Commercial law

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The Shifren Principle – The Importance of Reducing Oral Agreements to Writing When a Contract Contains a Non-Variation Clause

Today, almost all Commercial Contracts entered into include non-variation clauses. A non-variation clause is a contractual provision which restricts the variation and/or cancellation of an Agreement. Any variation or cancellation of the Agreement will therefore not be of any effect unless reduced to writing and signed by the parties concerned. Not all parties to a […]

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B-BBEE

BBBEE Compliance and Cost Relief

Start-ups and small businesses with an annual turnover of R 10 million or less (being an Exempted Micro Enterprises or “EME”) automatically qualify for a Level 4 B-BBEE rating. Businesses with an annual turnover of between R 10 million and R 50 million (being a Qualifying Small Enterprises or “QSE”) have the benefit of enhanced […]

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Technology Law : Cryptocurrencies and SARS – what is the latest?

In South Africa, as with most other countries around the world, there is no specific guidance and regulation regarding cryptocurrencies and many aspects of technology law. In the recent budget review, South African Revenue Service (“SARS”) proposed that any amendments to the income tax and value-added tax (“VAT”) legislation to deal with cryptocurrencies, pose a […]

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acknowledgement of debt

Are Acknowledgement of Debt’s subject to the provisions of the National Credit Act 34 of 2005?

Consider the following practical example: You loaned R 20 000.00 from a friend/colleague. You could not repay the loan as you initially promised due to financial difficulties. Your friend/colleague draws up an Acknowledgment of Debt (hereafter referred to as ‘AOD’) whereby the new repayment terms are clearly specified. Furthermore, he or she requests that your […]

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South African Commercial law: Section 12J venture capital companies continued – Part 2

Last month we unpacked what it means to be a registered Section 12 J Venture Capital Company or VCC in terms of South African Commercial law. We also unpacked the benefits for both Investors and Investees. In summary qualifying Investors will invest in VCC’s in exchange for Venture Capital Shares and Investor Certificates. Investors can […]

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