1982.07.01
STANDING COMMITTEE OF THE NATIONAL PEOPLE'S CONGRESS
ECONOMIC CONTRACT LAW OF THE PEOPLE'S REPUBLIC OF CHINA
(Adopted at the Fourth Session of the Fifth National People's
Congress and promulgated by Order No.12 of the Chairman of the
Standing Committee of the National People's Congress on December 13,
1981, and effective as of July 1,1982)
CONTENTS
CHAPTER I GENERAL PROVISIONS
CHAPTER II THE CONCLUSION AND PERFORMANCE OF ECONOMIC CONTRACTS
CHAPTER III THE MODIFICATION AND RESCISSION OF ECONOMIC CONTRACTS
CHAPTER IV LIABILITY FOR BREACH OF CONTRACTS
CHAPTER V MEDIATION AND ARBITRATION OF ECONOMIC CONTRACT DISPUTES
CHAPTER VI ADMINISTRATION OF ECONOMIC CONTRACTS
CHAPTER VII SUPPLEMENTARY PROVISIONS
CHAPTER I GENERAL PROVISIONS
@@ Article 1. This Law is formulated with a view to protecting the
lawful rights and interests of the parties to economic contracts,
maintaining the economic order of society, increasing economic
effectiveness, ensuring the fulfillment of state plans and
promoting the development of socialist
modernization.
@@ Article 2. Economic contracts are agreements between legal
entities for the purpose of realizing certain economic goals and
clarifying each other's rights and obligations.
@@ Article 3. Economic contracts, except for those in which
accounts are settled immediately, shall be in written form.
Documents, telegrams and charts that relate to the modification of
a contract and that are agreed upon by the parties through
consultation shall also be integral parts of the contract.
@@ Article 4. In concluding an economic contract, the parties must
comply with the laws of the state and meet the requirements of state
policies and plans. No unit or individual may use a contract to
engage in illegal activities, disrupt economic order, undermine
state plans or damage the interests of the state or the public interest,
seeking illegitimate income.
@@ Article 5. In concluding an economic contract, the parties must
follow the principles of equality and mutual benefit, achieving
agreement through consultation and making compensation for equal
value. No party may impose its own will on the other party, and no
unit or individual may illegally interfere.
@@ Article 6. As soon as an economic contract is established in
accordance with the law, it shall have legally binding force, and
the parties must fully perform their obligations as stipulated in
the contract. Neither party may unilaterally modify or rescind the
contract.
@@ Article 7. The following economic contracts shall be void:
(1) contracts violating the law or state policies and plans;
(2) contracts signed through the use of fraud, coercion or similar
means;
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