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On February 25, 2015 the RF State Duma approved a Bill on amendments to the RF Civil Code, which extends and clarifies general provisions on obligations.

DATE: February 26, 2015 | AUTHOR: atlawyers

On February 25, 2015 the RF State Duma approved a Bill on amendments to the RF Civil Code, which extends and clarifies general provisions on obligations.

The Bill introduces new types of obligations legal relationship – for example, an option to enter into an agreement.

Bank guarantee is replaced by independent guarantee and may be issued not only by banks or insurance companies, but also by other commercial companies.

The RF Civil Сode is supplemented by new concepts, partly taken from foreign legal systems and already used in practice – representations and warranties, security deposit and others.

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