\nwhich the compensation amount will be calculated for each contract. The equation for
\ncalculating the compensation amount is as follows:
\n
![\"\"](\"\/storage\/app\/media\/newsletter%20issue%206\/issue%205.png\")
<\/p>\nLaw no. 84\/2017 (the \u201cLaw) was issued on 9 July 2017 to compensate contractors who
\nwork for government projects and were adversely affected by the recent economic
\nlegislation adopted by the Government during 2016; such as the decision to free float
\nthe Egyptian currency, the increase in customs taxes, removal of the fuel subsidies and
\nthe imposition of the Value Added Tax.<\/p>\n
The Prime Minister Decree issued on 23 October 2017 determined the percentages upon
\nwhich the compensation amount will be calculated for each contract. The equation for
\ncalculating the compensation amount is as follows:
\n<\/p>\n
A Supreme Committee for Compensation was established to be responsible for setting On the 1st of October 2017, the Prime Minister ratified the criteria for granting the To benefit from the Law, an aggrieved party shall submit a compensation request to the The governmental entity shall review the request, calculate the compensation amount Each governmental entity is required to allocate a portion of its annual budget to fulfill A request for compensation shall not be accepted in the following cases:<\/p>\n Law no. 84\/2017 (the \u201cLaw) was issued on 9 July 2017 to compensate contractors who work for government projects and were adversely affected by the recent economic legislation adopted by the Government during 2016<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"yoast_head":"\n
\nout the criteria, conditions, and percentages of the compensation. The Committee is
\nheaded by the Minister of Housing and includes in its membership representatives of,
\ninter alia, the Ministry of Finance, the General Union for Chambers of Commerce, the
\nEgyptian Industries Federation, the Central Agency for Public Mobilization and Statistics
\n(CAPMAS<\/abbr>) and the Egyptian Federation for Construction and Building Contractors
\n(EFCBC<\/abbr>).<\/p>\nCompensation Criteria<\/h3>\n
\ncompensation to be as follows:<\/p>\n\n
\ncontracts concluded between a private party and a governmental entity or a
\ngovernment-related company.<\/li>\n
\nor in part during the period from 01\/03\/2016 to 01\/12\/2016.<\/li>\n
\nimplementation schedule agreed in the contracts for reasons attributed to it
\nsolely will not benefit from the Law.<\/li>\n<\/ul>\nProcedures to Request Compensation<\/h3>\n
\nrelevant governmental entity stating all information about the concerned contract,
\noutlining the damage suffered from the economic legislation and explaining how it
\ndisturbed the economic and financial equilibrium of the contract. The request must be
\naccompanied with all supporting documents to substantiate the claimed damage. The
\napplicant shall also state, from its perspective, the value of the compensation amount.<\/p>\n
\naccording to the stipulated rates and equations and prepare an evaluation report to be
\nreferred to the competent authority to issue its final decision on the matter.<\/p>\n
\nits obligations under the Law and to take the necessary procedures to ensure that the
\ncompensation amounts be paid within 90 days from the date of submission of the
\nrequest by the aggrieved party.<\/p>\n\n
\narbitration.<\/li>\n
\ncontract due to a breach attributed to the claiming party solely and not to the
\neconomic legislation referred to in the Law.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"