Power of Attorney for Commercial Transactions
Drafting notes
A power of attorney is a document by which one legal person gives another legal person the power to act on their behalf and in their name. It is a common tool for delegating power to act. It can either grant wide authority or be very specific.
This Precedent is a general power of attorney granted by a company to an individual to execute various documents and take various action on its behalf in respect of a transaction when, say, a director is not present.
This Precedent does not deal with issues for lasting powers of attorney which deal with issues of mental incapacity of an individual. For information relating to lasting powers of attorney or for an explicit power to settle a dispute, or waiver of a judgment or any avenue of appeal against it (as per Article 58(2),117 of Federal Law No. 11/1992 (Civil Procedures Law). In the validity of a POA is subject to Federal Law No. 5/1985 - The Civil Transactions Law (as amended) (UAE Civil Code).
See commentary: The Powers That Be-Granting Powers of Attorney in the UAE