Vietnam Law, specifically as Civil Code 2015 specifies that contract is a civil transaction in which parties give mutual agreements to reach a mutual result noted in contracts which give certain rights and obligations to the parties.
A contract must be an agreement in a voluntarily way coinciding with wills of parties. The contract must follow the principles of voluntariness, equality, goodwill, cooperation, honesty and uprightness, freedom of contract, but not contrary to law and morality.
Principles of contract:
Principles of civil contract in the Civil Code in Vietnam in 2015 include:
1. Freedom of contract without contrary to law, morals;
2. Voluntariness, equality, goodwill, cooperation, honesty and uprightness.
Thus, the contract is agreed upon by parties based on the principles of freedom and voluntariness, equality. All contracts including contracts which entered into valid but being confused, deceived, threatened do not meet the principles of voluntariness or contracts with unlawful content and social ethics shall be considered as disabled.
We need to comply with this rule when concluding the contract under Vietnam laws and internal policies of enterprises on contractual issues.
If you make transactions without ensuring by written contracts:
- All transactions withour contracts can face with so much risks
- Rights of parties are not protected
- Risks about legal status of individuals
- Face difficulities when disputes occurs
- During contract’s implementation, there are legal violations
Hnlaw & Partners law firm consult about process of negotiation, mutual agreement for contracting issues and assist clients in drafting contracts
For more details, please contact Hnlaw & Partners Law Firm