Archive for August 2013

Interest for late payment is an institute widely used in commercial and civil law. The debtor must pay the creditor interest for late payment if it fails to pay its financial debt duly and on time, i.e. if it does not fully pay the debt by the due date. The amount of statutory interest for…

A common practice among real estate agencies is the conclusion of so-called reservation agreements with parties interested in buying property – customers. As a rule, in such an agreement, the customer undertakes to conclude a (future) contract of sale with the owner of the property within a certain period, and to pay the real estate…

In 2011, the European Commission launched a public-private partnership project called Future Internet. The project intends to provide grants totalling EUR 500 million to help businesses and public administration bodies utilise the revolution in mobile internet and data and to expedite innovation and the creation of jobs in the European digital sector. The aim of…

The contractual fine is one of the most frequently used and most effective means of legal security in contractual relationships, which is currently governed by two laws, the Civil Code (hereinafter “CivC”) and the Commercial Code (hereinafter “ComC”). When to use the regulations of the Civil Code or those of the Commercial Code is not…