Friday, March 25, 2016

Ukrainian Business Law (Basic): Part V "BUSINESS AGREEMENTS"

Business agreements shall be entered into according to the rules established by the Civil Code of Ukraine taking into account the specific features envisaged by Economic Code of Ukraine  and other legal and regulatory acts with regard to specific types of agreements.

An agreement shall be an arrangement between two or more parties targeted at the establishment, change, or termination of civil rights and responsibilities.

Provisions (items) established at the discretion of the parties and agreed upon between them, other provisions compulsory per the acts of civil legislation shall constitute the content of an agreement.


The parties shall be free to conclude an agreement, to select a counter agent and to determine the provisions of the agreement taking into consideration the requirements of Civil Code of Ukraine, Economic Code of Ukraine, other acts of civil legislation, customs of business turnover, requirements of rationality and justice.

Term of agreement shall be a period of time, during which the parties can realize their rights and fulfill their obligations pursuant to the agreement. An agreement shall come into effect since the moment of its conclusion.

Public agreement shall be an agreement, where one party - an entrepreneur has undertaken an obligation to sell commodities, fulfill jobs or provide services to anybody addressed it (retail sales, municipal transportation, communication services, medical, hotel, bank services etc.).

An agreement of adhesion shall be an agreement in which one of the parties has determined its provisions in set forms or other standard formats and which may be concluded only by way of another party’s joining the proposed agreement as a whole. The other party may not propose its provisions of the agreement.

An interlocutory agreement shall be an agreement, the parties hereto are obliged to conclude an agreement during a certain period (a certain term) in the future (a principal agreement) upon the provisions established by the interlocutory (previous) agreement.

Agreement to third person’s benefit shall be an agreement in which a debtor is obliged to discharge his obligation to the benefit of the third person established or not established in the agreement.

An agreement shall be concluded, if the parties have duly reached a consensus on all its essential provisions.

An agreement shall be concluded since the moment a person who sent an offer for the
agreement conclusion receives a response about acceptance of this offer.

An agreement may be concluded in any form, unless the law stipulates the requirements to its form.

An agreement shall be concluded at a residence place of a physical person or a place of location of a legal entity that made an offer to conclude an agreement, unless otherwise is established by the agreement.


Amendment or cancellation of the agreement shall be allowed only by the parties’ consent, unless otherwise is established by the agreement or the law.



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