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Controversial interest on advance payments is no longer mandatory

DATE: August 3, 2016 | AUTHOR: atlawyers

On August 1 amendments to s. 317.1 of the Russian Civil Code have come into force. This section provides for statutory interest on any advance payment, which until recently was compulsory unless parties contractually opted out (as most did). The amendments have made this interest  applicable only of there is an express statutory provision, or if the parties have contractually opted in.  In addition, this interest can now be applied to any contracts, not just business to business as before.


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