PUNJAB COMMERCIAL COURTS
By Advocate G.M Choudhry Tax & Corporate Consultant
Co-founder and associated partner of G&Z LEGAL NEXUS
The Punjab Assembly Passed the law by name of Punjab Commercial court to provide relief to resolve contractual dispute between the corporate sector from lengthy and protracted conventional court system.
Statement, purpose and spirit of commercial courts
There question arises about the meanings of commercial dispute. The law defined the commercial dispute in elaborately .Dispute among domestic companies, foreign companies and firms’ falls in jurisdiction of commercial courts if disputed amount is more than ½ million of Pakistan currency.
Definition of contractual dispute to law:
Kinds of Contracts involved in dispute
Some time companies make agreements for employment. Some time business entities sign agreement for IP rights. Some time issue of payment arises and some time issues of performance contract involves between them. Some time companies violate the clauses of non-competing and secrecy. Therefore any contractual issue may arise between business entities.
It is god step of the Government to towards the ease of doing business and speedy disposal of Commercial and contractual dispute so that economy may prosper.
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