The long-waited New Egyptian Investment Law No. 72 of the year 2017 was finally passed by the Parliament and issued by the President, this law is expected to attract the investors for the incentives, guarantees, facilitations and advantages provided for in it.
The Confidentiality might be stated in an independent Agreement called “Confidentiality Agreement” and it could be stated in certain Clauses in different agreements or contracts such as an employment contract. The Confidentiality Agreements or Clauses are essential in any contractual relationship, as it plays an important role in assuring the maintenance of the secrecy and confidentiality regarding all the information disclosed among all the involved Parties of the Agreement. It is a win-win situation for both Parties, as it protects both Parties and builds trust between Parties of the agreement.
The VAS services are services that are based on the content or format of the information that has changed in the content or body of the information it adds value to or provides integration between it and other services from Operational and/or administrative aspects, or those services that involve user interaction with stored information data.
Tourism in Egypt is flourishing, as it became a destination for many tourists due to its many attractions especially the peculiarity of its food. However, in some cases tourists suffer from diseases, infections or food poisoning due to the failure of hotels and touristic sites to observe the food and beverage hygiene, which lead tourists to the court in order to claim for compensation.
Changing the company’s legal form is mainly regulated by the Companies Act No. 159 of the year 1981 and its Executive Regulations; in particular Article No. 136 of the Companies Act and Article No. 299 of its Executive Regulations.
Franchise is a practice of the right to run a Company’s business system and brand for a certain period of time. Therefore, when concluding franchise agreements, parties should be aware of “deal breakers” provisions such as liquidated damages clauses, insufficient start-up support, and mandatory arbitration clauses. Franchisors provide many advantages for ambitious Franchisees to start a business. However, the benefits are not for everyone.
A letter of guarantee is a type of a contract issued by a bank on behalf of a customer who has entered into a contract to purchase goods from a supplier and promises to meet any financial obligations to the supplier in the event of the default. The main purpose of this product is to guarantee payment to the beneficiary regardless of any objection or contestation from any other party.
Egypt after 2011 started to focus mainly on energy and renewable energy sectors as an integral part of the main projects in the sustainable development plan 2030. Egypt recently issued The Electricity Law No. 87 of the year 2015, and its Executive Regulation in 2016 (Ministerial Decree No. 230 of year 2016) and Renewable Energy Law No. 203 of the year 2014.
The Documentary Credit is an essential way for the execution of import & export trade operations, thus it has been requisite for the trade relations which has been defined by Article 341 of the Egyptian Commercial Law No.17 of the year 1999 which stipulates that: ‘Documentary credit is an Agreement by virtue of which the bank undertakes to open a credit upon the request of one of his clients (called ‘the remitter’) in favor of another person (called ‘the beneficiary’ guaranteed by documents representing the shipped goods or goods prepared for shipment’. Such documentary credit contract is separate from the contract because of which the credit was opened. And the bank shall remain alien to that contract. In case there is no special provision prescribed herein, the ICC Uniform Customs and Practices for Document Credits issued from the International Chamber Of Commerce shall apply.
The Transfer of Technology Contract is one of the contracts which are included in the Egyptian Commercial Law No. 17/1999, due to the new era of significant expansion in the field of technology contracts and the legal issues that face the transfer of technology processes at the international level as a result of the conflict of interests between the parties of these processes.
Collision is a maritime danger that frequently occurs especially after the increase of the number of ships sailing in the seas, multiplication of their velocities and unification of navigation lines. Such leads to mass damages to persons and properties.
The liquidation of companies in Egypt is governed by the Egyptian Companies Law. No. 159/1981, the law governs all the aspects of the companies’ liquidation including the reasons of liquidation, status of the company under liquidation, the appointment of the liquidator, responsibilities of the liquidator and revocation of the liquidator.
Throughout 30 years of experience in providing clients with immigration services in Egypt we found that many foreigners and companies are facing many issues in obtaining work permit in that’s due to the complicated process of receiving work permit in Egypt and involvement of numerous authorities.
Foreign companies or establishments may not establish scientific, technical, consulting or other services unless they have a commercial agent in Egypt in accordance with the Egyptian laws and regulations. Such companies and establishments can carry out any act of commercial agency or mediation only through a registered agent or commercial intermediary.
As with any other commercial activity, maritime insurance has an essential role in the overseas trade that involves transportation of goods from one country to another via ships, this type of insurance covers perils of the sea including the loss of ships, cargo, terminals and any transport or property by which the cargo is transferred.
Usually within the drafting process parties may neglect that a dispute may arise in the future regarding, for example, the validity of the contract, at this moment many questions can arise; what is the law governing this contract? To any jurisdiction parties will refer their dispute to? What will be the method of settlement in case the dispute arises? These clauses are very important clauses to be taken into account when drafting a contract to avoid legal uncertainty. In this article, it is briefly discussed what is meant by those clauses and how to be included into the contract.
On 5th of September 2016, the new Value Added Tax (VAT) Law in Egypt has been promulgated and published in the Official Gazette entering into effect on 8th of September 2016. The new Law no. 67 of year 2016 replaces the General Sales Tax (GST) Law no. 11 of year 1991 and any other legal provision contradicting with the new law shall be annulled.