Escrow accounts are pivotal in UAE financial transactions, promoting security and trust between parties. This guide offers a thorough overview of how escrow accounts function under UAE law, detailing their purpose, legal framework, benefits, and key considerations. What is an Escrow Account? An escrow account is a financial setup in which a third party, called the escrow agent, holds and manages the funds involved in a transaction between two...
Charter Legal takes pride in serving as the Gold Sponsor of Dubai Arbitration Week (DAW), 2024. We invite you to join us on November 14th, 2024, Thursday at the Waldorf Astoria, DIFC, for the CIArb UAE Branch Seminar. Dubai Arbitration Week emphasizes the UAE's unique arbitration framework, which encompasses various arbitration venues, including the Dubai International Financial Centre (DIFC), the Abu Dhabi Global Market (ADGM), and traditional...
Starting your business in the UAE? What are the key steps and requirements you need to know? The UAE is one of the most attractive destinations for entrepreneurs and businesses due to its strategic location, tax advantages, and pro-business environment. Understanding the process and requirements of the UAE laws is crucial whether you're looking to launch a startup or expand an existing business. Here’s a guide to help you navigate the key...
HOW CAN TENANTS AND LANDLORDS RESOLVE RENTAL DISPUTES IN DUBAI? Dubai’s rental market is regulated by Law No. 26 of 2007, as amended by Law No. 33 of 2008. These laws govern the landlord-tenant relationship, outlining the rules for rental agreements, dispute resolution, and the rights and responsibilities of both parties. The Dubai Rental Dispute Center (RDC) is the main authority that resolves rental disputes in Dubai. It provides mediation...
How Can Legal Disputes and Issues Between Real Estate Developers and Buyers in Dubai Be Addressed? In the real estate market, the interaction between developers and buyers is crucial for the success of real estate projects. However, numerous legal disputes can arise during and after the construction process, necessitating a thorough understanding of laws and legal practices to avoid or effectively resolve conflicts. The issues that commonly...
On July 29, the UAE government announced amendments to the labour law under Federal Decree-Law No. 9 of 2024, which have now come into effect as of August 31, 2024. The UAE labour law is essential in regulating the employer-employee relationship, focusing on safeguarding the rights of both sides and ensuring a safe, healthy working environment. Under the new amendments, employers face fines ranging from AED 100,000 to AED 1 million for various...
Historically, UAE Federal Law imposed severe penalties, including imprisonment, for bounced cheques. However, recent amendments effective from October 3rd, 2022, have shifted the focus towards decriminalizing most cases. The new approach emphasizes civil remedies and financial penalties rather than criminal sanctions. Under UAE law, a bounced cheque is defined as one issued by the drawer in favor of the beneficiary, where the drawee’s account...
Renting property in the UAE can be a straightforward process if you’re well-informed about your rights and obligations. Whether you're a tenant or a landlord, understanding the legal framework can help you navigate the rental market with confidence. Key Rights for Tenants Rental Contracts: A clear and detailed rental contract is crucial. It should outline key terms such as rent amount, payment schedules, lease duration, and maintenance...
Background As part of a strategic effort to strengthen the real estate sector, the Dubai government has issued a new resolution to form a specialized committee for Real Estate Investment Funds (REIFs). This initiative highlights Dubai’s dedication to sustaining its position as a leading global real estate hub by establishing a solid framework that promotes transparency, governance, and investor trust. Purpose and Objectives of the Committee...