drafting foreign economic agreements
After the parties have come to an oral agreement on the transaction, it is necessary to fix the terms in writing. The situation is complicated when the counterparties are residents of different countries, and the delivery of goods will be made from abroad. Foreign economic activity is under the close supervision of state bodies. In case of violation of the requirements, the parties may suffer losses. When drawing up foreign economic agreements, it is advisable to involve the lawyers of DTK Partners.
What you need to consider when drawing up a foreign economic agreement
If the foreign economic contract is incorrectly drafted, it will be much more difficult to challenge it than the Russian agreement. Therefore, it is necessary to consider the following points:
- the terms of the contract should be extremely transparent (double interpretation is not allowed);
- the full name of the parties should be indicated;
- the document should be prepared in the official languages of the parties;
- weight, volume, units of measure, physical properties, production conditions should be written as detailed as possible;
- the contract should include a complete list of supporting documents (bill of lading, certificates, packing list);
- the condition on withdrawal of prepayment in case of short delivery of goods should be necessarily included;
- stipulate the requirements for packaging and labeling of goods (according to the norms of Russian technical conditions).
- The procedure for payment and delivery of goods must be in accordance with currency legislation.
- It is necessary to determine the applicable law to the contract.
- Provide for a dispute resolution procedure (arbitration clause).
This is just a series of nuances that need attention. Additional conditions may be required depending on the contract.
When drawing up a foreign economic agreement, Incoterms are used. These are the rules for interpreting international trade requirements in foreign trade. These are standard contract terms that are included in any international trade agreement.
Services of a lawyer in the preparation of a foreign economic agreement include:
- Preparation of documents for the execution of the transaction.
- Drafting and approval of the terms of the contract.
- Clarification of the official rules for using Incoterms.
- Control over the execution of the contract.
In the process of preparation, it is important to take into account the norms of law of a foreign state whose residents is a part of the contact. In order to avoid problems in tax authorities, at customs and in banking organizations, one should not forget about the norms of Russian law.
Support from DTK Partners
When drawing up a foreign economic agreement in Moscow, you must contact DTK Partners. The staff of the legal agency will provide the following services:
- Select an applicable law.
- Draw up a dual language foreign economic contract.
- Provide legal support.
- Provide the consequences of default.
- Take into account the specifics of the legislation of the two countries.