Qatar Trade Law No. 27/2006 Thursday, 02 February 2012 00:53

Part V

Commercial papers and their types

Article 447

The commercial papers are legal instruments written according to the forms established by the law.  They represent a right which means a certain amount of money. They are payable on mere information or after a certain period or a period subject to specification and the same are subject to trade commercially.     

Article 448

The commercial papers include bill of exchange, promissory note, for bond for its holder, check and other commercial papers irrespective of the capacity of stakeholders or the nature of the business for which they were created.

Article 449

The bill of exchange is a commercial paper which include an order from the drawer to the drawee to pay a certain amount of money by mere information or on a certain date or the amount is subject to the specification to the order of the beneficiary.

Article 450

The promissory note is a commercial paper under which its writer undertakes to pay a sum of money as soon as the information comes or on a certain date or the sum is subject to specification of the order of another person, who is the beneficiary.

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Article 451

The bond for its bearer is a commercial paper under which its writer undertakes to pay a certain amount of money on mere information or on a certain date or the amount is subject to the specification of the person who carries the paper.

Article 452

The check is a commercial paper which includes an order  issued by the drawer to the drawee bank to pay on the day mentioned on it as the date for issuing a certain amount of money to a third person ,who is the beneficiary or to the  bearer of it .

First chapter

Bill of exchange 6.2.1 - Section I

Issuance  of bill of exchange and  its trading

6.2.1.1 - First Issuance  of the bill of exchange (453-469)

Article 453

The bill of exchange includes the following descriptions:

1. The word’ ‘bill of exchange’ written in the text of Sakk and in the language  in which it was written.

2. Date and place of issuance of the bill of exchange.

3. Name of the person who is obliged to pay (the drawee).

4. Name of the person who shall be paid (beneficiary).

5. An order that is not bound to the condition of payment of a certain amount of money.

6. Maturity date.

7.  Place of payment.

8.  Signature of the person who issued the bill of exchange (drawer).

454    Article

The legal instrument (sakk), in which the said descriptions are not found, shall not be considered as bill of exchange, except in the following cases:  

1 – If the place of issuance is not mentioned in the bill of exchange it shall be  considered  as issued in the palace mentioned beside the name of the drawer. If that place was not mentioned explicitly the place where the drawer signed shall be considered the place of issuance.

2 - If the place of payment is not mentioned in the bill of exchange, the place mentioned beside the name of the drawee would be considered as the place of payment and home of the drawee at the same time. The bill of exchange shall be payable in the home of the drawee if there is no condition to pay the same at another place.

3 - If the maturity date is not mentioned in the bill of exchange it shall be considered payable when informed about the same.       

Article 455

The bill of exchange can be written on the order of the drawer himself or it can be drawn on the drawer himself and it can be drawn for the account of  someone else.