I am going to sign a civil contract with a partner. If the two parties have finished signing the contract, when shall the contract take effect?
Thank you for concerning FDVN’s legal services. Regarding your consulting requests, after studying the relevant legal documents, FDVN Law Firm would like to give you the following advice:
According to Article 385 of the Civil Code 2015 on definition of civil contract: “Civil contract means an agreement between parties in relation to the establishment, modification or termination of civil rights and obligations.”
Besides, according to Article 401 of Civil Code 2015 on effectiveness of contracts:
“1. A contract legally entered into shall take effect from the time when it is entered into, unless otherwise agreed or otherwise provided by law.
2. From the effective date of the contract, contracting parties must mutually exercise rights and perform obligations as agreed. A contract may be amended or terminated as agreed by the parties or prescribed by law.”
Thus, in comparison with the above provisions, a legal contract shall take effect from the time when it is entered into, unless otherwise agreed or otherwise provided by law.
Pursuant to Article 400 of Civil Code 2015 on time when contracts are entered into:
“1. A contract is entered into at the time when the offeror receives the reply accepting to enter into the contract.
2. If the parties have agreed that silence shall constitute an acceptance within a time limit, the contract shall also be deemed to be entered into when such time limit has expired.
3. The time when an oral contract is entered into is the time when the parties have reached an agreement on the contents of the contract.
4. The time when a written contract is entered into shall be the time when the last party signs the contract or by other forms of written acceptance.”
If a contract is entered into orally and then it is made in writing, the time when the contract is entered into shall be determined: The time when an oral contract is entered into is the time when the parties have reached an agreement on the contents of the contract.
Above is FDVN Law Firm's opinion for your consulting requests based on studying the relevant legal provisions. Hopefully, FDVN's advice would be helpful to you.
Nguyen Thi Lan Anh - FDVN Law Firm
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