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How Do UAE Contractors Recover Retention and the Final Account?
Under FIDIC, the employer releases half the retention at taking over and half after the defects period, and the final account closes through the Final Statement, discharge and Final Payment Certificate. Claims left out of the Final Statement are lost, so contractors must list every open claim and exclude live disputes before signing the discharge.
Do existing DIFC Prescribed Companies need to act before 24 January 2027?
The amended DIFC Prescribed Company Regulations, in force since 24 July 2026, open the vehicle to any owner and limit its licence to holding activity. Non-exempt companies formed before that date must appoint a Corporate Service Provider by 24 January 2027 or face fines and the loss of Prescribed Company status.
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