Dubai / Emirates Business
As part of its efforts to support the growth and development of Dubaiâ€™s business community, the Dubai Chamber of Commerce and Industry recently organised a workshop to raise awareness on the legal and technical aspects related to drafting successful business contracts.
The seminar was attended by members of Dubai Chamber, lawyers and legal advisors, investors, managers, and business leaders and SME owners who frequently use contracts in their commercial dealings.
Leading the discussion was Paul Jorgensen, a renowned expert in the field of contracts, licences and intellectual property. Jorgensen, founder and principal of The Jorgensen Law Firm, highlighted the basic elements and terms that business contracts should include, in addition to safeguards, risks and enforceability issues related to contracts.
Jehad Kazim, Director of Dubai Chamberâ€™s Legal Services Department, explained the importance of properly drafted contracts as they enable companies to achieve their goals, reduce risks, enhance corporate profitability, and reduce the probability of disputes between business partners, adding contracts must guarantee the rights and responsibilities of the parties involved.
She added that the legal workshop will enhance the business communityâ€™s general knowledge on drafting contracts, enabling companies to protect themselves and improve their standards and performance.
â€œSuccessful contracts are those that enhance business relationships. Creating successful contracts is more an art than a science, and more like painting a fine portrait than mechanically taking a simple photo.
The creator must be sensitive to all aspects of the relationship, understand the parties’ goals, then clearly and logically present each in a writing that can be consistently interpreted without the creator,â€ said Jorgensen.
Contract drafting is one of the many services Dubai Chamber provides to its members, which fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate. The Chamber regularly organises workshops and seminars for its members and the wider business community to raise awareness on important issues impacting companies in the emirate.