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The Abu Dhabi Executive Committee has issued an Executive Council Circular which signifies an important new step in regulating the payment process under Government contracts. Under Circular No. (1) of 2019, dated 26 March (“Circular”), Government Bodies and companies are now required to observe the following requirements:
The above requirements have been introduced with retrospective effect and therefore must be reflected in all contracts previously entered into with contractors and suppliers prior to the date of issue of the Circular, in addition to all new contracts.
This recent announcement comes at a time when contractors and suppliers in the UAE are increasingly feeling the strain of reduced liquidity and cash flow, in part due to reduced economic growth as a result of lower oil prices.
Our Construction & Infrastructure team regularly advise on all elements of the construction procurement process. If you have any questions or would like further information, please don’t hesitate to contact our team:
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