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Surety Bond Instead Of Bank Guarantee 22 August 2019
The Notion of “Surety Bond” was firstly introduced to Turkish legal system in 2014 by the publishing of Surety Bond General Conditions (“General Conditions”) by the Undersecretariat of Treasury. Surety bond, which is a substitute for bank guarantees, has been used globally over 75 years to meet the needs of private sector for guarantee and accordingly, to provide a comfort to the same by allocating the current bank credit line to their other activities. Lately, surety bond was accepted as a guarantee type under Public Tender Law by the amendment of Article 4 of such Law on 2017 and became more popular since then.
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What Kind of Sanctions Are Implementing to the Companies Which Send Advertisment Messages Without Explicit Consent of the Data Subject ? 24 December 2018
The Personal Data Protection Board (“Board”) published the principle resolution numbered 2018/119 and dated 16.10.2018 (“Principle Resolution”) in the Official Gazette numbered 30582 and dated 01.11.2018 due to increasing number of complaints about the transmission of advertisement messages to email address or to mobile phones via SMS or calls without the explicit concent of the data subject and without complying with the provisions of Law on Protection of Personal Data no. 6698 (“LPPD”).
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Do the Foreign Investment Companies and Turkish Branches of Foreign Companies Fall Within the Scope of the Communiqué on Protection of the Value of Turkish Currency? 12 November 2018
In our previous articles, we reviewed the President Decision No. 85 published in Official Gazette and entered into force in 13 September 2018 (“President Decision no.85”) and the Communiqué No. 2018-32/51 on the Amendment of the Communiqué regarding the Decree No. 32 on Protection of the Value of Turkish Currency (“Communique”) issued to regulate the application of President Decision no.85.
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Copyright Protection Methods For The Script/Scenario 7 November 2018
According to Law on Intellectual and Artistic Works numbered 5846 (“Law No. 5846”), an idea and work of art must be a product of an intellectual effort, bear the characteristic of its author, be shaped and fall under one of the types of works enumerated under the law in order to be considered as a work and taken under protection. If a creation is considered as a work, such consideration results in the utilization of the work from the protection under the Law No. 5846. The definition of the work becomes important because of the necessity of being accepted as a work in order to protect the intellectual creations starting point of which is the thought under the scope of Law No. 5846. According Article 1/B of" Law No.5846, “work is any intellectual or artistic product bearing the characteristi...
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What are the Differences between Presidential Decree and President Decision? 2 November 2018
President Decisions, which became a current issue with the Decision no.85 on amending the Decree no.32 on Protection the Value of Turkish Currency (“Decree no.32”)[1] delivered by the President of the Republic in 12 August 2018, are mixed up with the Presidential Decrees and there is a perception in the society that these two are similar terms. However, Presidential Decrees which are entered to the Turkish Legal System by transition from parliamentary system to presidential government system and President Decisions are completely different terms with regard to the legal characteristic; therefore these two terms are subject to two different control mechanisms.
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What are the exemptions regulated by the Communiqué on the Protection of the Value of Turkish Currency? 16 October 2018
One of the recent mostly discussed topics in Turkey was whether the contractual value and any other payment obligations arising from the agreements can be determined in foreign currency. As is known, the Presidential Decision No. 85 (“Decision No. 85”) was published in Official Gazette and entered into force on 13 September 2018 which brought a restriction for the determination of contractual value and any other payment obligations in foreign currency relating to certain types of agreements. However, although these restrictions are determined in principle under Decision No. 85, the application of this rule was a matter of concern as it was not clear which contracts would be exempted from this rule and how this rule would be applied.
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Regulation on the Prohibiton of Foreign Currency Agreements Between Turkish Residents 21 September 2018
Presidential D No. 85 (“Decision No. 85”) dated September 12, 2018 as published in the Official Gazette and entered into force on September 13, 2018 made a number of important amendments to the Decree No. 32 on Protection of the Value of Turkish Currency (“Decree No. 32”) regarding the certain type of agreements executed between Turkish residents. According to the Decision No. 85, contractual value and any other payment obligations specified in belowmentioned types of agreements executed between Turkish residents must be denominated in Turkish Lira (“TL”). Therefore, as of 13 September 2018, it will no longer be possible to use foreign currency or index TL to foreign currency in determining the contractual value and payment obligations.
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Mediation as a Condition to File a Case under the Regulation on the Law on Mediation in Civil Disputes 25 June 2018
Mediation is an alternative dispute resolution which parties select an impartial and expert mediator freely and making negotiations to settle the disputes with mediator out of court. Mediation aims to settle the disputes with lower cost and less loss of time. There are two types of mediation which called mandatory and optional. Mediation become mandatory and cause of action with Turkish Labor Courts Code numbered 7036 for certain cases. Due to mediation is a cause of action; the mediator shall be appealed before the lawsuit is filed. Otherwise; the court will reject the case due to the lack of cause of action.
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Blockchain: Database of the Future and Possible Usage Areas of It 27 December 2017
Blockchain, named as the most secured database ever made, is software designed to create a database that can record the transactions of virtual currencies such as Bitcoin. With this software it is ensured that the stored transaction is simultaneously recorded on the database of corresponding transaction by adding to the end of the chain of transactions in which all previous transactions have been recorded. However, the most important feature that distinguishes Blockchain from other database systems is that Blockchain is not registered in a single (main) center.
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Developments in Turkish Law Related to ICO 12 December 2017
An alternative capital increase method which is named as “Initial Coin Offer (“ICO”) in foreign countries, has been adopted by our legislation with the Law on “the Amendment of Some Taxation Laws and Other Laws” (“Law”) numbered 7061 which was published in the Official Gazette dated 05.12.2017, under the name of “Crowd Funding”.
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