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The Contracts (Rights of Third Parties) Law, 2014 (the “Law”) was published in the Cayman Islands Gazette on 21 May 2014 and comes into force with immediate effect. Subject to certain exceptions, the Law allows for the enforcement of contractual rights by a third party. Accordingly, the Law permits a variation of the pre-existing position under Cayman Islands law based upon the common law doctrine of privity of contract. The Law is similar to the United Kingdom’s Contracts (Rights of Third Parties) Act (“the Act”) and to legislation enacted in several other common law jurisdictions.
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Cayman Islands: The Contracts (Rights of Third Parties) Law, 2014