Legal Update: Press Release on the Implementation of the Law on Consumer Protection and Prakas on Unfair Contract Clause in Real Estate Sector
Issue: No. 013P/23 – 8 July 2023
On 30 June 2023, the Ministry of Commerce (the “MOC”) issued a Press Release on the Implementation of the Law on Consumer Protection and Prakas on Unfair Contract Clause in Real Estate Sector (the “Press Release”).
The MOC issued this Press Release upon observe that there are many business owners in real estate sector are using a standard contract/agreement which contains unfair clause(s), including but not limited to the clause that provide exemption or limitation of liability of business owner from the guarantee of its products and/or services, clause providing the business owner to make substantial changes to the kind, amount, price and quality of its goods and/or services, or any other modification of important elements of the contract/agreement without the prior notice to and/or prior consent from the consumer, and clause that grant business owner the discretion to interpret the contract/agreement or to unilaterally terminate the contract/agreement.
Therefore, this Press Release aims to remind all business owner in real estate sector shall strictly comply with the Law on Consumer Protection and the related regulations, especially Prakas No. 0067 P.N.A.KBB.BrK on Unfair Contract Clause in order to protect consumers’ rights and promote fair competition.
The National Commission for Consumer Protection will strictly take action against any person who violates the Law on Consumer Protection and the related regulations.
The article is merely for general information purposes. It does not constitute a legal advice on the subject matter. If you have any questions or need any assistance, please feel free to contact us:
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|He has more than 8 years of professional experiences in corporate, commercial, investment and capital market sector in Cambodia. He has leaded a legal counsel team to advise and assist ACLEDA Bank Plc. in the process of listing on the Cambodia Securities Exchange (CSX). He has been a team member of a legal counsel team to advise and assist in the IPO process of Phnom Penh Autonomous Port (PPAP). He is currently leading a legal counsel to advise and assist in an IPO of a SME for its proposed listing on the growth board of the CSX.
|Dr. CHHAK Limchheang,
Senior Legal Advisor,
Deputy Head of Real Estate and Construction Practice Group
+855 89 813 160
|He has several years of professional experiences in real estate-related transaction and construction sector in Cambodia. He has advised local and foreign clients on acquisition and disposal of residential, industrial and commercial properties, on commercial lease, factory perpetual lease, real estate joint venture development and FIDIC agreements. Recently, he led counsel to advise on both real estate and tax issues of real estate development project with an approximate investment portfolio of USD 40 million in Kampot Province. He is currently leading a legal counsel to advise a major domestic company in their joint venture property development with an investment portfolio nearly USD 200 million in Phnom Penh.
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