I – The Notion of Hardship As in most long term contracts, construction contracts carry some unforeseeable risks. Circumstances might change in the execution of long term contracts so fundamentally that they may alter the contractual. The situation in which the equilibrium of the contract is so frustrated that the execution of the contract might...

Since the amendment of the Direct Foreign Investment Law on the 17.06.2003, there have been some changes in the existing system of corporate law. Differing from previous adjustments, obligations concerning permissions and minimum amount of capital are regulated in order to promote foreign investment. According to the Direct Foreign Investment Law; foreigner investors who directly...

The transfer of assets is, transferring assets or all rights at the assets side and all liabilities at the debit side of the company, with a transfer contract concluded between two parties, either individuals or legal entities. At Turkish law, the asset deals between partnerships are provided at different laws, within the context of their...

Pursuant to Art. 35 of Turkish Constitution, every person is entitled to claim property and heirship rights and these rights can only be restricted for the purpose of providing public interest and with a law. Noone can use his property right to the disadvantage of the public. Either the building’s owner has the building constructed...

I- INTRODUCTION A representative office can be defined as “Offices established by non-resident individuals and legal entities with social, cultural or economical purposes such as communication, entertainment, providing contacts, conducting market research at the country of investment, close follow up of business opportunities at the country of investment and offering information to the main company.”...

Free trade zones are defined as the regions that have been established with the intention of developing international trade and employment and though they are within the national boundaries of the countries, are left beyond the customs duty zones, in order that the tax and customs legislations to be applied. In the abovementioned zones, there...

At present, unfortunately quite a great part of marriages doesn’t last long, though they’re acted with the hope of a life-long duration. Every day there’s an increasing number of divorce cases. In this situation, marital property bears great importance from the point of the results of divorce. There has been an important legislation in Civil...

The companies which are registered outside of Turkey prefer to found liaison offices in Turkey in order to advertise their commercial activities and to do their market research. Liaison offices, which differ from limited liability companies; joint companies and branches, do not engage in income generating activities. Considering that the law does not include a...

The attachment proceeding for negotiable instruments is a specific enforcement proceeding without judgment. It is necessary for a creditor to have a negotiable instrument in order to apply this proceeding. The limited numbers of negotiable instruments are indicated in the Code of Commerce which is promissory note, bill of exchange and cheque. It should be...

Lease agreements could be structured as follows: 1) ordinary leasing agreement 2) lease of a revenue-generating asset agreement. Ordinary leasing agreement is a contract when an owner of movable goods and real property grants another person an exclusive possession of the property in return for a certain price. On the other hand, a lease of...