Bellerage

Import and Export Contracts now require term specifications

Import and Export Contracts now require term specifications

Since May 14, 2018, amendments to the Federal Law on Currency Regulation have come into effect.

If earlier the parties of the contract could not specify the terms for the fulfillment of obligations, now it is necessary to include this point in the contract. It is also required to specify in the contract the terms of the return of advance payments made by residents.

The absence of deadlines for the fulfillment of obligations in contracts can be considered as a violation of currency legislation.