LAW OF THE REPUBLIC OF UZBEKISTAN

of August 29, 1998 No. 670-I

About the contractual legal base of activities of business entities

I. General provisions

Article 1. Purposes and tasks of the Law

The purpose of this Law is regulation of the relations arising in case of the conclusion, execution, change and termination of economic contracts between business entities.

This Law determines the legal basis of the conclusion, execution, change and termination of economic agreements, the rights and obligations of business entities, and also competence of public authorities on places and state bodies in the field of contractual relations.

Article 2. Legislation on economic agreements

The relations arising in case of the conclusion, execution, change and termination of economic agreements are regulated by the Civil code of the Republic of Uzbekistan, this Law and other acts of the legislation.

Article 3. Concept of the economic agreement

The economic agreement the agreement owing to which one party shall transfer goods to the caused time, to perform works or to render services in the field of business activity is recognized, and other party shall accept goods, works, services and to pay them.

Article 4. The basic principles of contractual relations in the field of business activity

The basic principles of contractual relations in the field of business activity are:

freedom of the conclusion of economic agreements;

mutual interest of the parties, observance of agreement discipline;

mutual property responsibility of the parties.

Article 5. Subjects of economic agreements

Subjects (parties) of economic agreements are legal entities, and also the physical persons performing business activity without formation of legal entity.

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