The new Civil Transactions Law (CTL), issued in June 2023 and coming into force in December 2023, is a game-changer for legal certainty in KSA. The CTL codifies Shariah principles in relation to contracts, harmful acts, compensation, guarantee arrangements, real estate matters and other civil transactions. The CTL will generally have retrospective effect on transactions even if they have been entered into prior to the date that it comes into force, and so must be taken into account from now.
If you’re involved in negotiating a contract under KSA law, take note of five key impacts from the CTL.
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