Newest regulations on time limits for acceptance of offers to enter into civil contracts in Vietnam

Newest regulations on time limits for acceptance of offers to enter into civil contracts in Vietnam​ (Image from the Internet)

1. Regulations on offers to enter into civil contracts in Vietnam

- A offers to enter into civil contracts is an act that clearly expresses the intent to conclude a contract and binds the proposer regarding their offer to the identified party or the public (hereinafter collectively referred to as the offeree).

- In cases where the offers to enter into civil contracts specifies a deadline for response, if the proposer concludes a contract with a third party during the waiting period for the offeree’s response, they must compensate the offeree for any damages incurred due to the inability to conclude the intended contract.

(According to Article 386 of the Civil Code 2015)

2. Time limit within which offer to enter into contract remains effective in Vietnam

According to Article 388 of the Civil Code 2015, regulations on the time limit within which offer to enter into contract remains effective in Vietnam are as follows:

* The time of effectiveness of a offers to enter into civil contracts is determined as follows:

- Determined by the proposer;

- If the proposer does not specify, the proposal becomes effective from the time the offeree receives it, unless otherwise stipulated by relevant laws.

* The following cases are considered as having received the offers to enter into civil contracts:

- The proposal is delivered to the residence if the offeree is an individual; delivered to the headquarters if the offeree is a legal entity;

- The proposal is entered into the official information system of the offeree;

- When the offeree becomes aware of the proposal through other methods.

3. Newest regulations on time limits for acceptance of offers to enter into civil contracts in Vietnam

Article 394 of the Civil Code 2015 guides the determination of the deadline for acceptance of contract conclusion as follows:

- When the proposer specifies a deadline for response, the acceptance is only effective if executed within that period; if the acceptance is received after this deadline, it is deemed a new offer from the late respondent.

When the proposer does not specify a deadline, acceptance is only effective if performed within a reasonable time.

- In cases where notification of acceptance arrives late due to an objective reason known or expected to be known by the proposer, the acceptance remains effective, unless the proposer immediately responds with disagreement to that acceptance.

- When parties communicate directly, including via phone or other means, the offeree must immediately respond with acceptance or non-acceptance, except when parties have agreed on a response period.

4. Cases of Termination of offers to enter into civil contracts

According to Article 391 of the Civil Code 2015, a offers to enter into civil contracts is terminated in the following cases:

- The offeree accepts the contract conclusion;

- The offeree responds with non-acceptance;

- The deadline for acceptance expires;

- When notice of change or withdrawal of the proposal takes effect;

- When notice of proposal cancellation takes effect;

- Per agreement between the proposer and the offeree during the waiting period for the offeree’s response.

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