SOME PROVISIONS ON BUSINESS COOPERATION CONTRACT (BCC)

Under the provisions of the 2014 Investment Law, a business cooperation contract (hereinafter referred to as a BCC contract) is a contract signed between investors for business cooperation to share profits and distribute products without establishment of economic organization.

Firstly, investment in the form of BCC contracts
– BCC contracts signed between domestic investors comply with civil law.
– BCC contracts are signed between domestic investors and foreign investors or between foreign investors carrying out the procedures for the grant of investment registration certificates.
– Parties to a BCC contract establish a coordinating board to perform the BCC contract. The functions, duties and powers of the coordinating board are agreed by the parties.
Second, BCC contracts include the following:
1. BCC contract contains the following principal details:
– Names, addresses and authorized representatives of the parties to the contract; address of transaction or address of project implementation;
– Objectives and scope of business investment activities;
– Contribution of contracting parties and distribution of business investment results between the parties;
– Contract implementation schedule and duration;
– Rights and obligations of the parties to the contract;
– Amend, transfer, terminate the contract;
– Responsibility for breach of contract, method of dispute resolution.
2. In the course of implementing a BCC, the parties to the contract may agree on the use of assets formed from the business cooperation to set up the enterprise according to the provisions of law on enterprises.
Above is the advice of tinhanhphapluat.com on BCC contract. If you need further assistance, please contact us at hotline 0984624444 or email “tinhanhphapluat.com” for answers.
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