Publication date: 07.06.2024
Peculiarities of concluding and executing foreign economic contracts in Ukraine
Introduction
Foreign economic activity is an important component of Ukraine's economy, contributing to the development of international trade and the country's integration into the global economy. The conclusion and execution of foreign economic contracts requires compliance with a number of legal rules and procedures. In this article, we will consider the main aspects of entering into and performing foreign economic contracts in Ukraine.
Legal regulation of foreign economic contracts
Legal framework
The Law of Ukraine "On Foreign Economic Activity":
- Defines the basic principles of foreign economic activity, the rights and obligations of entities, as well as state regulation in this area.
Civil and Commercial Codes of Ukraine:
- Contains provisions on the conclusion, execution and termination of contracts, including foreign economic contracts.
International treaties:
- Ukraine is a party to a number of international treaties that regulate foreign economic activity, including the United Nations Convention on Contracts for the International Sale of Goods (the Vienna Convention).
Conclusion of a foreign economic contract
Basic requirements
The form of the contract:
- A foreign economic contract must be concluded in writing. This can be either a single document signed by the parties or an exchange of letters, telegrams, telexes, or faxes that allow the parties to establish their will.
The content of the contract:
- The contract must contain all material terms and conditions, such as subject matter, price, terms of performance, delivery terms, payment procedure, liability of the parties, etc. Particular attention is paid to currency and force majeure terms.
Required details
Identification data of the parties:
- Full names, legal addresses, bank details.
Subject of the contract:
- An accurate description of the goods or services that are the subject of the contract, including quantity and quality.
Settlement price and currency:
- Cost of goods or services, payment currency, payment terms and conditions.
Delivery time:
- Specific deadlines for fulfilling obligations, delivery terms in accordance with international rules (for example, Incoterms).
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Execution of a foreign economic contract
Main aspects
Customs clearance:
- All goods moving across the customs border of Ukraine are subject to customs clearance. You must ensure that customs declarations are filled out correctly and that customs duties are paid.
Currency control:
- All foreign economic transactions are subject to currency control. You must comply with the requirements for repatriation of foreign currency earnings and use of foreign currency.
Documentary support:
- The execution of the contract is accompanied by the execution of relevant documents, such as invoices, waybills, certificates of quality and origin, insurance policies, etc.
