus pandemic is leaving behind an economic impact that would be felt for years to come. Despite the measures taken by the government, and the stimulus packages offered, there is no denying that micro, small and medium businesses have been hit hard. People have been made redundant, and even big firms are feeling the pinch of low demand. Now that’s the case almost across the world, not just the UAE. Under such economic conditions, contract disputes have started hitting the courts globally. The amendments made in the UAE keep in mind the rough economic weather we are facing and it attempts to brace firms, banks, businesses, and individuals for the adverse impact in years to come. This should minimise the pain caused.





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