The laws of Oman are aimed at ensuring smooth functioning of trade and commerce and also making sure that the rights and obligations of the people are recognized by statute. In cases of breach of such duties, the state shall help the aggrieved party to recover from such harm and loss. the right of people to be bound by a legal agreement, their rights and obligations are regulated by contract law which have obtained their origin from the Oman Civil Code. The Oman laws have become very stringent about environment and therefore the answers also point towards declaration that have regulated environment and have aimed at curbing pollution. The aim of the assignment is to know the laws of Oman and check the new developments and the rights of the people under Oman Law and how they are protected by the initiative of the Government and statutes.
1. A contract is a written agreement which lays down the rights and obligation of a party under the agreement. A legally enforceable agreement is called a contract that lists down what the rights of the parties are under the contract (Oman 2017). The contract ensures that the parties enter into a legally binding contract. The parties entering into the contract need to be fully aware of the terms of the contract and shall be in know of the risks that pertain to the contractual terms. One of the reasons why litigation is so rampant in relation to the enforcement of contracts is because parties do not understand the risks carefully and then when the risks arise, they decide to go for litigation to repudiate the terms of the contract (Barnett and Oman 2016). The Oman Civil Code was enacted in the year 2013 which is a comparatively new law that deals with civil matters and the terms of the contract are dealt in this Act. This Code gives out various statutory limitation and also states how a contract has to be conducted and what are the rights and duties that arise out of a contract. Izar is a concept which is acknowledged in the Oman Civil Code which states that the party who is enforcing a remedy against a breach in contract has to notify the other party in advance (Albadi 2017). That is, the remedy to a breach shall be states as a precondition in cases when the other party wants to exercise the legal right. This shall apply when one party wants to enforce the legal rights against the other party. It is therefore a statutory mandate that the party has to nifty before enforcing the legal rights. If the notification is not given, the chances are high that the party cannot exercise the claim (Billah 2016). A contractual breach occurs when one party does not hold his part of the deal and does not act in accordance with the terms of the contract. The Code ensures that there shall be a remedy available in cases where there is a breach of contractual duties. Therefore, the Code mandates that there shall be specific performance of the contractual obligations and the parties shall be penalized if they fail to make the payment in accordance to their contractual obligations. In awarding damages in cases of contract breach, it is important for the parties to show that theer has been a damage which the party has suffered die to the non performance of the contract and there has to be a causal link between the damage suffered by the party and the breach of contract. therefore, awards in cases of breach of contract shall only be awarded when the party has suffered actual loss. Therefore, breach of contract and damages are codified legal provisions under the Oman Civil Code. The Oman Civil Code is similar to the UAE Civil Code and the Oman Code interprets the legal provisions to ensure that the aggrieved party gets remedies. An example of a contractual breach would be non-payment of money even though the parties had agreed to enter into a business transaction (Hashim and Amrah 2016).
2. The contract is an enforceable legal agreement which has been entered into between two parties. The parties need to be fully aware of the terms of the contract and the terms of the contract cannot be vague and ambiguous. For a contractual term to be enforceable, it is important that the parties know what their rights and obligations under the contract aware and the contract has to be away from unclear terms that give out ambiguous claims. The construction of the contract is of utmost importance and the construction of the contract is an important consideration which needs to be borne in mind. There are certain important elements that need to be fully present in the Omani Law that will guide the Courts to fix liability in cases there is a breach of the contractual obligations. Under Article 165 of the Oman Civil Code the wordings of the Contract need to steer clear from ambiguities and they need to be clear and concise. The intention of the parties needs to be understood from the wordings of the contract. Apart from understanding the intention of the parties from the wordings of the contract, it is important to ascertain their intention from the mutual intention and their agreement to enter the contract and be bound by its terms. From the way the parties have dealt with each other and their mutual dealings shall serve as a way to understand what the mutual intention of the parties is. Pact Sunt servanda is an international law principle that states that the law governing the parties is contract. The Omani Supreme Court has held that the parties need to fulfill their rights and duties arising out of contract in good faith and without any mala fide intention. Only in cases where there is an apparent ambiguity in the terms of the contract will the Courts try to alter the terms of the contract otherwise the contract shall not be amended by the Courts. Therefore, to ensure that the obligations of the parties under the contract law arise out of the agreement, it is important that the contract is clear and the literal meaning of the contract can be understood by careful consideration of the facts. The parties need to act in good faith and with the intention to uphold the principles of the statute. Therefore, under 156 of the Code, it has been mentioned that the contract has to be interpreted by the content of the contract and the parties shall be guided by custom, justice in upholding the principles of the contract. This will help in eliminating misrepresentations that arise due to the ambiguities that are present in the contractual terms. An example of ambiguity would be when the terms of the contract are not clear and cannot be understood even after plain reading of the content. The ambiguous term will impede the proper execution of the contract.
3. The Tanfeeth is the GCC’s big undertaking and Business Service Partner that is involved in supporting the enterprises by giving them cost productivity, customer service, quality and value for money. The aim is to produce efficiency and consistency within the framework of NBD’s customer base. To achieve the goals, the company has to grow to become one stop solution for all purposes of investment, handle all port clearances and make sure there are tax exemptions on the products that are coming from the port. There has to be transparency in the handling of goods and the bureaucrats shall not impede the transaction and this has to be ensured by the authorities and independence of the companies have to be preserved. Red tape, or rigid regulations shall be an impediment to the trade and therefore it will hamper the freedom and the decision making of the business enterprises. These are the issues that need to be resolved if Oman wants to diversify and claim its position in the international arena. For Tanfeeth Diversification Plan to succeed, it is imperative for the Oman enterprise to be at par with all the other GCC countries, the port issues need to be handled with more clarity and responsibility. To make sure that there is smooth trade and no impediment to growth of trade, the custom clearance has to very efficiently handled. If the goods are stopped at the customs and not cleared, the whole trade situation will have a major fall out. The generation of invoice should be very prompt and gods shall not be held at the custom and there should not be any extra payment by the importers
4. The aim of corporate governance is to make sure that there is a proper code of conduct followed in the company and everyone adheres to the established principles for maximizing the potential of the employees. Under the principles of corporate governance, the company performs better and the interests of the stakeholders are also preserved. Good governance includes that there shall be equal opportunity in the company, the interests of the employees shall be held as paramount, and the company shall work towards ensuring the best interest of the company. Every company has some essential core values which are imperative for the holistic growth of the company. The concept of corporate social responsibility aims at establishing societal norms that need to be kept in mind while devising plans for the company. The principles of the company should be aimed at advancing the benefits and interests of the society and also the stakeholders. The process of corporate social responsibility is initiated with the intention of making sure that the company contributes to the benefits and development of the society and also conducting business with the intention of helping the stakeholders grow. Corporate social responsibility is also initiating sustainable development by indulging social, economical and environmental benefits that help both the company and the stakeholders grow. Corporate social responsibility gives a humanistic approach to the company and also promotes human rights, health and safety of the employers. The purpose of this concept is to move towards sustainability. Corporate governance is a part of corporate social responsibility which says that there shall be humanitarian working environment, the working hours should be conducive for the growth of the employees and the harmony between the company and the employees be maintained. The companies aim to reach higher levels of productivity and growth by applying the principles of corporate social responsibility. Corporate ethics mandate that the culture shall be preserved at any cost and the principles and ethics of the company shall not suffer even though there is an ongoing crisis. Corporate ethics also culminate into ethical leadership because the directors and the managing boards have the maximum power at their disposal and therefore the decisions taken by them shall not be against the principles of the company. The company is always faced with various challenges and therefore it is responsibility of the company along with the directors and the board to strive through the crises and come out better, both financially and socially. The company is duty bound to work in the best interest of the employees and therefore all the decisions taken by the company has to be directed by morals and ethics and shall promote good governance. Oman National Investment Company Holding SAOG and National Rice Mills SAOG are examples of companies who had to face troubles and financial crises but they stood their ground and tackled the problems following the principles of corporate governance. They had to turn to the State Government for assistance and ultimately came out preserving their entity and upholding the tenets of corporate ethics and corporate governance.
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Conclusion
Concluding the assignment, it has been understood through this assignment that the Oman laws have evolved over time and have similarities with the Code of UAE. The aim is to promote trade and commerce and also make sure there is harmony among the people. With the passage of time, contract laws are developing to make sure more people enter into binding contracts and the parties adhere to their duties and enforce their rights.
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