Get Adobe Flash player

If a comparative amount is paid, the tax impact should be taken into account. For example, the parties may expressly specify that the amount of compensation covers vat (VAT). This is also an important consideration for parties based in the Gulf countries, now that VAT has been introduced in the United Arab Emirates and other Gulf countries. However, communication is not recognized in some jurisdictions (including the United Arab Emirates). Therefore, documents identified as « non-prejudice, » such as draft transaction agreements, may be submitted to the court or the arbitral tribunal and subsequently invoked in the absence of a transaction. For this reason, it is customary in the United Arab Emirates to limit the documentation of transaction negotiations and to try to agree on a confidentiality agreement covering any exchange of information during transaction negotiations and to make it clear to each exchange that transaction offers are made in full without any responsibility. The transaction contract should be executed by persons authorized to do so. This is particularly important in the Middle East, as many jurisdictions, including the United Arab Emirates, require the signatory to have explicit powers to implement transaction agreements or, at the very least, to bind the company (for example. B, Article 58.2 of the United Arab Emirates Code of Civil Procedure). If the parties to the dispute reach a compromise before a dispute is resolved by a tribunal or arbitral tribunal, it is advisable to write down the terms of the agreement in order to obtain both the security and the end of the agreement. The concept of resolving a dispute is simple, but the task of documenting a settlement can be complex.

Below are a number of important considerations that need to be considered in the development of a transaction agreement. The Landgericht ruled on the application in favour of ASUS and decided that the parties were bound by the terms of the transaction agreement. Applying the principles of state contract law to determine whether a contract had been entered into, the Tribunal stated that if a full agreement existed and the parties had agreed to the terms of the transaction or if their lawyer had authorized the settlement of the dispute, the transaction would be applied.

Les commentaires sont fermés.