The National Assembly approved a new Commercial Code which has already been sent to the Official Register for publication and will become effective once it is published. The new Code, which regulates the obligations of businessmen in their business operations and business acts and agreements, even if performed by non-businessmen, comprises 1348 articles which mainly cover the following:
- Definition of businessmen and commercial activities or operations, even if performed by non-businessmen.
- Determination of obligations, rights and regulated activities of businessmen or trading companies.
- Definition and regulation of e-commerce and e-services provision.
- Regulation of trade instruments: securities and tax credit instruments.
- Regulation of commercial obligations and agreements, their elements, characteristics, interpretation, proof, assignment, nullities, among others.
- Among the regulated commercial agreements are:
- Purchase agreements
- Conditional sale agreements
- Real estate commercial sales agreements
- Contracts for transfer and transmission of companies and trading establishments
- Supply contracts
- Lease agreements including leasing agreements
- Commercial agency agreements, commission agency agreements, brokering agreements
- Distribution systems and agreements
- Franchise agreements
- Know-how agreements
- Joint venture collaboration agreements
- Commercial syndicate agreements
- Commercial credit agreements
- Commercial current account agreements
- Pledge agreements
- Suretyship agreements
- Factoring agreements
- Operation or logistics contracts
- The new Code also regulates in separate books, different types of insurance contracts and land, maritime and air transport agreements.
Commercial licenses obtained prior to the effective date of the new Code will remain valid.
The Codification of the Commercial Code of 1960, Titles IX, X, XI and XII of the Aeronautic Code, the Commercial Leasing Law of 1979, among others are repealed.
Editorial Board
