Federal Decree by Law No. (50) of 2022 Concerning Promulgating the Commercial Transactions Law
Article 3 — Book One: Trade in General ¶
Part One: Commercial Activities, Merchants and Commercial Books
Chapter one: Commercial Activities: Article (4)
Article 9 — Article (10) ¶
Chapter two: Merchant: Article (11)
Article 34 — Article (35) ¶
Part Two: Business Assets, Trade Name, Unfair Competition, Trademarks and Commercial Data
Chapter One: Business Assets, Trade name and Unfair competition: Section One: Business Assets: Artic
Article 51 — Article (52) ¶
Section Two: Trade Name: Article (53)
Article 58 — Article (59) ¶
Section Three: Unfair competition: Article (60)
Article 67 — Chapter Two: Trademarks and Commercial Data: Article (68) ¶
Book Two: Commercial Obligations and Contracts
Part One: Commercial Obligations
Article 91 — Article (92) ¶
Part Two: Commercial Sale
Chapter One: General Provisions: Article (93)
Article 110 ¶
Chapter two: Certain types of Commercial Sales: Section one: Sale by Installment: Article (111)
Article 124 — Article (125) ¶
Section Three: Auction Sale at Reduced Prices at Commercial Stories: Article (126)
Article 174 — Article (175) ¶
Part Four: Depositing in Public Warehouses
Article 192 — Article (193) ¶
Part Five: Stock and Commodities Market
Article 194 — Part Six: Commercial Agency ¶
Chapter One: General Provisions: Article (195)
Article 268 — Article (269) ¶
Part Eight: Carriage
Chapter One: General Provisions: Article (270)
Article 319 — Article (320) ¶
Chapter Three: Passenger Carriage Contract: Article (321)
Article 370 — Book Three: Banking Transactions ¶
Part One: Bank Deposits, Transfers and Accounts
Chapter One: Bank Deposits: Article (371)
Article 378 — Article (379) ¶
Chapter Two: Bank Transfer: Article (380)
Article 408 — Part Three: Bank Credits ¶
Chapter one: Bank Loan: Article (409)
Article 418 — Article (419) ¶
Chapter Three: Opening a Letter of Credit: Article (420)
Article 427 — Article (428) ¶
Chapter Four: Documentary Credit: Article (429)
Article 440 — Part Four: Transactions on Commercial Papers ¶
Chapter One: Discount: Article (441)
Article 450 — Part Five: Transactions on Securities ¶
Chapter One: Lending Against Securities: Article (451)
Article 466 — Article (467) ¶
Part Six: Commercial Transactions of Islamic Financial Institutions
Chapter One: General Provisions: Article (468)
Article 473 — Article (474) ¶
Chapter Two: Special Provisions for Certain Types of Contracts and Obligations to which Islamic Fina
Section Two: Installment Sale: Article (476)
Article 479 — Article (480) ¶
Section Three: Murabaha: Article (481)
Article 486 — Article (487) ¶
Section Five: Salam: Article (488)
Article 489 — Article (490) ¶
Section Six: Ijarah [LEASE]: Article (491)
Article 496 — Chapter Three: Islamic Banking Transactions: Article (497) ¶
Part Seven: Rental of Safe Deposit Boxes
Article 508 — Book Four: Commercial Papers ¶
GENERAL PROVISIONS: DEFINITION AND TYPES OF COMMERCIAL PAPERS: Article (509)
Article 514 — Part One: Bill of Exchange ¶
Chapter One: Drawing Up a Bill of Exchange: Article (515)
Article 540 — Article (541) ¶
Chapter Three: Consideration for Payment of the Bill of Exchange: Article (542)
Article 557 — Article (558) ¶
Chapter Five: Aval: Article (559)
Article 566 — Article (567) ¶
Chapter Seven: Payment of the Bill of Exchange: Article (568)
Article 579 — Article (580) ¶
Chapter Eight: Claim and Recourse Against Obligors of the Bill of Exchange: Article (581)
Article 602 — Chapter Nine: Intervention for Honor: Section One: General Provisions: Article (603) ¶
Section Two: Acceptance for Honor: Article (604)
Article 605 — Article (606) ¶
Section Three: Payment for Honor: Article (607)
Article 610 — Article (611) ¶
Chapter Ten: Parts of a Set: Article (612)
Article 613 — Article (614) ¶
Chapter Eleven: Copies and Alterations: Section One: Copies: Article (615)
Article 616 — Section Two: Alterations: Article (617) ¶
Chapter 12: Limitation of Actions: Article (618)
Article 646 — Article (647) ¶
Chapter Three: Payment of Cheques: Article (648)
Article 657 — Article (658) ¶
Chapter Four: Crossed Cheques and Cheques Credited to an Account: Article (659)
Article 666 — Article (667) ¶
Chapter Six: Alterations and Copies: Article (668)
Article 671 — Article (672) ¶
Chapter Seven: Penalties: Article (673)
Article 684 ¶
Federal Decree by Law No. (50) of 2022 Concerning Promulgating the Commercial Transactions Law
Federal Decree by Law No. (50) of 2022 Concerning Promulgating the Commercial Transactions Law
We, Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, Having reviewed:
- The Constitution;
- Federal Law No. (1) of 1972 concerning the Jurisdiction of Ministries and the Powers of Ministers,
- Federal Law No. (18) of 1981 Regulating Commercial Agencies, as amended;
- Federal Law No. (26) of 1981 concerning Commercial Maritime Transport, as amended;
- Civil Code promulgated by Federal Law No. (5) of 1985, as amended;
- Federal Law No. (20) of 1991 promulgating the Civil Aviation Law;
- Federal Law No. (18) of 1993 promulgating the Commercial Transactions Law, as amended;
- Federal Law No. (18) of 1995 concerning Simple Crafts;
- Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities Authority and Marke
- Federal Law No. (8) of 2004 concerning Financial Free Zones;
- Federal Law No. (17) of 2004 concerning Anti-Fronting in Commercial Transactions;
- Federal Law No. (6) of 2007 Regulating Insurance Business, as amended;
- Federal Law No. (2) of 2008 concerning NGOs and Foundations of Public Interest, as amended;
- Federal Law No. (6) of 2010 concerning credit transactions, as amended;
- Federal Law No. (9) of 2011 concerning Land Transport, as amended;
- Federal Law No. (4) of 2012 Regulating Competition;
- Federal Law No. (2) of 2014 concerning Small and Medium Enterprises;
- Federal Law No. (12) of 2014 Regulating the Profession of Auditors, as amended;
- Federal Law No. (11) of 2015 concerning the Control of Trading and hallmarking of Precious Stones
- Federal Decree-Law No. (9) of 2016 concerning Bankruptcy, as amended;
- Federal Law No. (17) of 2016 Establishing Centers of Mediation and Conciliation in Civil and Comme
- Federal Law No. (19) of 2016 concerning Combating Commercial Fraud;
- Federal Law No. (1) of 2017 concerning Anti-dumping and Countervailing and Preventive Measures;
- Federal Law No. (6) of 2018 concerning Arbitration;
- Federal Law No. (8) of 2018 concerning Financial Leasing;
- Federal Law No. (10) of 2018 concerning Product Safety, as amended;
- Federal Decree-Law No. (14) of 2018 concerning the Central Bank and the Regulation of Financial Fa
- Federal Decree-Law No. (20) of 2018 Concerning Anti-Money Laundering and Combating the Financing o
- Federal Decree-Law No. (19) of 2019 concerning Insolvency;
- Federal Law No. (4) of 2020 in relation to Securing the Rights in Movables;
- Federal Law No. (15) of 2020 concerning Consumer Protection;
- Federal Law No. (6) of 2021 concerning Mediation in Civil and Commercial Disputes;
- Federal Law No. (11) of 2021 on the Regulation and Protection of Industrial Property Rights;
- Federal Decree-Law No. (31) of 2021 promulgating the Penal Code, as amended;
- Federal Decree-Law No. (32) of 2021 concerning Commercial Companies;
- Federal Decree-Law No. (33) of 2021 Regulating Employment Relationships, as amended;
- Federal Decree-Law No. (36) of 2021 concerning Trademarks;
- Federal Decree-Law No. (37) of 2021 concerning the Commercial Register;
- Federal Decree-Law No. (38) of 2021 concerning Copyright and Neighboring Rights;
- Federal Decree-Law No. (46) of 2021 concerning Electronic Transactions and Trust Services;
- Federal Decree- Law No. (20) of 2022 Regulating the Notary Public Profession;
- Federal Decree-Law No. (21) of 2022 Regulating the Profession of Experts before the judiciary;
- Federal Decree-Law No. (32) of 2022 concerning the Federal Judicial Authority;
- Federal Decree-Law No. (34) of 2022 Advocacy and Legal Consultancy Professions;
- Federal Decree-Law No. (35) of 2022 promulgating the Law of Evidence in Civil and Commercial Trans
- Federal Decree-Law No. (38) of 2022 promulgating the Code of Criminal Procedure; and
- Federal Decree-Law No. (42) of 2022 promulgating the Civil Procedure Law, and based on the Present
We enact the following Decree-Law:
Preliminary Part
Article (1)
The provisions of this Law shall apply to merchants, as well as all commercial physical businesses o
Article (2)
1. Merchants and commercial businesses shall be governed by the agreement entered into by the contra
Article (3)
Commercial matters regarding which specific Federal Laws are enacted shall be subject to the provisi
Book One: Trade in General
Part One: Commercial Activities, Merchants and Commercial Books
Chapter one: Commercial Activities: Article (4)
Commercial activities are: 1. Activities carried out by a merchant in relation to his trade affairs;
Article (5)
The following activities shall, by virtue of their nature, be considered as commercial activities: 1
Article (6)
The following activities shall be deemed commercial activities if practiced as a profession: 1. Brok
Article (7)
Activities which may be deemed to be analogous to the activities mentioned in the two preceding Arti
Article (8)
The following activities are not commercial activities: 1. Selling farms and crops reaped from land
Article (9)
Where a contract is commercial with regard to one party and civil to the other party, the provisions
Article (10)
1. Commercial activities may be practiced and commercial contracts may be created or concluded and t
Chapter two: Merchant: Article (11)
The following shall be deemed a merchant: 1. Any person who works in his own name and for his own ac
Article (12)
Any person who advertises to the public, by any means whatsoever, a business assets established by h
Article (13)
The capacity of merchant shall be established in respect of any person who practices Trade under a p
Article (14)
Any person who carries out a commercial activity, although prohibited under specific laws or regulat
Article (15)
1. The capacity of merchant shall not be established for the following categories: a. Ministries,...
Article (16)
The capacity of merchant shall be established and shall be governed by the provisions of this Law, e
Article (17)
Individuals who practice a simple vocation or small trade where they rely on their work to derive so
Article (18)
1. Any person who has attained (18) eighteen calendar years of age and is free of any legal impedime
Article (19)
1. Where a minor who has not attained (18) eighteen calendar years or interdicted person has funds i
Article (20)
1. Any order issued by the court that the minor who has not attained (18) eighteen calendar years of
Article (21)
Subject to the provisions of Article (22), the same provisions prescribed for a UAE-national woman w
Article (22)
A non-national person may engage in trade according to the conditions, controls and within the limit
Article (23)
1. The following persons may not engage in trade: a. Any merchant whose bankruptcy is declared, u...
Article (24)
1. Any transactions undertaken by a merchant in connection with his trade shall not be accepted by a
Chapter three: Commercial Books: Article (25)
1. A merchant shall keep commercial books (in a hard or soft copy formats), in such manner as to sho
Article (26)
1. All financial transactions carried out by the merchants as well as his personal money withdrawals
Article (27)
The following shall be recorded in the general ledger: 1. All accounting transactions carried forwar
Article (28)
1. Commercial books shall not contain any blanks, crossing out, erasure, writing in the margins, scr
Article (29)
1. The merchant shall keep a true copy of all correspondence, telegrams and invoices sent or issued
Article (30)
1. Banks and companies or establishments in respect of which a resolution is issued by the competent
Article (31)
Entries and incidents recorded in commercial books by the merchant's authorized employees shall be d
Article (32)
The court may, sua sponte, or at the request of any litigant, order the merchant to submit his comme
Article (33)
1. The court may order the merchant to submit his commercial books for the perusal of his opposing p
Article (34)
Commercial books kept by the merchant may be used as evidence in the cases instituted by or against
Article (35)
If either litigant merchant relies for the validity of his case on his opposing party's commercial b
Part Two: Business Assets, Trade Name, Unfair Competition, Trademarks and Commercial Data
Chapter One: Business Assets, Trade name and Unfair competition: Section One: Business Assets: Artic
Business assets constitute a group of tangible and intangible property allocated for the practice of
Article (37)
1. Business assets shall cover elements necessary for the commercial activity. Such elements are div
Article (38)
In the event where the merchant is the owner of the real property in which he practices his trade, s
Article (39)
Any disposition for the transfer of ownership of the business assets or the creation of a right in r
Article (40)
1. The title to the business assets shall be transferred as between the contracting parties and with
Article (41)
The disposition of the business assets shall be recorded only after completing the following formali
Article (42)
1. Any person to whom the ownership of the business assets devolves shall, under the Law, subrogate
Article (43)
1. The person to whom the ownership the business assets is transferred shall fix a date for the cred
Article (44)
Notwithstanding the bankruptcy provisions, the seller of business assets who did not receive the ful
Article (45)
1. Business assets may be mortgaged only to banks and financing institutions. 2. Where the mortgage
Article (46)
1. A mortgage may not be put into effect except by an agreement notarized or attested by the Notary
Article (47)
1. The mortgage registration in the commercial register shall be sufficient to secure the lien for (
Article (48)
A mortgagee shall be responsible for keeping the mortgaged business assets in good condition.
Article (49)
1. Where the owner of the business assets fails to pay the price or the balance of the price to the
Article (50)
Any provision in a mortgage agreement authorizing the creditor the right to own or dispose of the mo
Article (51)
The seller and mortgagees shall have the same rights and privileges over the sums resulting from the
Article (52)
The lessor of the place wherein lies the mortgaged furniture and equipment being used for exploiting
Section Two: Trade Name: Article (53)
Subject to the provisions and requirements set forth in the legislation governing the protection of
Article (54)
Trade names of commercial companies shall be in compliance with the statutes in force in the State.
Article (55)
Subject to the provisions and requirements set forth in the statutes governing the protection of int
Article (56)
1. A merchant shall write his trade name on the facade of his physical or virtual business assets, a
Article (57)
1. A trade name may not be disposed of separately from the business assets allocated for such trade
Article (58)
1. A person to whom the title of such business assets is transferred may not use his predecessor's t
Article (59)
1. Any person to whom the ownership of a trade name is transferred, following the transfer of the ow
Section Three: Unfair competition: Article (60)
The below rules shall apply to the unfair competition, unless otherwise provided by any particular l
Article (61)
A merchant may not induce employees or workers of another competitor merchant to assist him in poach
Article (62)
A merchant may not disclose such matters as are inconsistent with the reality regarding the origin o
Article (63)
A merchant may neither resort to fraud and cheating methods to merchandise his goods, nor may he spr
Article (64)
A merchant may not issue to an ex-employee or ex-worker a certificate that is inconsistent with real
Article (65)
1. Where a trade name is used by a merchant other than its owner without any agreement authorizing s
Article (66)
Any person engaged in the business of supplying information to commercial houses about the condition
Article (67)
The foregoing provisions may not prejudice the provisions of other Laws, concerning the commitment o
Chapter Two: Trademarks and Commercial Data: Article (68)
Trademarks and commercial data shall be regulated by specific laws to be enacted in this regard.
Book Two: Commercial Obligations and Contracts
Part One: Commercial Obligations
Article (69)
1. Where two or more individuals are owed a commercial debt, they shall be jointly liable for the re
Article (70)
A guarantee shall be commercial if the guarantor has guaranteed a debt which is deemed in regard to
Article (71)
Where a merchant carries out, for a third party, such business or services related to his commercial
Article (72)
A creditor may receive an interest on a commercial loan, as per the rate of interest stipulated in t
Article (73)
Where the contract stipulates a rate of interest and the debtor delays the repayment, the delay inte
Article (74)
The interest shall be paid at the end of the year if the loan term one or more years, or on the matu
Article (75)
Where the loan term is definite, the creditor shall not be bound to accept the repayment of debt pre
Article (76)
Orders and authorizations issued by a merchant for matters related to his commercial activities shal
Article (77)
1. Where the commercial obligation is the delivery of a certain item within a specific season or a t
Article (78)
A creditor may not be compelled to accept performance of a contract for a term that has been fixed,
Article (79)
Where the debt is deferred and the debtor offers to repay it before its maturity, he may not, upon t
Article (80)
Where either contracting party reserves the right to rescind the contract before the performance is
Article (81)
Summons and notices on commercial matters shall be served through the Notary Public, by registered l
Article (82)
Courts shall not grant a debtor, who is under a commercial obligation, a time limit for full payment
Article (83)
Where the debtor repays a commercial debt to a person holding the instrument of such debt marked wit
Article (84)
Where the commercial obligation is a sum of money that was a sum certain at the time the obligation
Article (85)
For the accrual of delay interest, it is not required that the creditor proves that he sustained dam
Article (86)
Interests for delay of repayment of commercial debts shall accrue from the maturity date of such deb
Article (87)
1. A creditor may claim complementary compensation to be added to the delay interest if he proves th
Article (88)
A creditor may not claim a compound interest, i.e. the interest on the frozen interests, or claim su
Article (89)
1. Any instrument for the payment of a sum of money or the delivery of goods may be circulated by wa
Article (90)
The possession by the debtor of the instrument of the debt shall constitute a presumption that he ha
Article (91)
Commercial obligations, whatever their amount, may be established by all means of evidence, unless o
Article (92)
Where there is a denial and in the absence of a lawful excuse, cases related to merchants' obligatio
Part Two: Commercial Sale
Chapter One: General Provisions: Article (93)
1. The general provisions stipulated in this Chapter shall apply to commercial sales, unless otherwi
Article (94)
1. Parties to a commercial sale contract shall specify the following: a. Description of the sold ...
Article (95)
Where both contracting parties agree that the sale price shall be at the market rate, then the marke
Article (96)
The two contracting parties may agree to delegate a third party to fix the price of the item being s
Article (97)
Where the price is estimated on the basis of weight, the net weight shall be considered, unless ther
Article (98)
1. Where it is agreed by both contracting parties that the buyer may specify the form, volume or any
Article (99)
1. Where a date is not fixed for delivery, the delivery shall be effected immediately upon conclusio
Article (100)
1. The seller shall bear the consequences of the sold item perishment until being delivered to the b
Article (101)
Any shortage occurs in the sold item upon its delivery shall not be taken into consideration if cust
Article (102)
1. Where the seller fails to deliver the specific item sold, the buyer may notify the seller of the
Article (103)
Where the two contracting parties agree that the sold item is to be delivered in batches, the buyer
Article (104)
Where the buyer fails to pay the price on the date agreed upon, the seller may, after serving notice
Article (105)
1. The buyer, who has paid the full price, may ask the seller to give him a list of goods showing th
Article (106)
1. Where the buyer refuses to take delivery of the item sold, the seller may apply to the court to e
Article (107)
1. If, after the delivery of the sold item, it is found that the quantity or type of the goods deliv
Article (108)
1. The buyer shall, in the cases mentioned in Article (107) above, notify the seller that there is a
Article (109)
1. Where the item sold is a commodity protected by a registered trademark, it is permissible to agre
Article (110)
1. It is permissible to agree in supply contracts, where the supplier grants certain privileges to t
Chapter two: Certain types of Commercial Sales: Section one: Sale by Installment: Article (111)
The contract of a sale by installment shall be executed in two copies and shall state the particular
Article (112)
The installments shall be paid at the place of residence of the seller, as stated in the sale contra
Article (113)
1. Where the buyer fails to pay any installment of the price agreed, the seller may, after notifying
Article (114)
An agreement that the full price shall fall due, in case one of the installments is not paid on the
Article (115)
1. Where the ownership of the movable property sold is retained by the seller pending the payment of
Article (116)
Where the third party's right is subsequent to the sale by installment contract, the condition relat
Article (117)
A buyer may not dispose of the item sold before he has paid all installments, save where the seller
Article (118)
The provisions of the preceding Articles regarding sales by installment shall apply even if the cont
Section Two: Optional Public Auction Sale of Movables: Article (119)
1. The provisions of this Section shall apply to optional sales by public auction of movables. 2. Sa
Article (120)
1. Without prejudice to the provisions of the Civil Procedures Law and the laws regulating certain k
Article (121)
1. The auctioneer undertaking the sale by public auction shall keep a specific book in Arabic or reg
Article (122)
Where the initial appraisal of the second-hand goods offered for sale at a public auction exceeds (A
Article (123)
1. A buyer who is awarded the auction shall pay half the price at the auction session and the balanc
Article (124)
The owner of the used auction room or electronic platform or the appraisal expert, as the case may b
Article (125)
1. A resolution by the Minister of Economy, in consultation with the local competent authorities, sh
Section Three: Auction Sale at Reduced Prices at Commercial Stories: Article (126)
1. Physical or virtual commercial stores may not sell their goods at public auction, except in one o
Article (127)
1. A physical or virtual commercial store and its branches located in the same city may sell its goo
Article (128)
Employees of the competent authority in the relevant Emirate shall have the right to monitor the imp
Article (129)
Any person violating the provisions of Articles (126), (127) and (128) above shall be penalized by a
Section Four: Certain Kinds of International Sales: Article (130)
Parties may agree on the application of the rules governing international commercial sales issued by
Article (131) FOB Sale
1. A "FOB sale" is one by which the item sold is delivered at the port of shipping on board the vess
Article (132)
1. The seller shall pack, secure and transport the item sold to the port of shipping and ship it onb
Article (133)
1. Where the item sold needs an export permit for it to be exported outside the State or any other g
Article (134)
The seller shall provide such assistance as will be needed to enable the buyer to obtain the bill of
Article (135)
The seller shall pay all the sums due in connection with the item sold, including the export charges
Article (136)
Where the arrival of the vessel, designated by the buyer for transporting the goods, is delayed beyo
Article (137)
Where the buyer fails to notify the name of the vessel at good time or if he reserves the right to f
Article (138)
Where it is agreed that the item sold shall be delivered on the dock of the port of shipping where t
Article (139) CIF Sale
1. A "CIF sale" is a sale concluded against a lump sum covering, in addition to the sold item price,
Article (140)
The seller shall conclude a transport contract for the goods with a reputable carrier, as per the us
Article (141)
1. The seller shall buy an insurance policy for the item sold from a reputable insurer covering the
Article (142)
1. The seller shall be bound to pack the item sold and ship it on board the vessel within the time l
Article (143)
1. Shipping of the item sold by the seller shall be proved by means of a bill of lading where the wo
Article (144)
1. The seller shall duly obtain a certificate of origin for the item sold and shall present it to th
Article (145)
1. The seller shall pay the sums due in connection with the item sold, until its shipment on board t
Article (146)
The seller shall bear the consequences of the damage which may be sustained by the item sold, up to
Article (147)
1. After goods are shipped, the seller shall send, without delay, to the buyer a clean negotiable bi
Article (148)
1. The buyer shall not be bound to accept the documents sent to him by the seller if they do not con
Article (149)
Where the vessel carrying the item sold arrives before the arrival of the documents or where the doc
Article (150)
Without prejudice to the provisions of Article (108) above, the buyer shall receive the item sold up
Article (151)
Where the buyer reserves the right to fix a date for the shipping or to designate the port of discha
Article (152)
Where something contrary to the documents is detected and such contradiction does not exceed the lim
Article (153) Arrival Sale
A contract which contains such conditions as will render the seller liable for the perishing of the
Article (154) Sale at the Airport of Departure
A sale at the airport of departure is one by which the goods sold are delivered at the airport of de
Article (155)
1. The seller shall, after entering into the contract, undertake to deliver the goods at the airport
Article (156)
1. The seller shall conclude a goods carriage contract, at the expense and responsibility of the buy
Article (157)
1. The seller shall pay all duties and taxes due on the goods as a result of their export. 2. The se
Article (158)
Where the air carrier or the other person designated by the buyer refrains from receiving the goods
Article (159)
1. In the event where the seller is not bound to conclude the goods carriage contract, the buyer sha
Article (160)
Where the air carrier or any other person designated by the buyer refrains from receiving the goods,
Article (161)
The sale contract in the above international sales shall be separate and may not affect the relation
Part Three: Commercial Mortgage
Article (162)
1. A commercial mortgage is a mortgage executed on a movable property to secure a commercial debt. 2
Article (163)
1. A commercial mortgage shall be effective against a debtor or third parties only where the possess
Article (164)
1. Where the mortgaged item consists of registered instruments, the mortgage thereof shall be made i
Article (165)
1. A debtor who is indebted with a commercial debt may garnish in favor of his creditor by a written
Article (166)
A mortgagee shall take all the necessary measures to safeguard the mortgaged item and undertake the
Article (167)
A mortgagee shall use on behalf of the mortgagor all the rights and procedures relevant to the item
Article (168)
A mortgagee shall, when requested by the mortgagor, deliver to him a receipt showing the nature, typ
Article (169)
1. Where a mortgage is effected on a fungible item, it shall remain in place even if the mortgaged i
Article (170)
1. Where the mortgagee fails to pay the secured debt on the maturity the debt, the mortgagor may, af
Article (171)
Where the mortgage is decided for several properties, the mortgagee may designate the property to be
Article (172)
Where the market price of the mortgaged item decreases and becomes insufficient to secure the debt,
Article (173)
Where the mortgaged property is perishable or is subject to deterioration or devaluation, or where i
Article (174)
1. An agreement concluded at the time or after the establishment of a mortgage shall be null and voi
Article (175)
Where the mortgaged item is an instrument and the nominal value of which has not been paid in full,
Part Four: Depositing in Public Warehouses
Article (176)
1. Public warehousing is a contract pursuant to which the warehouseman, whether an individual, a com
Article (177)
1. A warehouseman may not practice in any capacity, either for himself or for others, any commercial
Article (178)
1. The bailer shall provide the public warehouse with correct data about the nature, type, value and
Article (179)
1. The warehouseman shall be responsible for the goods handed over to him up to a sum not exceeding
Article (180)
The warehouseman may, after notifying the bailer, apply to the court to which jurisdiction the publi
Article (181)
1. The bailer shall receive from the warehouseman a storage receipt showing the bailer's name, occup
Article (182)
Where the goods stored in respect of which a storage receipt and a pledge deed have been issued are
Article (183)
1. The storage receipt and the pledge deed may be issued in the name of or to the order of the baile
Article (184)
1. The endorsement of the storage receipt and the pledge deed must be dated. 2. Where the pledge dee
Article (185)
1. The holder of both the storage receipt and pledge deed may receive goods warehoused. However, he
Article (186)
Where the debt secured by the pledge deed is not paid on the maturity date, the holder of the pledge
Article (187)
1. The mortgagee shall have a priority right over all creditors for collecting his right from the pr
Article (188)
1. The holder of a pledge deed may not have recourse against the debtor or endorsers until the execu
Article (189)
Where the goods stored suffer an accident, the holder of the storage receipt or the pledge deed shal
Article (190)
1. In case of loss or perishing of the storage receipt, the holder thereof may apply to the Civil Co
Article (191)
1. A guarantor who has been presented in the case of loss of the storage receipt shall be discharged
Article (192)
1. Where the bailer fails to recover the goods upon the expiry of the warehousing contract, the ware
Article (193)
1. Without prejudice to any severer penalty, any person who establishes or invests a public warehous
Part Five: Stock and Commodities Market
Article (194)
A stock market or a commodities market may be opened in the State only after obtaining the necessary
Part Six: Commercial Agency
Chapter One: General Provisions: Article (195)
1. An agency shall be commercial when it relates to commercial activities. 2. The application of the
Article (196)
1. A commercial agency shall be deemed paid, save where otherwise agreed upon. 2. Where the agent's
Article (197)
The remuneration shall accrue to the agent by the mere execution of the transaction assigned to him
Article (198)
A commercial agency, even though it has a general power of attorney, shall apply only to commercial
Article (199)
Where the commercial agency is granted for a specific commercial transaction, the agent may carry ou
Article (200)
1. The agent shall adhere to the compulsory and express instructions of the principal. If he violate
Article (201)
Where the agent implements the tasks assigned to him under conditions that are more beneficial than
Article (202)
Where the goods or items held by the agent for the account of the principal are highly perishable or
Article (203)
The agent may refrain from performing the work entrusted to him where performance requires exorbitan
Article (204)
Where the agent refuses to execute the transaction entrusted to him, he shall forthwith notify the p
Article (205)
The agent shall be liable for such damage and loss as are suffered by the goods and other items whic
Article (206)
The agent shall not be bound to insure the items which he keeps for the principal unless the latter
Article (207)
1. The agent may not constitute himself as a second party to the transaction assigned to him for exe
Article (208)
A third party dealing with the agent may request to peruse the agency contract, correspondence and o
Article (209)
The agent shall inform the principal of the transactions he concludes for the principal's account.
Article (210)
The agent shall submit to the principal on the agreed date or on the date fixed by custom or by thei
Article (211)
The agent may retain possession of the goods and other items dispatched to, deposited with or delive
Article (212)
Both parties to the commercial agency contract may terminate it at any time, and no compensation is
Article (213)
Where the principal does not have a known domicile in the State, the domicile of his agent shall be
Article (214)
Anything related to the regulation of commercial agency business shall be governed by the relevant l
Chapter Two: Certain Types of Commercial Agencies: 1- Contract Agency: Article (215)
1. A contract agency is a contract whereby an agent undertakes to carry out, continuously and in a s
Article (216)
A contract agent shall carry out his agency and manage his commercial activity in an independent man
Article (217)
Where the contract stipulates that the contract agent shall set up showrooms, warehouses for goods o
Article (218)
1. The contract agent may not receive the principal's rights, unless the principal grants him this r
Article (219)
1. The principal shall pay the agreed remuneration to the agent. 2. Such remuneration may be a perce
Article (220)
The contracts agent shall be entitled to a remuneration for transactions concluded by him or for tho
Article (221)
The principal shall provide the agent with all information necessary for the implementation of the a
Article (222)
1. The contracts agent shall be bound to safeguard the principal's rights and he may take all the pr
Article (223)
In the event where the principal replaces the contracts agent by a new agent, the latter shall be jo
Article (224)
Notwithstanding the rules of jurisdiction provided for in the Civil Procedure Code, the court within
Article (225)
A distribution contract whereby a merchant undertakes to promote and distribute products of an indus
Article (226)
In case of denial and lack of lawful excuse, all cases arising from a contract agency shall be barre
2- Commision Agency: Article (227)
1. A commission agency is a contract whereby the agent undertakes to carry out in his own name a leg
Article (228)
1. Where the commission agent sells at a lower price or buys at a higher price than that fixed by th
Article (229)
1. Where the commission agent buys for the account of the principal goods of a type or category that
Article (230)
Where the commission agent enters into a contract with conditions better than the ones identified by
Article (231)
1. Where a commission agent who is assigned to sell grants the buyer, without the permission of the
Article (232)
Where the instructions of the principal require the commission agent to effect sale against a deferr
Article (233)
1. A commission agent may not change trademarks affixed to the goods received by him from the princi
Article (234)
1. A commission agent may disclose the name of the principal for whose account he enters into contra
Article (235)
1. A commission agent shall be directly liable to third party with whom he entered into contract, an
Article (236)
1. Further to his right of seizure, the agent shall have lien over goods and other items dispatched
Article (237)
1. The agent shall not have any the right of lien referred to in Article (236) above unless he posse
Article (238)
The agent's lien shall have priority over all other liens, except judicial expenses and sums due to
Article (239)
1. The execution proceedings adopted for a commercially mortgaged item shall apply to the execution
Article (240)
1. Where the commission agent who is assigned to sell is declared bankrupt before receiving the pric
Article (241)
1. A commission agent shall not guarantee the fulfillment of his obligations by the third party with
Article (242)
A commission agent may not delegate to a third party the work entrusted to him, unless he obtains th
3- Commercial Representation: Article (243)
A commercial representation is a contract whereby a commercial representative undertakes to conclude
Article (244)
A commercial representative shall not warrant the implementation of transactions concluded through h
Article (245)
1. A merchant shall be liable for any transactions and contracts entered into by his representative
Article (246)
1. Where the limits of the authority vested in the commercial representative have not been determine
Article (247)
A commercial representative shall carry out, in the name of the merchant who conferred delegation on
Article (248)
A commercial representative may represent the merchant in actions arising from the commercial transa
Article (249)
A commercial representative shall be jointly liable with the merchant for complying with the law pro
Article (250)
A commercial representative may not carry out any commercial transaction of the kind for which he is
Article (251)
Where it is agreed that the commercial representative shall be the exclusive general representative
Part Seven: Brokerage
Article (252)
Brokerage is a contract whereby a broker undertakes to another person to look for and mediate in neg
Article (253)
1. Where the broker's fee is not fixed in the Law or the agreement, it shall be determined according
Article (254)
1. A broker shall be paid for his brokerage if such brokerage results in the conclusion of the contr
Article (255)
Where the contract which has resulted from the broker's brokerage is terminated, the broker may clai
Article (256)
Where the broker brokers the conclusion of a legally-prohibited transaction, he shall not receive an
Article (257)
1. The broker shall be entitled to receive a fee only from the party to the transaction who has dele
Article (258)
A broker, even if he is delegated only by one of the transaction parties, shall submit a faithful of
Article (259)
A broker may not recover the expenses incurred by him in the execution of the task assigned to him,
Article (260)
A broker may not claim his fee or recover his expenses if he has caused damage to either contracting
Article (261)
A broker may not act as second party to the contract for which he acts as a broker, unless the contr
Article (262)
1. A broker shall record in regular entries all the transactions concluded through his endeavors, an
Article (263)
A broker shall be liable to compensate any damage arising from the perishing or loss of documents, p
Article (264)
A broker may not render brokerage for persons who are reputed for their insolvency, or if he knew th
Article (265)
1. A broker shall not be required to guarantee the solvency of the two parties to the transaction in
Article (266)
1. Where a broker designates another person to perform the task assigned to him without being author
Article (267)
Where several brokers have been assigned for one contract, they shall be jointly liable for the task
Article (268)
Where several persons assign one broker for a joint task, they shall be jointly liable to the same f
Article (269)
Brokerage in stock markets and goods shall be governed by the provisions of the relevant laws and re
Part Eight: Carriage
Chapter One: General Provisions: Article (270)
A carriage contract is a contract whereby a carrier undertakes to carry by his own means a person or
Article (271)
Apart from maritime transport, the provisions stipulated in this Part shall apply to all kinds of ca
Article (272)
The provisions set forth in this Part shall apply to carriage even if it is associated with operatio
Article (273)
1. A carriage contract and a commission agency contract for carriage shall be concluded by the mere
Article (274)
1. Where the carrier uses multiple forms of contracts and the two parties have not agreed to adopt a
Article (275)
1. Where the carrier holds a concession of a certain type of carriage or of the utilization of speci
Article (276)
The carrier's liability shall cover his acts and those of his subordinates when such acts are commit
Article (277)
1. Explosion, burning, derailing or collision of the carriage means or any other accidents attribute
Article (278)
A carrier may not be held accountable for compensating any damage arising from the disruption of car
Article (279)
1. Fraud in the performance of a carriage contract shall mean any act or omission committed by the c
Chapter Two: Contract of Carriage of Things: Article (280)
1. The consignor shall provide the carrier with the particulars concerning the consignee's name and
Article (281)
1. The bill of lading shall contain, in particular, the following data: a. Date of the bill and ...
Article (282)
1. The consignor may require the carrier to hand him a copy of the bill of lading. 2. Where no bill
Article (283)
The bill of lading and the receipt issued and signed by the carrier purporting to the receipt of the
Article (284)
1. The rights and obligations arising from the carriage contract shall neither be established for no
Article (285)
1. The consignor shall deliver to the carrier the item to be carried and the documents necessary for
Article (286)
1. Where the nature of the item intended to be carried requires special preparations for carriage, i
Article (287)
1. A carrier may examine the items to be carried, in order to verify their condition and the authent
Article (288)
The receipt by the carrier of the items to be carried without any reservations shall constitute evid
Article (289)
1. The carrier shall ship and stack the item to be carried on board of the ordinary means of carriag
Article (290)
1. The carrier shall follow the route agreed upon. In the absence of an agreement for a specified ro
Article (291)
1. The carrier shall ensure the safety of the item during the performance of the carriage contract.
Article (292)
1. The carrier shall unload the item upon arrival, unless unloading is carried out by the consignee
Article (293)
1. Where the delivery is not required at the place of the consignee, the carrier shall notify him of
Article (294)
1. Where the item to be carried is in possession of the carrier, the consignor may order him to refr
Article (295)
The carrier shall execute the instructions issued to him by whomever is entitled to do so, pursuant
Article (296)
1. Where an obstacle prevents the commencement of carriage, or if the carriage is disrupted during i
Article (297)
The consignor shall pay to the carrier the freightage and other costs which may accrue, save where i
Article (298)
The carrier shall not be entitled to freightage in respect of such items perished in consequences of
Article (299)
1. Where a force majeure event prevents the execution of carriage, no freightage shall accrue to the
Article (300)
The right to claim for the recovery of the sum paid in surplus to the freightage agreed or prescribe
Article (301)
1. The carrier may withhold the item carried in satisfaction of the freight, expenses and other sums
Article (302)
1. From the moment the carrier receives the item to be carried, the same shall be held accountable f
Article (303)
The carrier shall not be liable for destruction or impairment of the item carried after being delive
Article (304)
1. The carrier shall not be held accountable for any loss in weight or volume that usually occurs to
Article (305)
Where the item is carried in the custody of the consignor or consignee, the carrier shall not be lia
Article (306)
The carrier may not deny its liability for the destruction, damage, or delayed delivery, of the item
Article (307)
1. Any condition relieving the carrier from liability for total or partial destruction or damage of
Article (308)
1. The carrier may require that its liability for the total or partial destruction or damage of the
Article (309)
The condition for limitation of, or relief from liability for delayed handover shall be established
Article (310)
The carrier may not invoke the condition of liability limitation or relief for delayed delivery wher
Article (311)
1. Where the item carried is perished or damaged and its value is not indicated in the bill of ladin
Article (312)
1. No indemnity shall be concurrently claimed for both total loss and delayed delivery of the item c
Article (313)
Where the item is partially damaged or perished or its delivery is delayed, so that it no longer bec
Article (314)
1. Where indemnity is paid due to the item destruction, but then the underlying item is found within
Article (315)
1. Receipt of the items carried and payment by the consignee of the freight shall invalidate any leg
Article (316)
1. Where several carriers successively perform a single carriage contract, the first carrier shall b
Article (317)
Each of the consecutive carriers may require that the item carried be examined and its condition be
Article (318)
The last carrier shall be liable towards the preceding ones for claiming payment from the consignee
Article (319)
In case of denial and lack of lawful excuse, the following legal proceedings shall be barred: 1. Leg
Article (320)
Any person or subordinate of a person having committed an act of fraud or gross fault may not invoke
Chapter Three: Passenger Carriage Contract: Article (321)
1. A passenger shall pay the carriage fare on the date agreed upon or the date stated in the carriag
Article (322)
1. Where a force majeure event prevents the commencement of carriage or where, before execution of c
Article (323)
Where carriage is not possible because of death or illness of the passenger or due to any other comp
Article (324)
1. Where the passenger decides against travelling before its commencement, he shall notify the carri
Article (325)
Where the passenger refrains from continuing the trip after commencement thereof, the full fare shal
Article (326)
Without prejudice to the provisions of Articles (324) and (325) hereof, where the passenger fails to
Article (327)
1. Where carriage is cancelled prior to the commencement or completion thereof for a reason attribut
Article (328)
The passenger may, before commencement of execution, relinquish the carriage ticket, unless it is is
Article (329)
1. The carrier shall prepare for the passenger a seat in the agreed-upon class, and the latter may r
Article (330)
1. The carrier may withhold the passenger's luggage in satisfaction of the fare and the price of foo
Article (331)
1. The carrier shall carry the passenger and his luggage to the destination place on the date agreed
Article (332)
1. The carrier shall be liable for the safety of the passenger during the performance of the carriag
Article (333)
1. The carrier shall be liable for the delayed arrival and for such bodily or non-bodily injuries su
Article (334)
1. Any condition that relieves the carrier, in full or in part, from liability with regard to bodily
Article (335)
1. The carrier may stipulate a condition relieving itself from the liability, in full or in part, ar
Article (336)
1. Passengers shall watch over their own luggage and animals permitted to be carried with them. The
Article (337)
1. Where a passenger dies or falls ill in the course of performance of the carriage contract, the ca
Article (338)
Heirs and dependents of a passenger may, in execution of a maintenance obligation, institute an acti
Article (339)
The carrier's liability for a passenger's death or bodily injury shall be limited to the blood money
Article (340)
1. The liability claim arising from the passenger's death or bodily injury shall not be heard after
Chapter Four: Commission Agency For Carriage: Article (341)
1. A commission agency for carriage is a contract whereby the agent undertakes to enter into a carri
Article (342)
Notwithstanding the provisions set forth in this Chapter, the provisions of commission agency shall
Article (343)
The principal may, at any time, cancel the order for carriage before the commission agent enters int
Article (344)
1. The commission agent for carriage shall implement his principal's instructions, particularly thos
Article (345)
The commission agent for carriage shall be liable for the safety of passengers or the items carried,
Article (346)
1. The commission agent shall be held accountable for the destruction of the item carried, in full o
Article (347)
1. Any condition relieving the commission agent for carriage, in whole or in part, from liability fo
Article (348)
1. The commission agent for carriage may stipulate that it be relieved, wholly or partially, from th
Article (349)
1. The principal and passenger shall each have direct recourse against the carrier to claim the righ
Article (350)
Where the commission agent pays the fare/freight to the carrier, he shall subrogate the latter in re
Article (351)
The original commission agent shall be liable for the commission agent in respect of the carriage as
Article (352)
The provisions of Articles (319), (320) and (340) above shall apply to the inadmissibility of the ca
Chapter Five: Provisions Pertaining to Air Carriage: Article (353)
1. Air carriage mentioned herein shall mean the carriage of persons, luggage and goods by airplanes
Article (354)
Without prejudice to the international conventions to which the State is a party, the provisions of
Article (355)
An air carrier shall be held liable for such damage sustained as a result of a passenger's death, wo
Article (356)
1. An air carrier shall be held liable for such damage sustained due to the destruction, loss or dam
Article (357)
An air carrier shall be held liable for damage caused by the delayed arrival of passengers or the re
Article (358)
An air carrier shall not be liable for small personal items which are retained in the custody of pas
Article (359)
1. In case of passenger carriage, the compensation ordered by the court against the carrier where th
Article (360)
An air carrier shall be held liable within the limits set forth in Article (359) above, regardless t
Article (361)
1. Where an action for compensation is brought against any of the carrier's subordinates, he may inv
Article (362)
1. The airway bill shall contain a statement that the carriage is taking place in accordance with th
Article (363)
The consignee's receipt of the luggage or goods at the place of arrival without having any reservati
Article (364)
1. Where the luggage or goods arrive damaged, the consignee shall serve a notice to the carrier imme
Article (365)
1. Where the carriage is made free of charge, the air carrier shall assume no liability, unless it i
Article (366)
An aircraft pilot may impose compulsory measures on all persons on board, and may decide to remove a
Article (367)
An air carrier shall be relieved from liability if it proves that the entire damage is caused by the
Article (368)
The plaintiff shall have an option to institute his case before one of the following courts: 1. The
Article (369)
In case of consecutive carriage performed by several successive carriers, each carrier shall be deem
Article (370)
The right to bring an action for liability against the air carrier or any of its subordinates shall
Book Three: Banking Transactions
Part One: Bank Deposits, Transfers and Accounts
Chapter One: Bank Deposits: Article (371)
1. A bank cash deposit is a contract whereby one person delivers a sum, by any means of payment, to
Article (372)
1. Save where otherwise agreed upon, the money deposit shall be refunded immediately upon request. T
Article (373)
Save where the deposit is intended for investment, a cash deposit shall be considered a debt and an
Article (374)
Where the bank issues a saving deposit book, it shall be issued in the name of the person in whose f
Article (375)
Unless otherwise agreed upon, deposits and withdrawals shall be conducted in any branch of the bank,
Article (376)
Where the depositor has several accounts in one bank or in the same branch of a bank, each account s
Article (377)
Subject to the provisions of Article (391) hereof, a deposit contract shall not entitle the deposito
Article (378)
The bank shall send to the customer a statement of account once every month, unless otherwise agreed
Article (379)
The bank may open a joint account, including a deposit account or any other account, between two or
Chapter Two: Bank Transfer: Article (380)
1. A bank transfer is a transaction whereby a bank records a specified sum in the debit side from th
Article (381)
Where the bank transfer is conducted between two branches of the same bank or between two different
Article (382)
The transfer order may be conducted in respect of sums which are actually entered in the account of
Article (383)
It may be agreed that the beneficiary may present the transfer order in person to the bank where the
Article (384)
1. The beneficiary shall own the bank transfer value as of the time of being entered in the debit si
Article (385)
The debt in settlement of which the transfer is made shall remain outstanding with its securities an
Article (386)
It may be agreed to postpone the execution of specified transfer orders, whether they are sent direc
Article (387)
1. Where the transfer order is addressed directly by the person making the order to the bank, the la
Article (388)
In case of death of the person ordering the transfer, the bank shall, as of the date on which the de
Article (389)
1. Where the beneficiary is declared bankrupt, the person making the order may suspend the execution
Part Two: Current Account
Article (390)
A current account is a contract between two persons under which the rights and debts arising from th
Article (391)
1. A bank may open a current account for its customer where the transactions carried out by said ban
Article (392)
In order for the payments to be entered in a current account, they must: 1. Be in cash or fungible i
Article (393)
The two parties may keep several current accounts, as long as each account is restricted to one spec
Article (394)
A contract of current account shall result in the following: 1. The ownership of cash and funds deli
Article (395)
1. All debts arising from business relations, as are conducted between both parties to the current a
Article (396)
1. Where it has been agreed to enter a debt secured by a contractual security in the current account
Article (397)
Where the debts due to either party are entered in the current account, they shall lose their specia
Article (398)
1. Where the entries of a current account contain cash debts evaluated in various currencies or non-
Article (399)
1. Payments made by the customer into the current account shall bear no interests, unless otherwise
Article (400)
1. Where a time limit has been fixed for the closure of the account, it shall be closed on the expir
Article (401)
A current account shall between a bank and its customer shall be deemed closed at the end of the ban
Article (402)
Where the current account is closed, the balance shall be deemed a payable debt, unless both parties
Article (403)
The general rules prescribed for the limitation of actions shall apply to the debit balance and its
Article (404)
Where the sum of a debt entered into the account is released or reduced due to a reason after being
Article (405)
A creditor of either party to the current account may garnish the credit balance of the judgment deb
Article (406)
1. Where either party to the current account is declared bankrupt, no garnishment made over its prop
Article (407)
1. Where the proceeds of deducting a commercial paper is entered in the current account but the valu
Article (408)
In case of denial and lack of lawful excuse, a legal action for the rectification of the current acc
Part Three: Bank Credits
Chapter one: Bank Loan: Article (409)
1. A bank loan is a contract whereby a bank delivers to the borrower a sum as a loan or enters such
Article (410)
A bank loan shall be considered a commercial activity irrespective of the capacity of the borrower o
Chapter Two: Bank Guarantee: Article (411)
1. A bank guarantee is an undertaking issued by a bank to repay the customer's debt to a third party
Article (412)
A bank guarantee may be issued under different forms, including: 1. A bank signs a commercial paper
Article (413)
A bank guarantee shall be considered a commercial activity, regardless of the capacity of the guaran
Article (414)
A letter of guarantee is an undertaking issued by the guarantor bank, at the request of one of its c
Article (415)
1. The bank may require that security or guarantee be furnished against the issuance of the letter o
Article (416)
A beneficiary may only assign his right that had arisen from the letter of guarantee to a third part
Article (417)
1. A bank may not refuse payment to the beneficiary for a reason attributed to the bank's relationsh
Article (418)
1. The bank shall be discharged vis-a-vis the beneficiary if within the validity period of the lette
Article (419)
Where the bank pays to the beneficiary the sum agreed in the letter of guarantee, it shall subrogate
Chapter Three: Opening a Letter of Credit: Article (420)
1. Opening a letter of credit is a contract whereby the bank places at the disposal of the customer
Article (421)
A contract for opening a credit is not considered a loan, and the customer shall not be bound to use
Article (422)
1. Where a letter of credit is opened for an indefinite term, the bank may at any time terminate it,
Article (423)
1. The bank may not terminate the letter of credit before the expiry of the term specified therefor,
Article (424)
Where a substantial decrease occurs to the real or personal guarantees presented by the customer, th
Article (425)
A credit may be transferred only with the approval of the bank which opened it.
Article (426)
A contract for opening a credit shall be considered a commercial activity, regardless of the capacit
Article (427)
The contract for opening a credit shall specify the maximum limit of the letter of credit sum and th
Article (428)
Where a credit is terminated pursuant to the provisions of this Chapter, the bank shall not be requi
Chapter Four: Documentary Credit: Article (429)
1. A documentary credit is a contract whereby a bank opens a credit, at the request of its customer
Article (430)
Every documentary credit shall contain a time limit date for its validity and for presenting the doc
Article (431)
1. The documents regarding the opening of the documentary credit or its confirmation or notice there
Article (432)
1. A documentary credit may be revocable or irrevocable. 2. A documentary credit shall be irrevocabl
Article (433)
1. A revocable documentary credit shall not create any obligation on the bank towards the beneficiar
Article (434)
1. Where the documentary credit is irrevocable, the obligation of the bank shall be strict and direc
Article (435)
1. An irrevocable documentary credit may be confirmed by a bank other than the one that opened it. S
Article (436)
1. The documents shall be presented to the bank before the expiry of the letter of credit term. If t
Article (437)
The bank is only obligated to examine the documents to ensure that, at first sight, are in conformit
Article (438)
Where the bank accepts the documents, it shall immediately send them to the person ordering the open
Article (439)
1. The beneficiary may not assign the letter of credit in whole or in part to another person or pers
Article (440)
1. The person ordering the opening of documentary credit shall be bound to repay to the bank the sum
Part Four: Transactions on Commercial Papers
Chapter One: Discount: Article (441)
1. A discount is a contract whereby a bank undertakes to pay in advance the value of a commercial pa
Article (442)
1. The interest shall be calculated on the basis of the time elapses from the date on which the comm
Article (443)
1. The bank shall acquire the ownership of the discounted commercial paper and it may use all rights
Article (444)
1. Where the value of the commercial paper is not paid or the customer becomes bankrupt, the bank ma
Chapter Two: Acceptance Credit: Article (445)
Acceptance credit is a contract whereby a bank plays the role of the drawee. It accepts in this capa
Article (446)
Where the bank pays the value of the commercial paper accepted thereby, it shall enter its value and
Chapter Three: Collection of Commercial Papers: Article (447)
The bearer of a commercial paper may endorse it to the bank under a procuration endorsement. By virt
Article (448)
Upon maturity of the commercial paper, the bank shall claim payment from the drawee or the executor.
Article (449)
1. The bank shall be liable for fault or omission in the execution of its power of attorney. 2. The
Article (450)
The power of attorney arising from the procuration endorsement shall not lapse upon the endorser's d
Part Five: Transactions on Securities
Chapter One: Lending Against Securities: Article (451)
1. Lending against securities is a loan secured by collateral. 2. Where securities are nominative in
Article (452)
1. The ownership of pledged securities shall be transferred from the pledger to the pledgee bank. 2.
Article (453)
The bank shall maintain the pledged securities by collecting their profits and receiving their value
Article (454)
Where the bank fails to receive its dues on the maturity date thereof, it may apply to the competent
Article (455)
Where the instruments are presented by a person other than the debtor, the owner thereof shall not b
Article (456)
A third party appointed by the two contracting parties to acquire the pledged instruments shall be d
Article (457)
Where the full value of an instrument is not paid at the time of being presented as a pledge, the de
Article (458)
The lien of the pledgee shall remain in the same ranking as between the contracting parties and vis-
Chapter Two: Deposit Of Securities: Article (459)
The deposit of securities with a bank is a contract whereby the customer delivers to the bank the se
Article (460)
1. In safekeeping the securities deposited with it, the bank shall exercise such care as is exercise
Article (461)
A bank may not use the securities deposited with it, whether by disposing thereof, pledging the same
Article (462)
1. The bank shall undertake the management of the securities deposited with it, by collecting the pr
Article (463)
1. The bank shall be entitled to a remuneration against the obligations it assumes. Such remuneratio
Article (464)
1. The bank shall return the securities deposited with it on the demand of the depositor with due co
Article (465)
The return of securities shall be to the depositor in person, his legal representative, his heirs or
Article (466)
1. Where the bank loses possession of securities for a reason beyond its control, it may file a clai
Article (467)
Where an action is brought for the maturity of the securities deposited with the bank, the bank shal
Part Six: Commercial Transactions of Islamic Financial Institutions
Chapter One: General Provisions: Article (468)
1. The provisions set forth in this Part shall apply to commercial transactions and contracts to whi
Article (469)
Save as specifically stipulated in this Part, the provisions of this Law and of the relevant laws sh
Article (470)
The provisions contained in this Part shall be interpreted and construed according to Sharia standar
Article (471)
The Board of Directors of the Central Bank shall issue the regulations and statutes that lay down th
Article (472)
The following transactions, whenever carried out by an Islamic financial institution, shall constitu
1. Deposit; 2. Investment account; 3. Takaful insurance; 4. Islamic financing instruments; 5. Invest
Article (473)
1. Islamic financial institutions shall neither borrow nor lend funds with an interest or benefit, i
Article (474)
Financial obligations arising from commercial transactions and contracts governed by the provisions
Chapter Two: Special Provisions for Certain Types of Contracts and Obligations to which Islamic Fina
1. A promise to contract is an undertaking by a contracting party to enter into a certain contract i
Section Two: Installment Sale: Article (476)
For the purpose of this Section, an installment sale shall mean every sale conducted for the purpose
Article (477)
The installment sale provisions set forth in this Section shall be applicable if it is agreed under
Article (478)
1. The sold item's price, properties, form, volume and other distinguishing features thereof shall b
Article (479)
Where the contracting parties agree that the sale would be made at the market price, the price shall
Article (480)
The contracting parties may agree to authorize a third party to fix the sold item's price to the bes
Section Three: Murabaha: Article (481)
Murabaha is a contract whereby a seller sells an asset to a buyer after being owned and possessed by
Article (482)
1. The Murabaha sale price shall, after the contract is concluded, be fixed, and may not be variable
Section Four: Istisna'a (Manufacture Contract): Article (483)
Istisna'a is a contract whereby a seller sells to a buyer, based on description, an item required to
Article (484)
A seller involved in an Istisna'a contract shall provide both the work and the manufacturing materia
Article (485)
1. The sale price, after the contract is concluded, may not be variable or associated with an indica
Article (486)
1. The sold item shall be handed over on the maturity date as agreed in the contract. A free-defect
Article (487)
The Istisna'a contract may include a stipulation that the buyer shall be entitled to compensation if
Section Five: Salam: Article (488)
Salam is a contract whereby a seller sells to a buyer property based on future delivery, without req
Article (489)
1. The price in the Salam contract shall be of a specific quantity and type and shall be recorded in
Article (490)
1. The sold item's sort, type, quantity and required specifications shall all be indicated in the Sa
Section Six: Ijarah [LEASE]: Article (491)
Ijarah is a contract whereby a lessor leases out specific or described property owned by the lessor
Article (492)
Specific property may be leased out only after being owned, leased or received by the lessor.
Article (493)
A promise may be given to the Lessee to transfer thereto the title to the leased property upon expir
Article (494)
The rent shall be variable for each lease term set out in the contract; however, the first lease ter
Article (495)
1. The object of an ijarah contract shall be the benefits of property, and its handover shall be ful
Article (496)
The provisions set forth in the Law of Finance Lease shall apply to any ijarah where no particular p
Chapter Three: Islamic Banking Transactions: Article (497)
The board of directors of the Central Bank shall issue the resolutions of Islamic banking transactio
Part Seven: Rental of Safe Deposit Boxes
Article (498)
1. Rental of safe deposit boxes is a contract whereby a bank undertakes to place a certain safe depo
Article (499)
1. Rented safe deposit boxes shall be openable by two keys, one of which shall be handed by the bank
Article (500)
1. The bank shall be liable for the safety, custody and usability of the safe deposit box, and may o
Article (501)
1. The renter shall use the safe deposit box for the usual purposes, and shall pay the agreed-upon r
Article (502)
1. Unless otherwise agreed, when a safe deposit box is rented out to several renters, any one of the
Article (503)
The bank shall keep a record of dates and times when the renter opens the safe deposit box.
Article (504)
Where the bank finds out that the safe deposit box is endangered or that it contains dangerous items
Article (505)
1. Where the renter fails to pay the box rent on the due dates, the bank may, after the lapse of (15
Article (506)
The bank may withhold the contents of the safe deposit box and shall have lien over the price genera
Article (507)
1. A precautionary and executory attachment may be levied at the contents of the safe deposit box. 2
Article (508)
Except for the cases provided by the Law, the bank may open a rented safe deposit box or empty its c
Book Four: Commercial Papers
GENERAL PROVISIONS: DEFINITION AND TYPES OF COMMERCIAL PAPERS: Article (509)
Commercial papers are instruments written according to forms prescribed by the Law. Commercial paper
Article (510)
Commercial papers shall include bills of exchange, promissory notes, bearer instruments, cheques and
Article (511)
A bill of exchange (the drawing instrument) is a commercial paper whereby a drawer draws an order fo
Article (512)
A promissory note is a commercial paper whereby its issuer undertakes to pay, at sight or on a deter
Article (513)
A bearer instrument is a commercial paper whereby its issuer undertakes to pay a sum to the order of
Article (514)
A cheque is a commercial paper containing an order issued by the drawer to the drawee bank to pay on
Part One: Bill of Exchange
Chapter One: Drawing Up a Bill of Exchange: Article (515)
A bill of exchange shall contain the following particulars: 1. The word "Bill of Exchange" written i
Article (516)
An instrument which does not contain any of the particulars mentioned in Article (515) hereof shall
Article (517)
1. The signature on a bill of exchange shall be made in writing or by thumb-print. 2. Two witnesses
Article (518)
1. Where the bill sum is written in letters and in numbers at the same time, the sum indicated in le
Article (519)
1. A bill of exchange may not contain more than one sum. 2. Where a bill of exchange is drawn in a c
Article (520)
1. A bill of exchange may be signed by more than one drawer. 2. A drawer may authorize a third party
Article (521)
1. No interest may be stipulated on the sum mentioned in the bill of exchange, unless it is made pay
Article (522)
1. A person who signs, without authorization, a bill of exchange on behalf of another person shall b
Article (523)
Where a bill of exchange bears forged signatures, or signatures of fictitious persons, or signatures
Article (524)
Obligations of a person with diminished capacity, who is not authorized to engage in commerce, and a
Article (525)
1. A bill of exchange may be drawn to the order of the drawer himself. 2. It may be drawn on its dra
Article (526)
1. The form of a bill of exchange shall be governed by the Law of the state where it is drawn up. 2.
Article (527)
A bill of exchange may be made payable in the place of residence of another person, whether in the p
Article (528)
1. A drawer of a bill of exchange shall guarantee its acceptance and payment. 2. A drawer of a bill
Chapter Two: Negotiability of a Bill of Exchange: Article (529)
1. Any bill of exchange shall be negotiable by indorsement, even if it does not contain an express s
Article (530)
1. Without prejudice to the provisions of Article (534) hereof, the Endorsement shall be uncondition
Article (531)
1. An Endorsement shall be written on the bill of exchange itself or on a paper attached thereto, an
Article (532)
The Endorsement shall transfer to the endorsee all rights arising from the bill.
Article (533)
In case of a blank indorsement, the bearer shall: 1. Fill out the blank by writing his name or the n
Article (534)
1. The endorser shall guarantee the acceptance and payment of the bill, unless otherwise stipulated.
Article (535)
The possessor of a bill of exchange shall be its legal bearer when he proves that he is the holder o
Article (536)
Where a person loses possession of a bill of exchange, the bearer shall not be bound to surrender it
Article (537)
Without prejudice to the provision of Article (524) above, a debtor who is sued for a bill of exchan
Article (538)
1. Where the endorsement includes the phrase "value for collection" or "value for receipt" or any ot
Article (539)
1. Where the endorsement includes the phrase of "value for security" or any other expression purport
Article (540)
1. An endorsement after the date of maturity shall produce the same effects as an endorsement prior
Article (541)
An endorsement may not be predated. A predated endorsement shall be considered forgery.
Chapter Three: Consideration for Payment of the Bill of Exchange: Article (542)
The drawer of a bill of exchange or the person for whose account it was drawn shall be bound to make
Article (543)
The consideration for payment shall be deemed available when, on the maturity date of the bill of ex
Article (544)
1. The acceptance of a bill of exchange shall be considered a presumption that the consideration req
Article (545)
1. The title to the consideration for payment shall pass ipso jure to the consecutive bearers of the
Article (546)
The drawer shall, even if he filed a protest after the statutory time limit, deliver to the bearer o
Article (547)
Where the drawer is declared bankrupt, the time limit shall lapse and the date set for payment of th
Article (548)
1. Where the drawee is declared bankrupt and the consideration for payment is a debt owed by the sam
Article (549)
1. Where several bills of exchange have been drawn on one consideration insufficient to accommodate
Chapter Four: Acceptance of Bill of Exchange: Article (550)
The bearer or possessor of a bill of exchange may, during the period from its drawing up to the date
Article (551)
1. The drawer of a bill of exchange may stipulate that the same be presented for acceptance on a spe
Article (552)
A bill of exchange that falls payable after the lapse of a certain period from sight must be present
Article (553)
1. The drawee may request that the bill of exchange be re-presented for acceptance on the next day f
Article (554)
1. The acceptance shall be written on the face of the bill of exchange with the word "accepted" or a
Article (555)
1. The acceptance must be unconditional; however, the drawee may restrict it to part of the sum of t
Article (556)
1. Where the drawer stipulates on the bill of exchange for a place for payment, other than the drawe
Article (557)
1. Where the drawee accepts the bill of exchange, he shall be bound to pay its value on the maturity
Article (558)
1. Where the drawee crosses out its acceptance stated on the bill of exchange before returning it, t
Chapter Five: Aval: Article (559)
1. The payment of the bill of exchange, in whole or in part, may be guaranteed by an aval. 2. Such a
Article (560)
1. The aval shall be written on the bill of exchange itself or on a paper attached thereto in such w
Article (561)
1. The giver of an aval is bound as the person for whom he has become guarantor. 2. The liability of
Article (562)
1. Aval may be issued on a separate paper indicating the place where it is made. 2. The giver of an
Chapter Six: Maturity of the Bill of Exchange: Article (563)
1. A bill of exchange shall contain a single date of maturity. 2. The drawer may set the date of mat
Article (564)
1. A bill of exchange that falls payable at sight shall be payable once presented, and shall be pres
Article (565)
1. The maturity date of a bill of exchange payable after a fixed period after sight shall be calcula
Article (566)
1. Where a bill of exchange is made payable after one month or more after its date of sight, it shal
Article (567)
1. Where the bill of exchange is payable on a specific date in a country where the calendar is diffe
Chapter Seven: Payment of the Bill of Exchange: Article (568)
1. The bearer of a bill of exchange shall present it for payment on the date of maturity. 2. Present
Article (569)
1. Where a drawee pays off the bill of exchange, he may recover it from the bearer duly signed to th
Article (570)
1. The bearer of a bill of exchange may not be compelled to receive its value before the maturity da
Article (571)
Any person who pays off the value of a bill of exchange on the maturity date without valid objection
Article (572)
1. Where payment of the value of the bill of exchange in the United Arab Emirates is to be made in a
Article (573)
1. Where a bill of exchange is not presented for payment on the date of maturity, any debtor thereof
Article (574)
Objection to the payment of a bill of exchange or refusing to pay it shall be acceptable only in cas
Article (575)
1. Where a non-accepted bill of exchange, which is part of a set, is lost, the person entitled to it
Article (576)
A person who has lost a bill of exchange, whether accepted or not, and is unable to present one of t
Article (577)
1. In the event of refusing to pay the value of a lost bill of exchange after claiming its payment,
Article (578)
Payment of the value of a bill of exchange on the date of maturity, based on a court order in the ca
Article (579)
The obligation to provide a giver of an aval, as set forth in Articles (575), (576) and (580) of thi
Article (580)
1. The owner of a lost bill of exchange may obtain a copy thereof by referring to his preceding endo
Chapter Eight: Claim and Recourse Against Obligors of the Bill of Exchange: Article (581)
A holder of a bill of exchange, in case of non-payment thereof on the date of maturity, may have rec
Article (582)
1. A holder may have recourse against obligors of a bill of exchange prior to the date of maturity i
Article (583)
1. Where the maturity date of a bill of exchange is a public or bank holiday, the payment thereof ma
Article (584)
Refrainment from acceptance or payment of the bill of exchange shall be proved by a protest for non-
Article (585)
1. The protest shall contain a true copy of bill of exchange with all the particulars stated therein
Article (586)
The competent notary public shall record day-by-day all the papers related to the protest in chronol
Article (587)
The competent Notary Public shall also during the first (10) ten days of every month send to the com
Article (588)
1. A protest for non-acceptance shall be made within the time-limits set for presentation of the bil
Article (589)
No instrument may substitute the protest except in the cases stipulated by the Law.
Article (590)
1. Where the drawee suspends payment, whether he has accepted the bill of exchange or not, or in cas
Article (591)
1. The bearer of a bill of exchange shall notify its drawer and his endorser of the non-acceptance o
Article (592)
1. The drawer, every endorser or giver of an aval may exempt the bearer from the obligation of makin
Article (593)
1. Persons who have committed themselves under the bill of exchange shall be jointly liable towards
Article (594)
1. A bearer of a bill of exchange may claim from the person having a right of recourse against him t
Article (595)
Any person having paid the value of the bill of exchange may claim from the obligors committed towar
Article (596)
Courts may not grant a time limit for paying the value of the bill of exchange or to undertake any a
Article (597)
1. Any obligor who, by way of recourse, is claimed or is likely to be claimed to pay a bill of excha
Article (598)
In case the recourse is exercised after partial acceptance, the person who has paid the non-accepted
Article (599)
1. The bearer of a bill of exchange shall forfeit his right, pursuant to the rules of the Exchange L
Article (600)
1. Where due to a force majeure event a bill of exchange is not presented or protested within the pr
Article (601)
The bearer of a bill of exchange protested for non-payment may levy a precautionary attachment, with
Article (602)
1. Any person having a right of recourse against other obligors under the bill of exchange may recov
Chapter Nine: Intervention for Honor: Section One: General Provisions: Article (603)
1. A drawer, endorser or giver of an aval of a bill of exchange may designate a person who shall acc
Section Two: Acceptance for Honor: Article (604)
1. The acceptance for honor shall occur in all cases where the bearer of an acceptable bill of excha
Article (605)
The acceptance for honor shall be conducted by writing it on the bill of exchange itself and shall b
Article (606)
1. The acceptor for honor shall have the same liability towards a bearer of a bill of exchange and s
Section Three: Payment for Honor: Article (607)
1. A bill of exchange may be paid by intervention in all cases when, upon or prior to maturity date,
Article (608)
1. Where the acceptors of a bill of exchange by intervention or those who are designated for payment
Article (609)
Where the bearer of a bill of exchange refuses the payment by intervention, he shall lose his right
Article (610)
1. Payment by intervention shall be established by writing a clearance on the bill of exchange, stat
Article (611)
1. The party who paid a bill of exchange by intervention shall acquire all the rights arising theref
Chapter Ten: Parts of a Set: Article (612)
1. A bill of exchange may be drawn in a set of identical copies. If a bill of exchange is drawn of m
Article (613)
1. The payment of a bill of exchange under one of its copies shall discharge liability, even if no s
Article (614)
A person who sends a copy of the bill of exchange for acceptance shall state on the other copies the
1. That the copy sent for acceptance has not been surrendered to him despite the fact that he reques
Chapter Eleven: Copies and Alterations: Section One: Copies: Article (615)
1. The holder of a bill of exchange may make copies thereof. 2. The copies shall be fully identical
Article (616)
1. The name of the holder of the original bill shall be written in the copy of the bill of exchange,
Section Two: Alterations: Article (617)
Where a misrepresentation is made in the text of the bill of exchange, the subsequent signatories sh
Chapter 12: Limitation of Actions: Article (618)
In the event of denial or lack of a lawful excuse, the following actions shall be barred: 1. An acti
Article (619)
Where an action is instituted, the limitation period provided for in Article (618) above shall be ap
Article (620)
The limitation period stipulated in Article (618) shall not be applicable if a judgment establishing
Article (621)
The interruption of the limitation period shall only be effective vis-à-vis the person against the p
Part Two: Promissory Note
Article (622)
A promissory note shall contain the following particulars: 1. A stipulation of promise or the expres
Article (623)
A note which does not contain any of the particulars stated in Article (622) above shall not be cons
Article (624)
1. A promissory note maker shall be liable in the same manner as the acceptor of a bill of exchange.
Article (625)
1. The provisions on the bill of exchange, pertaining to capacity, multiple counterparts and copies,
Part Three: Cheques
Article (626)
Subject to the provisions of this Part, the provisions of Bills of Exchange shall apply to Cheques t
Chapter One: Issuance of Cheques: Article (627)
A Cheque includes the following information: 1. The word 'Cheque' written on the body of the instrum
Article (628)
An instrument that does not contain any of the particulars mentioned in Article (627) of this Law is
1. If the Cheque does not contain the place of payment, the place indicated next to the name of the
Article (629)
1. Cheques issued in the State and payable therein must be drawn on a bank. 2. Every bank that deliv
Article (630)
1. A Cheque may not be issued unless the Drawer has money with the Drawee at the time of issuance of
Article (631)
1. Cheques are not susceptible to acceptance. If the wording of acceptance is written on the Cheque,
Article (632)
It is permissible to stipulate the fulfillment of the Cheque: 1. To a named person with or without e
Article (633)
A Cheque drawn in favor of a named person bearing the expression ('Or to Bearer') or any other expre
Article (634)
A Cheque payable in the State that includes a condition (Non-Negotiable) is payable only to the pers
Article (635)
1. A Cheque may be drawn to the order of its own Drawer. 2. It may be drawn to the account of anothe
Article (636)
Stipulating interest in the Cheque is deemed null and void.
Article (637)
The Drawer guarantees the fulfillment of the Cheque, and every condition according to which the Draw
Article (638)
A debt is not renewed upon the creditor's acceptance of receiving a Cheque in payment of their debt.
Chapter Two: Cheque Negotiation: Article (639)
1. A Cheque that is conditional on being paid to a named person, whether or not the condition of the
Article (640)
1. The Endorser does not guarantee the payment of the Cheque unless otherwise stipulated. 2. The End
Article (641)
An endorsement to the Drawee shall be deemed as a discharge, unless the Drawee bank has several bran
Article (642)
An endorsement written on a Bearer Cheque makes the Endorser responsible in accordance with the prov
Article (643)
1. The holder of a negotiable Cheque by endorsement is deemed to be its legal Bearer when they prove
Article (644)
If a person loses possession of a Cheque, whether the Cheque is 'To Bearer' or endorsable, the perso
Article (645)
1. An endorsement subsequent to the protest or made after the expiry of the time limit for presentin
Article (646)
1. Payment of the Cheque value or part thereof may be guaranteed by a backup guarantor. 2. This guar
Article (647)
1. Endorsements issued by the Drawee and partial endorsements are null and void. 2. An endorsement t
Chapter Three: Payment of Cheques: Article (648)
1. The Cheque shall be due for payment on the day indicated as the date of its issuance, and the Che
Article (649)
1. A Cheque drawn inside or outside the State and payable in the State must be presented for payment
Article (650)
If the Cheque is drawn between two countries of different calendars, the date of its issuance shall
Article (651)
1. The Drawee may pay the value of the Cheque even after the expiry of the deadline for its presenta
Article (652)
If the Drawer dies, becomes incapacitated, or becomes bankrupt after giving the Cheque, this shall n
Article (653)
1. If several Cheques are presented at the same time and the funds for payment are not sufficient to
Article (654)
1. If it is stipulated that the Cheque be paid in a country with a currency that is not circulated i
Article (655)
The obligation of the guarantor to be presented in the event of the loss of the Cheque shall expire
Article (656)
1. If the Bearer Cheque is lost or destroyed, its owner may object to the Drawee to pay its value. T
Article (657)
1. The holder of the Cheque referred to in Article (656) of this Law may not dispute with the Drawee
Article (658)
1. If (6) six months have elapsed from the date of the objection stipulated in Article (656) of this
Chapter Four: Crossed Cheques and Cheques Credited to an Account: Article (659)
1. The Drawer or Bearer of the Cheque may cross it, and this crossing shall have the effects set for
Article (660)
1. The Drawee may not pay a Cheque which bears a general crossing except to one of their clients or
Article (661)
1. The Drawer or Bearer of the Cheque may stipulate that it is not to be paid in cash by writing the
Article (662)
Subject to the provisions of Articles (659), (660) and (661) of this Law, the Cheque shall remain ne
Chapter Five: Refusal of Payment: Article (663)
1. The Bearer of the Cheque may have recourse against the Drawer, the Endorsers and others obligated
Article (664)
Refusal to pay must be established in the manner stipulated in Clause (1) of Article (663) of this L
Article (665)
The Bearer of the Cheque reserves the right to have recourse against the Drawer even if they did not
Article (666)
1. If a force majeure prevented the presentation of the Cheque or the making of the protest or takin
Article (667)
1. A Cheque bearing a statement by the Drawee denoting that it was not paid due to insufficient or l
Chapter Six: Alterations and Copies: Article (668)
1. The Drawee alone bears the damage resulting from honoring a Cheque in which the owner's signature
Article (669)
1. With the exception of Bearer Cheques, a Cheque may be drawn from multiple identical copies if it
Article (670)
In the case of denial and lack of a lawful excuse, the following actions shall be barred: 1. Actions
Article (671)
1. Even if the limitation of action period expires, the defendants shall confirm by taking oath that
Article (672)
1. If an action is filed, the limitation period stipulated in Article (670) of this Law shall only a
Chapter Seven: Penalties: Article (673)
Any person who commits one of the following acts shall be punished with a fine of not less than (10%
Article (674)
1. Shall be punished with a fine of no less than (10%) of the value of the Cheque in question and a
Article (675)
1. Shall be punished by imprisonment for a period of no less than (6) six months, but not exceeding
Article (676)
Shall be punished by imprisonment for a period of no less than one year and a fine of no less than (
Article (677)
Without prejudice to any harsher penalty stipulated in any other law, life imprisonment and a fine o
Article (678)
1. If the court hands down a convicting judgment in one of the crimes stipulated in Articles (674) t
Article (679)
1. If the court passes a judgment of conviction in one of the crimes stipulated in Articles (674) an
Article (680)
1. If the court hands down a convicting judgment in one of the crimes stipulated in Article (676) of
Article (681)
1. If the court hands down a convicting judgment in one of the crimes stipulated in Articles (673) t
Article (682)
If a criminal action is instituted against the Drawer for one of the Cheque crimes provided for in t
Article (683)
1. In the cases in which one of the crimes stipulated in this Chapter is committed, in the name and
Article (684)
The criminal case for the crimes stipulated in Articles (674) and (675) of this Law shall be extingu
#
Load more
Translated in cooperation with
Unofficial text extracted from public documents; formatting and completeness are not guaranteed. Verify against the official source. In case of conflict, the Arabic text prevails. Not legal advice. Official source ↗