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Impossibility of Performance of Contracts 28 March 2016
Naturally; the performance of the parties’ obligations is the main aim of each contract. In respect of general law principle of “pacta sunt servanda”, performance of the obligations under a contract shall not be affected from the changing conditions following the execution of such contract and the parties should comply with the provisions of the respective contract as agreed between the same.
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What is Collective Redundancy? 10 November 2015
I. What is Collective Redundancy?
Article 29 of the Turkish Labour Law numbered 4857 ("TLL") sets forth the legal provisions regarding collective redundancy. Hereunder,
a) at least 10 workers in establishments normally employing more than 20 and less than 101 workers,
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Acquisition of Foreign Legator’s Immovable Property Located in Turkey and Obtaining Certificate of Inheritance 30 October 2015
The purpose of this study is explaining how to acquire immovable property located in Turkey after foreign owner is deceased, whether recognition of will is possible or not, provisions about whether obtaining certificate of inheritance is requirement and related decisions of Supreme Court.
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Factoring Agreements Under Turkish Law 6 October 2015
Factoring is, generally, the transfer of accounts receivable on all kinds of sale of goods and services basis by the business holding them—in order to obtain cash payment of the accounts before their actual due date, benefit from financing or factoring warranty —to an agency known as a factor.
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Liability of Contractors Under Previous and Current Turkish Code of Obligations and Laws No. 4734 and 4735 27 July 2015
Due to the latest amendments of the Turkish Code of Obligations; there is an ambiguity among the employers and the subcontractors who are party to a construction contract regarding the applicable liability periods to be imposed on the subcontractors related to the works performed by the same under such contracts. For that reason, we aimed with this article to answer some of the questions in minds with respect to such liability obligations under both New Code of Obligations and the previous one which is abolished as of July 1, 2012.
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Islamic Financing: Notion and Key Instruments 22 July 2015
1. What is Islamic Financing?
Islamic financing or Islamic banking as the main pillar of the Islamic financing has been traditionally defined as the system of banking or banking activity that is consistent with the principles of theShari'ah (Islamic rulings). In its core, Islamic banking has the same purpose as conventional banking which is to make money by lending out capital, except that it operates in accordance with the rules of Shari’ah.
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Penalty Clause and Refund of Trainings Costs in Turkish Labor Law 22 July 2015
In some employment affairs, employer undergoes a serious amount of expense to train an employee and as a return of this expense, would fairly expect the employee to work for a certain amount of time. In order to guarantee this purpose, in practice, we see that employers add a clause to the respective employment contract of the employee under the title of “Training Commitment” or likewise, or otherwise sign a separate contract, letter of undertaking or an agreement under which it is prescribed that, in case employee quits the employment before the contractually specified time after training or causes employer to terminate the contract based on a justified reason attributable to the employee; employer will have the right to claim refund of training expenses and salaries paid during the train...
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Liability of Members of Board of Directors Regarding Public Debts of Joint Stock Companies 14 July 2015
As it is possible to collect public debts of a joint stock company from its legal representatives, it is of the importance to determine the scope of such liability. Below is a general review regarding the liability of legal representatives of joint stock companies, who are appointed in accordance with the Turkish Commercial Code No. 6102 (“TCC”), against the public debts of the same.
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"Defacto" Acceptance and Partial Acceptance Under Turkish Laws and FIDIC Contracts 14 July 2015
In accordance with the economic and commercial growth and the increase of the need for investments in almost all areas of the commercial and social life, several major infrastructural projects have started to be realized in Turkey for the last decades. However, although there are many projects in Turkey which have been accomplished with great success, some contractors have indeed faced some problems and suffered severe consequences in many other projects, sometimes due to the reasons which are attributable to the administrative authorities or the other contractors included in the project and sometimes due to the lack of proper regulations under their project contracts.
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The Severance Pay on the Termination of Fixed Term Employment Agreements 29 June 2015
There are no clear provisions or regulations under Labor Law and relevant legislation as to whether to pay a severance pay to the employee with the termination of the Fixed-Term Employment Agreement. Therefore, the solution to this problem is based on the decisions of the Supreme Court (Yargıtay).
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