Commercial Transactions Law aims to strengthen contractual stability
New legislation establishes detailed rules for commercial contracts and agencies to promote transparency and fairness in business dealings.
At a glance
- The Commercial Transactions Law complements the Civil Transactions Law and applies its provisions to cases not expressly addressed by commercial law
- The legislation establishes detailed procedures for commercial contracts and agencies for the first time
- Approximately 69 of the law's 271 articles address commercial contracts and agencies
- The law aims to promote transparency, fairness and contractual stability in commercial dealings
A Commercial Transactions Law has been introduced to maintain consistency with the Civil Transactions Law and address gaps in the commercial and investment environment. The legislation establishes procedures and rules for commercial contracts and agencies, which were previously not governed by detailed legislation.
Approximately 69 of the law's 271 articles cover commercial contracts and commercial agencies. The law aims to promote transparency and fairness in commercial dealings while protecting the rights of contracting parties.
Why it matters
The legislation addresses previously unregulated areas of commercial practice and provides a comprehensive framework to protect the interests of parties to commercial transactions.
Original reporting
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