The Civil Transactions Law (CTL), coming into force on 16 December 2023, will apply retrospectively. This means that all current contracts and live disputes need to be reconsidered in light of the new law.<\/p>\n
Major considerations include that the CTL sets in place a clearer framework for compensation arising from contractual breaches and harmful acts, and confirms the enforceability of contractual risk-allocation provisions, such as limitations of liability and liquidated damages clauses.<\/p>\n
However, steps will also need to be taken to mitigate against risks arising from the CTL, such as the new requirements that must be fulfilled before enforcing against guarantors; the set limitation periods for bringing claims; and a host of binding provisions in the CTL that cannot be contractually waived.<\/p>\n
During the webinar, we will be discussing how businesses involved in major construction projects can best take advantage of the new opportunities presented by the Civil Transactions Law and mitigate risks, whether in existing or potential projects.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Civil Transactions Law (CTL), coming into force on 16 December 2023, will apply retrospectively. This means that all current contracts and live disputes need to be reconsidered in light of the new law. Major considerations include that the CTL sets in place a clearer framework for compensation arising from contractual breaches and harmful acts, … <\/p>\n