DRAWING UP a FOREIGN ECONOMIC CONTRACT is one of the most important components of a foreign economic transaction, the contract regulates the terms of a foreign economic transaction, the rights and obligations of the parties, as well as their liability in case of non-fulfillment of contractual terms, where possible risks can be foreseen and ways to minimize them.
A FOREIGN ECONOMIC agreement (contract) is a material agreement between two or more subjects of foreign economic activity and their foreign counterparties, aimed at establishing, changing or terminating their mutual rights and obligations in foreign economic activity.
A foreign trade agreement (contract) is drawn up in accordance with the Law of Ukraine "On Foreign Economic Activity" and other laws of Ukraine, taking into account international treaties of Ukraine. A foreign economic agreement (contract) is concluded by a subject of foreign economic activity or its representative in a simple written form, unless otherwise provided for by an international treaty of Ukraine or by law. In accordance with Articles 627 and 628 of the Civil Code of Ukraine, the parties are free to conclude a contract, choose a counterparty and determine the terms of the contract, taking into account the requirements of this Code, other acts of civil legislation, business practices, requirements of reasonableness and fairness.
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