Regulations on bilateral contracts under Vietnamese Law

by QuynhHuong

Accordingly, a bilateral contract is a familiar type of contract. Thus, when learning about the classification of civil contracts; you will certainly not be able to ignore this type of contract. So, what are the regulations on bilateral contracts under Vietnamese Law? Let’s find out with LSX!

  • 2015 Civil Code

The concept of bilateral contracts

Hence the provisions of clause 1 of article 406, a bilateral contract is a contract in which each party has obligations towards the other. Unlike a unilateral contract, in a bilateral contract, all parties and subjects have their own obligations. Therefore, the rights of one party will correspond to the obligations of the other party and vice versa.

Also according to the 2015 Civil Code, an obligation is something that the parties must transfer the right, hand over/pay/valuable papers in order to perform or not perform a certain job. This work is done for the benefit of one or more rights holders.

Regulations on bilateral contracts

Basically, a bilateral contract is also a civil contract. Therefore, this type of contract must also meet the conditions of a general civil contract. In addition, a bilateral contract also needs a number of other conditions such as:

  • In case the parties accept to enter into a written contract, it must be in many copies, each party keeps one copy of the contract.
  • The parties are both rights and obligations. That is, they have both civil rights and obligations
  • When the parties agreed on the time limit for performance of the obligations in the contract, when the agreed time limit for performance of the obligations, both parties must properly and fully perform their obligations. The parties may not postpone the performance on the ground that the other party has not performed the obligations.

Exceptions:

  • By the due date, the party that is required to perform the obligation (party A) has the right to a postponement; in case the other party (party B) has seriously reduced its ability to perform the obligation and is unable to perform the obligations as agreed upon by the party. original contract. Only when Party B takes measures to ensure the performance of its obligations; or restores its ability to perform obligations, will Party A have to perform its obligations.
    • Where the previous obligee did not perform the obligation when the time limit is up; the later obligee has the right to postpone the performance of its obligation.
    • Unable to perform the obligation due to the fault of the other party. In this case, the aggrieved party may request the other party to continue to perform in full; and in case with its obligations or request cancellation of the contract and claim compensation for damage.
  • Where the parties do not have a clear agreement on which party to perform the obligation first, the performance of the obligation shall be performed concurrently. In case it is not possible to perform concurrently, the obligation that takes more time to perform will have to be performed first.

Lastly, thank you for paying attention to our article on “Regulations on bilateral contracts under Vietnamese Law”. Hope that this article will help you solve your problem. In case you have any questions, please feel free to contact Lawyer X for quick and best legal services: +84846175333.

Is a contract for gifting a property a bilateral contract?

The donation contract includes two types: conditional property donation and unconditional donation. Pursuant to the provisions of the Civil Code 2015 Article 462: “The donor may request the recipient to perform one or more obligations before or after the donation”. The receiver of the property has an obligation to perform in order to receive the property. Therefore, a contract for gifting a conditional property is a bilateral contract.

Are all civil contracts bilateral?

Not all contracts are bilateral contracts. Civil contracts are classified as unilateral or bilateral. Based on the relationship of rights and obligations of the subject parties. In fact, the number of dual-season contracts accounts for a larger proportion than single-season contracts. Examples of unilateral contracts are: Contracts for gifting of property without conditions; testament.

When to terminate a bilateral contract?

The contract terminates when the parties have completed all obligations; as well as receive its full benefits. When the contract has changes that cannot be performed; The subject has the right to request a competent court to declare the contract invalid or to cancel the contract. There are also cases where the parties have other agreements; agree to terminate the contract.

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