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Publication date: 16.05.2024
I am studying in the third year of the State University of Economics and Technology.I specialize in contractual, economic and corporate law, in particular, I provide consultations and write articles.
Foreign economic agreements are important for the regulation of international economic relations. They establish the rights and obligations of subjects in the field of foreign trade, investment, finance and other aspects of international cooperation. The main legal features of foreign economic agreements include:
Compliance with international law: Foreign economic agreements must comply with generally accepted principles and norms of international law, such as the principles of justice, mutual benefit and non-interference in the internal affairs of other states.
Regulation of trade relations: Foreign economic agreements may contain provisions on mutual customs and trade conditions, tariffs, quotas and other restrictions aimed at regulating international trade.
Protection of investments: Some foreign economic treaties contain provisions on the protection of foreign investments, including mechanisms for the settlement of disputes between investors and states.
Dispute Resolution: Foreign economic agreements may provide for dispute resolution mechanisms between the parties, such as arbitration or litigation in cases of breach of the terms of the agreement.
Compliance control: Participants can establish mechanisms for monitoring compliance with the terms of foreign economic agreements, such as customs and trade inspections.
In general, foreign economic agreements are an important tool for regulating international economic relations and promote cooperation between states in the global economic environment.
INCOTERMS rules: When concluding foreign economic contracts, the parties can use any Incoterms rules that best meet their needs and terms of delivery. The basic rules of Incoterms include terms such as EXW (Ex Works), FCA (Free Carrier), FOB (Free On Board), CIF (Cost, Insurance, Freight) and others.
According to the legislation of Ukraine, foreign economic contracts must meet a number of requirements and conditions:
Compliance with the legislation of Ukraine: Foreign economic agreements must be coordinated with the laws of Ukraine. No contract can contradict the basic principles and norms of domestic legislation.
State registration: Foreign economic contracts are subject to state registration in accordance with the procedure established by law. This is done to ensure openness and availability of information about concluded contracts.
Fulfillment of obligations: The party to the contract undertakes to fulfill the terms of the contract in good faith and within the framework established by it.
Control and responsibility: The legislation of Ukraine provides mechanisms for monitoring compliance with the terms of foreign economic agreements and establishes responsibility for their violation.
In general, according to the legislation of Ukraine, foreign economic agreements must be harmonized with domestic legislation and undergo certain procedures of ratification and registration in order to enter into force on the territory of Ukraine.
Ukrainian legislation provides for the possibility of declaring a foreign economic agreement invalid in certain cases. The main reasons for which such a contract may be declared invalid include:
Violation of domestic legislation: If a foreign economic agreement contradicts the constitutional principles or norms of the legislation of Ukraine, it may be declared invalid.
Absence of necessary conditions: If the terms of the contract are illegal or impossible to perform, this may be grounds for declaring it invalid.
The procedure for declaring a foreign economic agreement invalid may vary depending on the specific circumstances and the decision of competent authorities, such as courts or relevant government structures. In this case, the legal services are recommended.
Lawyer services in concluding a contract:
The lawyer advice will not only draft the contract, but also check the counterparty with the help of registers, conduct a legal analysis of the situation. The lawyer consultation may also be needed in case of non-fulfillment of the terms of the contract by the party, as this may require an appeal to the court. Therefore, the lawyer help is a reliable tool for building effective contractual relations.
