Ordinance on Economic Contracts

00:53, 12/07/2024

Hello Thu Ky Luat,My name is Phan Van Hieu. I would like to inquire about the following issue: Can I sign an economic contract based on the Ordinance on Economic Contracts 1989?I look forward to receiving support from Thu Ky Luat soon.Best regards,Phan Van Hieu

Thu Ky Luat would like to address your concerns as follows:

The 1989 Ordinance on Economic Contracts has been annulled and replaced by the 2005 Civil Code. Currently, all types of economic contracts are based on the following foundations: the 2005 Civil Code; the 2005 Commerce Law and specialized laws related to certain specific fields (such as the Construction Law, the Investment Law, the Insurance Business Law, the Real Estate Business Law, etc.).

Article 1 of Resolution No. 45/2005/NQ-QH11 on the implementation of the Civil Code:
...
The 1989 Ordinance on Economic Contracts, dated September 26, 1989, is annulled from the date the 2005 Civil Code comes into effect.

However, in reality, many contracts are still based on the legal grounds of the 1989 Ordinance on Economic Contracts. This is an issue to consider carefully when drafting contracts. If a contract is based on a document that is no longer in effect, there will be no legal basis to resolve disputes when they arise. This highlights the importance of selecting a valid legal document as the foundation for contract execution.

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