What is a Commodity Sales Entrustment? How are the rights and obligations of the parties defined?
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Legal grounds
Commercial Law 2005
What is an entrustment for the purchase and sale of goods?
Commodity purchase and sale entrustment is a commercial activity whereby the entrusting party performs the purchase and sale of goods in his/her name under the conditions agreed upon with the entrusting party and receives commissions for entrustment.
+ The parties to the goods purchase and sale entrustment contract include the entrusting party and the entrusting party
The consignee of goods purchase and sale is a trader that trades in goods suitable for the entrusted goods and conducts the sale and purchase of goods under the conditions agreed upon with the entrusting party.
Besides, the entrusting party for the purchase and sale of goods is a trader or not a trader who assigns the entrusting party to purchase and sell goods at his/her request and must pay the entrustment remuneration.
+ The goods purchase and sale entrustment contract must be made in writing or another form with equivalent legal validity.
A commodity purchase and sale entrustment contract is a type of service contract, so the object of the goods purchase and sale entrustment contract is the sale and purchase of goods conducted by the entrusting party under the authorization of the principal. waterfall.
The entrusting party is only authorized by the entrusting party to buy or sell certain goods to a third party.
Rights and obligations of the trustee
Rights of the entrusting party
According to Article 162 of the 2005 Commercial Law, the entrusting party’s rights are prescribed as follows:
+ Request the entrusting party to notify fully about the performance of the entrustment contract;
+ Not responsible in case the trustee violates the law.
Except for the case of joint responsibility in case the trustee violates the law because the cause is caused by the entrusting party or the parties intentionally violate the law.
Obligations of the entrusting party
According to Article 163 of the 2005 Commercial Law, the fiduciary’s obligations are specified as follows:
+ Provide necessary information, documents, and means for the performance of the entrustment contract;
+ Paying entrustment remuneration and other reasonable expenses to the entrusting party;
+ Delivery of money and goods according to the agreement;
+ Jointly take responsibility in case the entrusting party violates the law because the cause is caused by the entrusting party or the parties intentionally violating the law.
Rights and obligations of the trustee
Rights of the trustee
Article 164 of the 2005 Commercial Law stipulates the rights of the trustee in the trust contract as follows:
+ Request the entrusting party to provide necessary information and documents for the performance of the entrustment contract;
+ Receive entrustment remuneration and other reasonable expenses;
+ Not responsible for the goods handed over as agreed upon to the entrusting party.
Read more articles:
- Issuing construction permits for foreign contractors in Vietnam
- Regulations of Vietnamese law on goods sale and purchase contracts
Obligations of the trustee
Article 165 of the Commercial Law 2005, stipulates the obligations of the trustee as follows:
+ Firstly, carry out the purchase and sale of goods according to the agreement;
+ Inform the entrusting party about issues related to the performance of the entrustment contract;
+ Besides, follow the instructions of the entrusting party by the agreement;
+ Preserving assets and documents assigned to perform the entrustment contract;
+ Then, keep confidential information related to the performance of the entrustment contract;
+ Delivery of money and goods according to the agreement;
+ Jointly take responsibility for the entrusting party’s violations of the law, if the cause of such law violation is partly due to his/her fault.
The above is the content of our advice on “commodity entrustment activities by the commercial law 2005”.
Frequently asked questions
Under the provisions of Article 161 of the Commercial Law 2005; The entrusting party can accept the entrustment to buy and sell goods from many different entrusting parties.
The entrusting party may not re-entrust a third party to perform the signed goods purchase and sale entrustment contract unless it is approved in writing by the entrusting party.
– The two activities of representing traders and entrusting goods purchase and sale are commercial intermediary activities;
– Service providers are all traders;
– Then, rights and obligations between the parties arising based on a contract;
– After that, relationship establishment contracts must be made in writing or other forms with equivalent legal validity such as telegram, fax, …
– Service users must pay remuneration to service providers.
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