Victoriia Varienikova: The material terms of an agreement – what the counterparties should and should not know
The lawmakers distinguish between material and “non-material” terms in order to properly formalize the legal fact of an executed agreement between the parties.
The execution of an agreement is regulated by the Civil and Commercial Codes of Ukraine. Thus, Article 638 of the Civil Code of Ukraine provides that an agreement is deemed to have been executed if the parties reach an agreement on all its material terms and conditions in a proper form. The material terms and conditions of an agreement comprise the subject matter terms and conditions, the terms and conditions determined by the law as material or necessary for the respective type of agreements, as well as all terms and conditions which must be agreed upon at the request of at least one of the parties.
Therefore, different types of agreements have different material terms. You can read about the considerations to be taken into account in the full version of the article written by Sofiya Law Firm’s Associate Partner Victoriia Varienikova for the magazine Chief Financial Officer.
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