Two hundred experts and researchers in commercial contracts are expected to join the first training program in forming contracts between companies and commercial agencies in the Kingdom which will take place on Oct. 11 in Radison SAS Hotel Jeddah. The program which is organized by Al-Mor Training Center and supervised by the General Organization for Technical Education and Vocational Training and patronized by the Afro-Asian International Arbitration Center. It is is targeting more than 20 thousands attorneys, consultants, experts in commercial and industrial sectors, companies managers, contractors, bank employees and legal administrators working in the Kingdom, most of them are said to be in need to be more educated about forming the contracts with foreign companies. However, according to Dr. Fahad Al-Shumrani, head of the Scientific committee of the training program, the business sector in the Arab world has lost millions of dollars because of the lack of the skillful and qualified persons in signing commercial contracts with foreign companies and commissions. “The estimated amount of the loses in the Arab world because of the contracts disputes is between $15 to $20 billion yearly,” said Al-Shumrani. “The Arab World has lost more than 700 international commercial causes because of the lack of awareness in the techniques and conditions of signing contracts with the foreign companies,” he added. He said that there were more than 300 limping projects in Saudi Arabia because of such disputes. He demanded an urgent move to form united Arab constructional contracts to face the losses. “There should be a united form of the constructional contracts which is compliant with Shariah and approved by the Arab League in both languages, Arabic and English,” he said. Al-Shumrani said the program is aiming to educate the trainees about the most important contracts and legal papers and to deepen in the different aspects of these contracts and papers especially after the huge development in the information technology. “The program is going to discuss 10 important subjects, most importantly, how to form a contract and its essential conditions and terms and the two parties' commitments,” he added.
