BIZCHINA / Company laws
Contract Law of the People's Republic of China
Updated: 2006-04-17 10:00
Article 57 If a contract is nul
BIZCHINA / Company laws
Contract Law of the People's Republic of China
Updated: 2006-04-17 10:00
(1) If quality requirements are unclear, the State standards or trade
standards shall be applied; if there are no State standards or trade
standards, generally held standards or specific standards in conformity
with the purpose of the contract shall be applied.
(2) If the price or remuneration is unclear, the market price of the
place of performance at the time concluding the contract shall be
applied; if the government-fixed price or government-directed price shall
be followed in accordance with the law, the provisions of the law shall
be applied.
(3) If the place of performance is unclear, and the payment is currency,
the performance shall be effected at the place of location of the party
receiving the payment; if real estate is to be delivered, the performance
shall be effected at the place of location of the real estate; in case of
other contract objects, the performance shall be effected at the place of
location of the party fulfilling the obligations.
(4) If the time limit for performance is unclear, the obligor may at any
time fulfill the obligations towards the obligee; the obligee may also
demand at any time that the obligor performs the obligations, but a time
period for necessary preparation shall be given to the obligor.
(5) If the method of performance is unclear, the method which is
advantageous to realize the purpose of the contract shall be adopted.
(6) if the burden of the expenses of performance is unclear the cost
shall be assumed by the obligor.
Article 63 In cases where the government-fixed price or
government-directed price is followed in a contract, if the said price is
readjusted within the time limit for delivery as stipulated in the
contract, the payment shall be calculated according to the price at the
time of delivery. If the delivery of the object is delayed and the price
has risen, the original price shall be adopted; while the price has
dropped, the new price shall be adopted. In the event of delay in taking
delivery of the object or late payment, if the price has risen, the new
price shall be adopted; while the price has dropped, the original price
shall be adopted.
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l and void, revoked or terminated, it
shall not affect the validity of the dispute settlement clause which is
independently existing in the contract.
Article 58 The property acquired as a result of a contract shall be
returned after the contract is confirmed to be null and void or has been
revoked. Where the property can not be returned or the return is
unnecessary, it shall be reimbursed at its estimated price. The party at
fault shall compensate the other party for losses incurred as a result
therefrom. If both parties are at fault, each party shall respectively be
liable.
Article 59 If the parties have maliciously conducted collusion to damage
the interests of the State, a collective or a third party, the property
thus acquired shall be turned over to the State or returned to the
collective or the third party.
Chapter 4 Performance of Contracts
Article 60 The parties shall perform their obligations thoroughly
according to the terms of the contract.
The parties shall abide by the principle of good faith and perform the
obligations of notice, assistance and maintaining confidentiality, etc.
Based on the character and purpose of the contract or the transaction
practices.
Article 61 Where, after the contract becomes effective, there is no
agreement in the contract between the parties on the terms regarding
quality, price or remuneration and place of performance, etc. Or such
agreement is unclear, the parties may agree upon supplementary terms
through consultation. In case of a failure in doing so, the terms shall
be determined from the context of relevant clauses of the contract or by
transaction practices.
Article 62 If the relevant terms of a contract are unclear, nor can it be
determined according to the provisions of Article 61 of this Law, the
provisions below shall be applied:
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