Exchange (barter) contract in Ukraine

Exchange (barter) contract in Ukraine. Exchange (barter) legal relationships in Ukraine are regulated mostly by the Civil Code of Ukraine, namely by clauses 715 and 716 of the same.

Clause 715 of the Civil Code of Ukraine provides that on the grounds of the exchange (barter) contract each one of parties of the same undertakes to transfer into possession of the other party certain goods in exchange for the other goods.

Each one of the parties of the exchange (barter) contract considered to be seller of goods he(she) transfers in exchange for the other goods and to be buyer of the goods he (she) receives in return.

Exchange (barter) contract also can provide additional payment for the goods of bigger value, which are exchanged for the goods of smaller value.

Title of ownership for the goods being exchanged is transferred to the parties simultaneously after fulfillment of the goods transfer obligations by the both parties, if otherwise is not provided by such contract or the law.

Exchange (barter) contract can provide exchange of goods against works (services). Ukrainian laws can set special requirements for making and fulfilling of exchange (barter) contracts.

Clause 716 of the Civil Code of Ukraine provides special regime of legal regulation of exchange (barter) contract. Namely it provides that regulations applicable to sale and purchase, supply contract, contractual agreement and other contracts, elements of which are included into exchange (barter) contract, are also applied to the exchange (barter) contract, if it does not contradict with nature of such obligation.

In this regard also should be mentioned that in order to notarize a contract or agreement or other document and make subsequent state registration of the same, if required, a non-resident:

- natural (private) person is to have the personal Ukrainian tax number. This tax number has every Ukrainian citizen of the full age and the number is used to tax income, which is collected in Ukraine. Therefore if it is planed to make in Ukraine a contract or agreement, which requires notarization and state registration in Ukraine, a person (mostly non-residents of Ukraine) have to take care in advance of getting such tax number in Ukraine. Our Law Firm can get this tax number for you in advance.

- corporate entity is to submit the required bylaw documents and appropriate references both duly legalized for use in Ukraine (apostille or consular legalization is required and translation into Ukrainian language as well).

The similar regulations are also stipulated in clause 293 of the Commercial Code of Ukraine.

The above information is provided herein in educational and informative purposes only. It is provided that you have to get appropriate legal advice as regarding the legal and other issues of your interest in Ukraine in order to have the exact, extensive and up-to-date legal and other related information.

Do not hesitate to contact us if you have any questions or issues of legal nature, our Law Firm is working for you and our experienced legal specialists are always ready to help providing the client with appropriate legal consultations, legal reports and summaries, reasonable legal advices and all the other required legal support, assistance, coverage and protection.

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