Issues relating to bank guarantees in the UAE
A bank guarantee is defined in Article 411 of the Commercial Transaction Law No. 18 of 1993 as ‘an undertaking issued by a bank to settle the customer’s debt to a third party in accordance with conditions agreed and included in the guarantee, which may be for a limited or unlimited period of time’…
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Corruption has a detrimental effect on any economy. It creates unfair advantages, anti-competitive practices and a generally unfavorable business environment.
The Libya Herald reported on 16 April 2013 that ‘the IMF confirmed its forecasts on Libya of 20.2 per cent GDP growth in real terms for 2013’.