DCC 94/2007
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai, United Arab Emirates
Taxonomy
Auction, Types of Contract, General Contract Law
Copyright
LexisNexis
Decision date
18 Sep 2007
Catchwords
Auction – Public Auction – Private Auction – Void – Interest Rate - Contract
This case involved a claim for non-payment of a winning auction bid. It was wrongly argued the auction was void due to procedural issues. Minor procedural issues did not make an auction void. The court also looked at the interest rate on the amount due. A maximum of 12% was allowed but there was no evidence market rates or an agreement between the parties had required that.
Key Legal Questions
What are the requirements to order a public auction?
What is the difference between a public and a private auction?
What are the effects of the non-observation by local authorities of Articles 123-128 of Federal Law No 18/ 1993 on public auctions?
What interest rate arises from disputes relating to the procedures of a public auction?
Background Facts