The Civil Transactions Law (the “Code”), enacted pursuant to Royal Decree 29 of 2013, and having come into force in Oman on August 13, 2013, is a codification of Omani (and to some degree Egyptian) jurisprudence, as developed over past decades. The Code contains a section on “Muqawala” (a contract to make a thing, or perform a task) which impacts directly on construction activities in Oman and is the focus of this article.
Monday, November 3, 2014
Wednesday, October 29, 2014
Legal Updates - October 29, 2014
RD 49/14 establishes the Public Authority for Mining
On September 22, 2014, RD 49/14 established the Public Authority for Mining (“Authority”) and its system. The Authority shall be affiliated with the MOCI and shall act as a legal entity with full authority and eligibility to own, manage, and dispense fixed and movable funds. The Royal Decree is effective from the date of its issuance.
Monday, October 27, 2014
How does Electronics Transactions Law impact Electronic Transactions in Oman?
Oman’s Electronic Transactions Law (promulgated by RD 69/08, as amended) (the “ETL”) governs electronic contractual agreements. The ETL shall apply to parties who agree to conduct their transactions electronically. Such consent by the parties is inferred from their conduct. Electronic transactions are contractual agreements that are “entered into or executed totally or partially through electronic records.”
This article briefly covers the fundamental principles of the ETL and how it may affect any contractual agreement entered into electronically.
Thursday, October 23, 2014
What are the benefits of an excellent grade company?
Whilst registering a limited liability company (“LLC”) in Oman, clients often enquire about the upside of incorporating an LLC with higher capital and how does the grade specified by the MOCI benefit the LLC.
Monday, October 13, 2014
The new Omani Nationality Law: How big is the departure from the old law?
The Sultanate of Oman recently issued a new Omani Nationality Law (RD 38/14) (“New Law”) which replaces the earlier Omani Nationality Regulatory Law promulgated by RD 3/83 (“Old Law”).
Tuesday, October 7, 2014
Amendment to Insurance Company Law - What are the new regulatory requirements?
Royal Decree 39/14 issued on August 12, 2014 introduces new regulatory requirements for insurance companies (“Royal Decree”).
Monday, September 29, 2014
Legal Updates - September 29, 2014
Oman and Japan: Double Tax Treaty
Royal Decree 23/14 has ratified the convention between the governments of the Sultanate of Oman and Japan as on page 2 on the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income (the “Convention”). The Convention was signed earlier in the year on January 9, 2014.
Monday, September 22, 2014
Promotional Offers in the Sultanate of Oman
Promotions and Promotional Offers are governed and regulated by Ministerial Decision No 239 of 2013 (“MD 239/13”) of the Ministry of Commerce and Industry (“MOCI”).
According to MD 239/13 Promotional Offer is defined as “any scheme that provides offers that promote a specific commodity or service during a specific time in return for giving the consumer a prize, gift, service or any other benefit”.
Tuesday, September 16, 2014
Common Issues Arising from Dispute Resolution Clauses
When drafting commercial contracts, one must be particularly careful in ensuring that all legal and commercial terms are unambiguous and carefully constructed. This is especially true for dispute resolution clauses. This article explores common issues that arise from poorly constructed dispute resolution clauses, and suggests tips on how to ensure that these clauses are succinctly drafted.
Monday, September 8, 2014
Dodd Frank Legislation in the US and its Impact on Swap Clearing Requirements in Oman
The Dodd Frank Wall Street Reform and Consumer Protection Act (the “Dodd Frank Act” or the “Act”) became law on July 21, 2010. Whilst the Dodd Frank Act has established a comprehensive reform of the United States (“US”) financial regulatory system, and has made changes to most of the financial industry, the focus of this article is based on the Act’s effect on swaps. In particular, this article addresses the requirement that certain swaps need to be cleared through clearing houses (“clearing requirements”).
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