{"id":34258,"date":"2022-01-03T10:55:24","date_gmt":"2022-01-03T07:55:24","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=34258"},"modified":"2022-01-03T10:55:24","modified_gmt":"2022-01-03T07:55:24","slug":"%d9%88%d8%b2%d8%a7%d8%b1%d8%a9-%d8%a7%d9%84%d8%aa%d8%ac%d8%a7%d8%b1%d8%a9-%d8%aa%d8%b7%d8%b1%d8%ad-%d9%85%d8%b4%d8%b1%d9%88%d8%b9-%d9%86%d8%b8%d8%a7%d9%85-%d8%a7%d9%84%d9%85%d8%b9%d8%a7%d9%85%d9%84","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/34258\/","title":{"rendered":"Ministry of Commerce launches draft Commercial Transactions Law for stakeholders and the public to express their views"},"content":{"rendered":"

The Ministry of Commerce announced Draft Commercial Transactions Law<\/span><\/a> For interested parties and the general public to express their opinions and suggestions regarding the project, in line with the principles of participation and transparency and with a view to improving the Kingdom\u2019s business regulatory environment, the Ministry has set 24\/6\/1443 AH as the deadline for receiving feedback.<\/p>\n\n\n\n

Business Organization<\/span><\/strong><\/h4>\n\n\n\n

To achieve its objectives, the draft regulation included provisions governing the principles of commercial law, the definition of a merchant and a store, the general obligations of merchants, commercial obligations, accounting records, commercial contracts, and commercial documents, The draft regulation also included provisions governing the conduct of commercial business, distinguishing between commercial business conducted on a professional basis and sole proprietorships.<\/p>\n\n\n\n

Provisions Governing Merchants and Stores<\/span><\/strong><\/h4>\n\n\n\n

The draft regulation includes provisions specific to merchants and stores; it clarifies who qualifies as a merchant and the provisions pertaining to them, The draft regulation also addresses provisions concerning the business, specifying its tangible and intangible elements, as well as provisions regarding its branches and transactions. The draft adopts the principle that the business does not have a legal personality separate from that of the merchant, nor does it have a separate liability from that of the merchant.<\/p>\n\n\n\n

Registration in the Trade Name Registry<\/span><\/strong><\/h4>\n\n\n\n

The law clarifies the obligations of merchants and commercial obligations in general, stipulating that merchants must adopt a trade name and register with the Commercial Registry, and must retain all correspondence and invoices issued or received in the course of their commercial activities.<\/p>\n\n\n\n

With the aim of facilitating business operations, the draft regulation exempts certain categories of merchants from registration in the commercial registry and from maintaining accounting records, based on criteria set by the Ministry, in order to make it easier for individuals engaged in small-scale business activities.<\/p>\n\n\n\n

Maintenance of Accounting Records<\/span><\/strong><\/h4>\n\n\n\n

The draft regulation gives priority to modern technological methods in accounting records by allowing documents and records to be retained in any electronic format, rather than retaining the originals, and grants them the same legal validity as the originals for evidentiary purposes.<\/p>\n\n\n\n

Regulation of Commercial Contracts<\/span><\/strong><\/h4>\n\n\n\n

One of the most notable features of the draft law is its regulation of commercial contracts; it sets forth the obligations of the parties to a commercial sales contract and addresses issues related to price determination, the form of the goods sold, and other matters. The draft also regulates the liquidation sale contract and public auction by defining them and setting forth the relevant provisions, in addition to regulating the supply contract and the obligations associated with it.<\/p>\n\n\n\n

Commercial Agency Contracts<\/span><\/strong><\/h4>\n\n\n\n

The draft law addresses the regulation of commercial agency contracts, providing a general definition of the concept and stipulating two types of such contracts: the contract of agency and the commission agency contract. The draft regulation also addressed brokerage contracts by defining them and setting forth the provisions regarding the determination of the broker\u2019s fee. Furthermore, the draft regulated commercial representation contracts and outlined the relevant provisions, establishing that a commercial representative is considered an agent of the merchant.<\/p>\n\n\n\n

Introduction to Commercial Papers<\/span><\/strong><\/h4>\n\n\n\n

The draft regulation also addressed negotiable instruments, defining them and specifying their types and the provisions relating to them. It included provisions regarding bills of exchange, checks, and promissory notes\u2014covering their creation, methods of circulation, guarantees of payment, and the ways in which the obligation under them is extinguished, as well as the information that must be included in commercial papers.<\/p>\n\n\n\n

The ministry explained that the draft regulation was prepared based on an assessment of challenges and obstacles and a study of opportunities and areas for development in light of leading international experiences, in cooperation with relevant international organizations and specialized experts, with the aim of regulating commercial transactions to facilitate merchants\u2019 business operations.<\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The Ministry of Commerce has released a draft of the Commercial Transactions Regulation to interested parties and the general public to solicit their opinions and suggestions on the draft, in line with the principles of participation and transparency, and to improve the Kingdom\u2019s commercial legislative environment. The Ministry has set 24\/6\/1443 AH as the deadline for receiving feedback. Regulation of Commercial Activities: To achieve its objectives, the draft regulation includes provisions governing the theoretical aspects of commercial activities, the concept of a merchant, and the store, \u2026 Read more<\/a><\/p>","protected":false},"author":10,"featured_media":29302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"categories":[104],"tags":[],"class_list":["post-34258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-and-regulations"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak 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