Turkish commercial law is a subset of the law that establishes the fundamental principles of business and governs business transactions. Important topics like contract freedom, justice, and consumer protection are included. In addition, it covers corporate law, business contracts, competition law, law governing international trade, and law governing commercial enterprises.
What Are Commercial Contracts?
A legally binding agreement between two or more parties is known as a commercial contract.
The majority of the time, commercial contracts are written agreements, but they can occasionally be reached orally as well, while commercial contracts specify the actions that each party must take to maintain the contract’s validity as well as what will happen if one of them disregards the contract’s terms.
Commercial agreements may be terminated unilaterally or by mutual consent of the parties. The termination of the commercial contract has some repercussions and Termination clauses are a common feature of contracts.
Depending on the type of contract, the termination procedure may vary, In spite of this there might be some clauses that remain in effect after the commercial contracts are terminated. This makes it important to pay attention to the legally binding terms in the event that business contracts are terminated.
Commercial contracts appear in all areas of life and commercial contracts are needed when buying a car or house, taking a bank loan, giving power of attorney, and making donations. Commonly used commercial contract types are listed below:
- Sales Contracts
- Lease Agreements
- Collaboration Agreements
- Distribution Agreements
- Licensing Agreements
- Supply Contracts
- Franchise Agreements
- Agency Agreements
- Joint Venture Agreements
- Consultancy Agreements
- Non-Disclosure Agreements
The role of lawyer
The role of the lawyer in contract drafting begins with communication with the parties to learn about each of their obligations, defining their rights, disclosing the risks expected to result from the contract’s implementation, and finally establishing the contract’s proper legal framework. Operational, financial, technical, and other risks associated with contract implementation are some of the most significant risks that the attorney must consider when drafting the contract.
Lawyers who have focused on business law have obligations to businesses, which means they must support business transactions and make sure that agreements and contracts are valid and legal. Many of these responsibilities center on drafting contracts and examining agreement terms. This could involve drafting nondisclosure agreements, amending the terms of contracts with other businesses, or reviewing legal documents. The importance of these files exceeds that of the various documents that businesses process. Hiring procedures, compensation packages, and non-compete clauses for after-hire situations are a few of the documents that may be included.
Other tasks and obligations include making courtroom motions and bringing legal action when the business has been wronged. Although the majority of these claims are made against other corporations who have done economic or financial harm as a result of their various actions, this could also mean filing a lawsuit against an individual. Some legal action is taken against a specific person who has attempted to drive customers away from the business. It might be for restitution or a stop-and-desist order. A commercial lawyer’s main objective is to defend and promote the interests of the company they represent.
Our Turkish Contract Law Department at Serka Law Firm is highly experienced in negotiating, drafting, and also concluding contracts. We understand our client’s expectations from the very beginning to reach the expected outcome.