Al Bayan, 7 June 2022: A member of the Financial, Economic and Industrial Affairs Committee of the UAE’s Federal National Council has announced the Committee has completed its study of all of the details related to a draft federal law on the regulation of commercial agencies.
The draft includes setting time periods for the termination of contracts, which allow, according to the type of commercial contracts concluded, to grant the agent periods of time ranging from two months for simple contracts and up to five years for contracts related to durable goods, which contributes to providing the opportunity to agents to prepare and arrange their situation following the termination of the commercial agency contract.
The law also states that where commercial agency contracts are not terminated amicably between the agent and client, the agency file is referred to a specialist committee at the Economy Ministry.
It will be discussed on 7 June.
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