Legal encyclopedia. Letter K

CREDIT

- provision of cash to the borrower, and the borrower undertakes to return the received money and pay interest on it. K. happens:

1) commodity - one side gives to the other party things defined by generic attributes.

The subject of commercial goods can not be money. It completely excludes the use as a subject of mandatory rights to things or individually certain things.

An important condition is the indication of the name and quantity of the goods to be delivered in Kazakhstan. The price, terms of payment and the amount of payments do not refer to the essential conditions.

Contract commodity K. bilateral and paid. It consists in writing, non-observance of which entails the nullity of the contract.

The borrower is obliged to pay interest on K. with cash, a bill or a check. Interest is calculated from the day when the amount of K must be returned, until the day of its actual return to the creditor.

The creditor has the right to refuse to provide K., and the borrower - from the receipt.

Commodity can be targeted. In this case, the borrower is obliged to use K. for strictly defined purposes, in case of violation of which the creditor has the right to refuse further crediting;

2) commercial - one party provides the other party with money or things specified by generic characteristics, in the form of advance payment, prepayment, deferral and payment by installments.

Under the contract of commercial K. the borrower immediately receives the goods or means necessary to him.

Commercial K. is paid for and consists in writing, where the conditions of K. indicate, the receipt of interest and the consequences of non-compliance by the parties.

Commercial loan can be expressed by:

1) in advance - the amount of money that is paid forward against the monetary obligation;

2) prepayment - full or partial payment of the goods prior to their transfer by the seller within the prescribed period;

3) deferred payment - by way of debt repayment, by making payment at a later date than established in the contract;

4) installment payment - a way of paying off the debt in installments.

K. is provided with:

1) in a bill of exchange;

2) consignment;

3) an open account;

4) discount subject to payment in a certain period.

The amount of interest on K and the procedure for obtaining them are determined by the contract

Commercial K.