Dubai Chamber of Commerce recently hosted a webinar for the business community, which offered professionals practical tips for drafting commercial contracts in the UAE.
The webinar, organised by the Chamber in cooperation with The Jorgensen Law Firm and Taylor Wessing, was attended by 147 participants, representing companies operating in various economic sectors.
Participants learned in-depth and practical approaches to identifying the important provisions in commercial contracts, knowing how each of these provisions work, recognizing and avoiding the most common drafting problems, drafting clearer and more effective commercial contract provisions and highlighting key UAE legal principles as they apply to contracts.
Jehad Kazim, Vice President of Legal Services, Dubai Chamber of Commerce, stressed the importance and purpose of commercial contracts as legal documents that should help individuals and businesses to achieve goals, reduce risks and comply with laws. When drafters understand how agreements are constructed, negotiated and interpreted; their contracts can increase profitability, lessen the likelihood of disputes and strengthen relationships, she explained.
“Lawyers, business people and administrators should understand the most common provisions found in commercial contracts in order to serve their clients effectively. Specifically, the contract practitioner should understand each provision’s purpose, how that provision works in the contract, common problems to avoid with this type of provision, and how the provision may be drafted to reduce risk to their clients,” said Paul Jorgensen, Principal Attorney at The Jorgensen Law Firm.
For his part, Nicholas J Carnell, Partner and Head of Disputes for Taylor Wessing – Dubai branch, noted that UAE has embarked on an ambitious program to overhaul its legislative landscape. He added that the webinar offered a practical guide for lawyers, businesspeople and administrators to ensure that their contracts remain fit for purpose, but also a valuable refresher on key contracting principles together with tips for mitigating risk.
