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Saturday, December 9, 2023

Abu Dhabi court orders agency to pay AED515,000 to investor for rescission of business contract



Pictures are for illustration purposes only.

Abdurrahman Saeed, our reporter

The Abu Dhabi Commercial Court has ordered an institution that owns a well-known trademark to pay Dh515,774 to investors and imposed a fine of Dh50,000.

According to reports, the appellate body agreed with the investor to grant it the commercial franchise right to invest its name and trademark in the four emirates of the UAE, so the investor set up a store in one of the emirates for investment, but the agency withdrew its consent and terminated the contract , and refused to return the payment.

Therefore, the investor filed a lawsuit against the agency, explaining that under the agreement with the agency, she transferred Dh450,000 to its owner and equipped a store, but the agency canceled the contract and refused to return the amount and fees. Preparing and leasing the store according to the contract.

The investor claims in the lawsuit that the agency is obliged to pay her AED 515,774 and AED 60,000 in compensation for the losses she has suffered, in addition to a 9% annual fee from the date of filing the lawsuit until full payment. statutory interest, and litigation costs and attorneys’ fees.

The court clarified that it was proved that the investor had sent the respondent the Dh450,000 agreed in the contract, and that the agency had not denied it, nor had it notified the investor of its plan to cancel the contract as required. Letters attached to the lawsuit.

Therefore, the court ordered the agency to return the amount received by the owner from the investor and to pay an interest of 5% per annum from the date of filing the suit until full payment is made, in addition to compensation of Dh50,000 plus the investor’s costs and expenses. Legal costs and attorneys’ fees.


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