{"id":645173,"date":"2017-07-13T04:17:10","date_gmt":"2017-07-13T04:17:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/13\/president-signs-contractors-compensation-act-into-law\/"},"modified":"2017-07-13T04:17:10","modified_gmt":"2017-07-13T04:17:10","slug":"president-signs-contractors-compensation-act-into-law","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/13\/president-signs-contractors-compensation-act-into-law\/","title":{"rendered":"President signs Contractors\u2019 Compensation Act into law"},"content":{"rendered":"

Good news contractors, the Contractors\u2019 Compensation Act was signed into law:<\/strong> President Abdel Fattah El Sisi signed the Contractors\u2019 Compensation Act into law yesterday, AMAY reports<\/a>. The bill\u2019s executive regulations should be ready within a month, will compensate contractors for losses incurred as a result of the EGP float and last year\u2019s fuel price hikes. It also mandates the Housing Ministry to form a committee that would set the rules and regulations on how to calculate and issue the compensations. The Federation of Egyptian Contractors expects the ministry to set up the committee within a few days and begin issuing compensations in three weeks\u2019 time, members tell Al Borsa<\/a>, noting that the amount will vary from one contractor to the other. Some contractors reportedly want to ask the government to factor in recent hikes in fuel and energy prices when repricing their contracts, as we noted yesterday<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good news contractors, the Contractors\u2019 Compensation Act was signed into law: President Abdel Fattah El Sisi signed the Contractors\u2019 Compensation Act into law yesterday, AMAY reports. The bill\u2019s executive regulations should be ready within a month, will compensate contractors for losses incurred as a result of the EGP float and last year\u2019s fuel price hikes. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-645173","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e97538cc-c129-47ff-8cb4-09fb96e4c88f","order":"0","is_powered_by":true,"section_story_id":"e65d8162-d4f6-419c-9c34-3b384be397ae","story_type":"1","photo_url":"","photo_position":"above","related_issue":[645163],"teaser":"","voice_url":""},"yoast_head":"\nPresident signs Contractors\u2019 Compensation Act into law - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/13\/president-signs-contractors-compensation-act-into-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President signs Contractors\u2019 Compensation Act into law\" \/>\n<meta property=\"og:description\" content=\"Good news contractors, the Contractors\u2019 Compensation Act was signed into law: President Abdel Fattah El Sisi signed the Contractors\u2019 Compensation Act into law yesterday, AMAY reports. The bill\u2019s executive regulations should be ready within a month, will compensate contractors for losses incurred as a result of the EGP float and last year\u2019s fuel price hikes. 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Previous estimates had put it at a range of 15-60% of the contract size, depending on the type of project, the\u2026","rel":"","context":"In "Legislation + Policy"","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645122,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/12\/contractors-want-state-to-include-fuel-and-energy-prices-hikes-under-compensation-act\/","url_meta":{"origin":645173,"position":2},"title":"Contractors want state to include fuel and energy prices hikes under compensation act","author":"enterpriseam admin","date":"12 July 2017","format":false,"excerpt":"Contractors want state to include new fuel and electricity price hikes under Contractors Compensation Act: Contractors are requesting that the state factor in the effects of the latest fuel and energy price hikes when repricing their contracts under the Contractors\u2019 Compensation Act, New Urban Communities Authority (NUCA) chief Zein Al\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652192,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/03\/finance-ministry-amends-law-to-allow-contractors-to-reprice-contracts-every-3-months\/","url_meta":{"origin":645173,"position":3},"title":"Finance Ministry amends law to allow contractors to reprice contracts every 3 months","author":"enterpriseam admin","date":"3 January 2017","format":false,"excerpt":"Good news for government contractors: Finance Minister Amr El Garhy will allow government contractors to revise their pricing in line with movement in the FX rate every three months instead of every six, as was previously the case, Al Mal reports. The minister signed off on the change in amendments\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649988,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/14\/contractors-compensation-act-now-slated-for-mid-april-instead-of-march\/","url_meta":{"origin":645173,"position":4},"title":"Contractor\u2019s Compensation Act now slated for mid-April instead of March","author":"enterpriseam admin","date":"14 March 2017","format":false,"excerpt":"No Contractor Compensation Act before mid-April: Contractors shouldn\u2019t expect until sometime in April a bill designed to allow the government to compensate them for losses on state contracts that need to be repriced post the float of the EGP.Housing Committee member Khaled Abdel Aziz says. Media reports last week said\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628272,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/28\/contractors-compensation-act-high-on-madbouly-cabinet-agenda\/","url_meta":{"origin":645173,"position":5},"title":"Contractors Compensation Act high on Madbouly Cabinet agenda","author":"enterpriseam admin","date":"28 June 2018","format":false,"excerpt":"CABINET WATCH- Contractors Compensation Act high on Madbouly Cabinet agenda: The focus of the Madbouly Cabinet\u2019s weekly meeting yesterday appears to have been paying out compensation to government contractors under the Contractors Compensation Act, according to a cabinet statement. 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