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Agreement with an individual for a multi-currency deposit “triple success”. Foreign economic agreement (contract). Price, payment procedure and currency clause. Overview Multicurrency deposit agreement form

Foreign economic agreement (contract). Part 5 - Price, payment procedure and currency clause

In this section, it is necessary to clearly and unambiguously define the currency of the price and the currency of payment (they may not be the same), the conversion rate if the currencies do not match, currency clauses that will avoid exchange rate losses, and the procedure for settlements between the parties.
The issue of price requires careful consideration. The price for products can be set for one quantitative or weight unit of goods or as total amount agreement. We strongly recommend that you carefully evaluate and choose the method of fixing the price for a specific contract:
the price is fixed, sliding or fixed during the execution of the contract. The contract should indicate all cases when the price may increase or decrease.
IN general case the issue of setting the price is the prerogative of the parties. However, there are certain limiting factors imposed by the anti-dumping policies of states towards foreign producers. The main instrument of such a policy is the establishment of an anti-dumping duty, which is levied along with customs duties.
The parties have the right not to include the issue of price in the contract for the international sale of goods. In this case, it is determined on the basis of the prices generally charged for similar goods under similar conditions. However, given the rather subjective approach to determining regular prices, it is better to resolve the issue of price directly in the contract.
When agreeing on the price, it is necessary to take into account the standards Tax Code RF (Article 40), according to which tax authorities have the right to check the correctness of the application of prices when carrying out foreign trade transactions. If the deviation of contract prices exceeds 20% from market prices, the tax authority has the right to charge additional taxes and penalties.
On practice Customs who have been granted rights tax authorities, this rule also applies to customs payments. However, this interpretation of the law is unlawful, since it contradicts a number of articles of the Tax Code, in particular, Art. 2 Tax Code of the Russian Federation. The parties to an agreement for the international purchase and sale of goods have the right to independently determine the currency of payment, but it must be taken into account that it is more profitable for the exporter, unlike the importer, to deal with a stable currency.
The essence of transactions with currency values ​​is the transfer of ownership of them and/or their physical movement. Moreover, such operations are divided into two types: current foreign exchange transactions and foreign exchange transactions associated with the movement of capital.
The need for such a classification foreign exchange transactions justified by the peculiarities of the legal regime. Thus, residents have the right to carry out current currency transactions without any restrictions, and transactions related to the movement of capital require a special permit (license) for their implementation.
In international agreements, the predominant form of payment is transfer Money through banks. However current legislature allows import and export currency values subject to compliance with all customs rules, in particular, declaration.
When residents receive foreign currency earnings, they are required to credit it to accounts in authorized banks, and sell part of the said earnings in the prescribed manner in the domestic foreign exchange market. For each export contract, the resident is required to draw up a transaction passport, signed by the authorized bank, to which it is necessary to submit the export contract or its certified copy.
A feature of foreign economic contracts is the currency risk associated with changes in the real value of the payment, expressed in foreign currency, due to fluctuations in its exchange rate.
Currency risks are divided into exchange rate risks (associated with currency exchange rate fluctuations) and inflation risks (due to currency depreciation as a result of inflation).
IN international practice the so-called principle of “nominalism” applies, by virtue of which the debtor is obliged to pay the same amount monetary units, which was accrued at the time of fulfillment of the obligation, despite subsequent changes in the purchasing or payment power of money.
Therefore, in practice, the parties establish various ways insurance of currency risks.
The most commonly used currency clause is that the text of the contract includes a condition according to which the amount of payment changes in the same proportion as the currency of payment changes in relation to the rate of the currency clause. Such clauses can be unilateral (act in the interests of one party) or bilateral (act in the interests of both parties).
One example of a bilateral currency clause would be to set the contract price in multiple currencies that tend to rise and fall (this is caused by the competing interests of the exporter and importer regarding the currency's strength).
Currency clauses are divided into direct, indirect, multi-currency.
A direct currency clause is established when the currency of price and payment are the same, but the amount of the payment is made dependent on changes in the currency of payment in relation to another more stable currency. For example: “The price of the goods and payment are set in US dollars. If the exchange rate of the US dollar to the German mark on the day of payment changes compared to the rate on the day the contract is concluded, then the contract price and the payment amount will change accordingly.”
An indirect currency clause is used when the price of a product is fixed in one currency, but payment is made in another. For example: “The price of the goods is set in French francs, payment is made in Italian liras. If the franc-lira exchange rate on the day of payment changes compared to the rate on the day the contract is concluded, then the contract price and the payment amount will change accordingly.”
The most optimal seems to be a multi-currency clause, which is based on adjusting the payment amount in proportion to the change in the exchange rate of a currency, but not to one, but to a specially selected set of currencies, the rate of which is calculated as their average value using mathematical methods. For example: “The price of goods and payment are set in US dollars. At the time of signing the contract average currency basket (SPBC) was equal to 52 US dollars according to the IMF quote. If on the day of payment the SPVC in US dollars, fixed at the time of signing this contract, changes by three or more percent compared to the SPVC quote in US dollars at the time of signing the contract, the payment amount will be automatically recalculated by the importer in the same proportion as the cost of the SPVC has changed in US dollars on the date of payment compared to this quote at the time of signing this contract. For settlements under this contract, the IMF quotation published by Reuters is used.
The index clause is that the payment amount is made dependent on index prices on world commodity markets. It provides that the price of the goods and the amount of payment change in accordance with the change at the time of payment of a certain price index stipulated by the contract, compared with its value at the time of conclusion of the contract.
The clause on the revision of the contract price provides that if the exchange rate of the price of the goods changes beyond the fluctuation limits established by the parties, the exporter has the right to demand a change in the contract price for unfinished deliveries.
For example:
The price and payment are set in Euros. If the Euro exchange rate decreases by more than three percent compared to the quotation, the exporter has the right to request a revision of prices for unfinished supplies. If no agreement is reached, the exporter has the right to refuse further supplies without any compensation to the importer. (Based on materials from the St. Petersburg foreign trade portal.)

Currency clause -sample presented in the material is special condition included in a contract (usually a foreign trade contract) in order to minimize the risks of the parties associated with fluctuations exchange rates. Details are in the article presented to your attention.

Purpose of a currency clause and its main types

Let's look at the essence of currency clauses in a situation. Let’s say that counterparty A, located in Russia, entered into an agreement in 2014 with counterparty B, a foreign supplier, for the purchase of goods. Moreover, the main currency of the agreement is rubles, and the term of the agreement is 2 years. Total contract price: 10,000,000 rubles. Considering the situation with the ruble exchange rate in the period 2014-2016, the Russian ruble can be considered an unstable currency, subject to fluctuations. Contractor-supplier B. has the following situation:

  • at the time of conclusion of the agreement, the exchange rate was 40 rubles per 1 US dollar (i.e., the contract price in US dollars was approximately 250,000 US dollars);
  • at the end of the contract, in 2016, the exchange rate was 65 rubles per 1 US dollar. Contract price in dollar equivalent It turned out to be already 153,846 US dollars.

As you can see, the difference is quite significant - $96,153. And if counterparty B. also pays in dollars for the purchase or production of goods, which he then supplies to the Russian Federation under a contract, the losses of counterparty B. become obvious.

To avoid such losses, when concluding foreign exchange contracts, a technique called a currency clause is used. With a special clause, settlements under the contract are “linked” to a currency with a stable exchange rate, for example, the US dollar, pound sterling, euro, etc.

For example, in the situation under consideration sample currency clause in a contract could look like this: " total cost goods amounts to the equivalent of US$250,000. Payment is made in Russian rubles at the rate in effect on the date of payment at the bank serving the buyer.” That is, if the Russian counterparty A. carried out settlements under the 2014 contract in 2016, he should have paid not 10,000,000 rubles, but about 16,250,000 (250,000 × 65).

Note! Many course options for “binding” are allowed. This could be the Bank of Russia or National Bank supplier country, and domestic exchange rate bank of one of the partners - this condition determined only by the parties to the transaction.

Based on the range of risks covered by the currency clause, as well as individual characteristics executed transactions, we can highlight:

  • direct and indirect reservations;
  • unilateral and bilateral reservations;
  • other clauses sometimes applied by the contracting parties.

What are direct and indirect currency clauses

The above example is an example of an indirect currency clause. How are indirect conditions classified when payments under the contract occur in national currency one of the parties, and the price of the product is fixed in one of the stable currencies common in international payments.

With a direct clause, both the price of the goods and the currency of payment are expressed in one, relatively stable currency. However, to be on the safe side, a provision is included in the contract according to which the payment can be adjusted if the exchange rate of the contract currency changes significantly in relation to another stable currency.

Example

Currency clause: “The price of the goods under the contract is 250,000USD. Settlements under the contract are carried out inUSD. If on the date of payment the exchange rateUSDToGBP(pound sterling) on ​​the New York Currency Exchange will be below the rateUSDToGBPon the date of conclusion of the contract, then the price of the goods and the amount of payment inUSDmust be converted into an increase, compensating for the corresponding change in exchange rateUSDToGBP».

This means that if the contract remains to be paid, say, 100,000USDand on the day of the next payment the rateUSDrelativelyGBPdecreased, for example, from 1.3000USDbehindGBP(at the date of conclusion of the contract) up to 1.2350USDbehindGBP, That:

  • contract price inUSDfor calculations it will be: 100,000 + 100,000 × ( / 1.3000) = 105,000USD;
  • for additional payment— 105 000 USD.

What are unilateral and bilateral currency clauses?

The reservations we discussed above are so-called unilateral reservations. They insure only one party - the recipient of funds under the contract. In fact, a change in the exchange rate, of course, affects the one who pays under the contract. For example, in the example given at the beginning of the article, buyer A also cares whether he pays 10,000,000 or 16,000,000 rubles. Therefore, a clause in a contract can be drawn up in such a way as to take into account the interests of both parties - both the one who pays and the one who receives the funds. For example, a “fork” of rates may be provided, within which prices and payments under the contract are automatically recalculated, and if the rate jumps beyond the established values, another mechanism is used to level out negative impacts, for example, revising the terms of the contract by a separate agreement.

Example

A direct clause, tailored to the interests of both parties, might look something like this: “If on the date of payment the exchange rateUSDToGBPon the New York Currency Exchange will change relative to the exchange rateUSDToGBPon the date of conclusion of the contract by an amount established within 5% in any direction, then the price of the goods and the amount of payment inUSDmust be recalculated to compensate for the corresponding change in exchange rateUSDToGBP. In other cases, exchange rate fluctuationsUSDToGBP(in excess of the 5% value established by this paragraph), the contract price and further payments are subject to review and additional agreement by the parties.”

A clause in the contract or bank insurance?

Enterprises can protect themselves from currency risks not only with the help of currency clauses in the contract, but also with the help of banking instruments such as hedging.

To understand the essence of a hedging transaction, let's look at an example again.

Example

A Japanese company entered into a 6-month contract to supply goods to the United States. Let’s say the payment under the contract is 1,000,000USD- should also arrive in 6 months, inUSD. In case of ratio fluctuationsJPYToUSDduring the contract period, the selling company entered into an agreement with its bank that after 6 months the company would sell to the bank, and the bank would purchase 1,000,000USDat the rate of 0.0087USDfor 1JPY(market average on the day the contract was concluded). Even if the courseJPYafter 6 months it will change in a way that is unfavorable for the Japanese supplier - its risks will be neutralized by an agreement with the bank, under which the bank will still buy the proceedsUSD0.0087 each.

Thus, bank insurance in relation to currency risks is the ability of a party to a contract to use banking instruments instead of introducing a clause into the contract. What to choose depends on each specific transaction and the general economic situation. For example, in Russia such operations are practically not common, but the rules for the repatriation of foreign currency earnings are in force (established by Article 19 of the Law of December 10, 2003 No. 173-FZ “On Currency Regulation”). That is, for Russian participants in foreign trade relations there is only an option with a clause in the contract: neither arrange hedging in Russia, nor receive proceeds to an account in foreign bank, where hedging is possible, it will not work.

Of course, there may also be an option with “regular” insurance issued by an insurance company. If, of course, it is possible to insure currency risks against unstable currencies within the framework of an insurance contract.

Nuances: multi-currency clauses, “gold” clauses and clauses in the loan agreement

We examined the main types of clauses on currency risks. Other clauses that may occur in practice are derived from the main ones.

Examples of the most common clauses include:

  • Multicurrency - when instead of the rate of one stable currency, a certain settlement rate for a group of currencies (basket) is taken as a “peg”.
  • “Gold” - the price of gold is used as a “peg”: the established value of the contract is expressed in gold equivalent. For example, the exchange value of 1 troy ounce of gold accepted by the parties as of January 25, 2017 is 1,196.00 USD. The cost of goods under the contract concluded on the same day is 1,000,000 USD. Then the contract price under the clause will be 836.12 troy ounces. If the exchange price of gold changes, contract settlements will change in accordance with it.

As a separate nuance, one can also highlight the clauses included in loan agreements. For example, in similar agreements between residents of the Russian Federation you can often find a condition that the ruble amount in the agreement must be calculated based on “conventional units”. The role of such units is usually the same stable currency. Simply, due to the current currency restrictions in the Russian Federation on foreign exchange transactions between residents, the parties prefer to avoid concluding loan agreements directly in foreign currency.

An interesting point in such agreements is that the currency clause in in this case insures the parties not so much against the risk of currency exchange rate fluctuations international market, how much from the reduction purchasing power ruble within the country, which is expected during the duration of the loan agreement itself. That is, if a resident lender of the Russian Federation lends 70,000 rubles and knows that today he could buy a new iPhone with this money, then he wants to be sure that at least he will be able to buy an iPhone on the day he receives his money back from borrower.

Results

A currency clause is a way to offset the losses of the parties to a foreign exchange contract from fluctuations in exchange rates. For these purposes, a certain basic unit is introduced into the contract as a separate clause, by which the parties are guided when making calculations. Such a unit can be the rate of one stable currency, the average rate of a basket of currencies, or even the exchange price of precious metals. The clause may protect the interests of only one party to the contract or both parties. The characteristics of the clause in each specific case depend only on the agreements between the parties to the contract.

Read more about the peculiarities of working under foreign exchange contracts in the Russian Federation:

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"Ekaterinburg Municipal Bank" ("Ekaterinburg"), license of the Bank of Russia No. 000 dated 01/01/2001, hereinafter referred to as the "Bank", represented by _______________________________________, acting on the basis of power of attorney No. ___ dated __________, on the one hand, and citizen(s) ______________________________________________________________________________________________

(Full Name)

1. The Subject of the Agreement.

1.1. The subject of this agreement is the acceptance by the Bank of a sum of money (deposit) from the Depositor, the return by the Bank to the Depositor upon his first request of the deposit amount with the payment of interest on it on the terms and in the manner provided for by the agreement.


Interest on the amounts of funds credited to deposit accounts as a result of conversion is accrued at the rates in force at the Bank according to this species deposit on the day the deposit was opened.

2.9. Interest is accrued from the day following the day the funds are received into the deposit account until the day the funds are returned to the Depositor. When calculating interest, the actual number of calendar days is taken into account. In this case, the actual number of days in a year is taken as the base (365 or 366 days, respectively).

2.10. Upon expiration of the agreement, the deposit amount with accrued interest is issued to the Depositor in cash or transferred by bank transfer at the Depositor’s request. When transferring funds from a deposit by bank transfer, the Depositor is charged a commission in accordance with the Bank’s rates in effect at the time of concluding the deposit agreement (contract extension) by debiting it from the Depositor’s account.

Funds are issued to the Depositor or transferred by bank transfer in the currency of the deposit accounts.

2.11. If the Depositor has not applied for a deposit at the end of the agreement, the agreement is considered extended in the amount of the deposit and accrued interest for each subsequent term on the terms and with the interest rate for this type of deposit in force at the Bank at the time of extension. In this case, the deposit period provided for in clause 2.1. of this agreement is calculated anew from the day following the day of expiration of the agreement (last extension period). If at the time of prolongation of the agreement, carried out in accordance with this paragraph, the acceptance of this type of deposit at the Bank is terminated, the agreement is considered extended on the terms of the “On Demand” deposit in the relevant currencies. New term contribution, interest rate on the deposit and the deposit amount are reflected in the Appendix to the agreement in the section “Information on the extension of the agreement”, which is provided by the Bank at the request of the Depositor after the extension of the agreement.


2.12. The parties undertake to keep this agreement secret; information about the deposit may be disclosed only in cases provided for by law.

2.13. Deposit transactions are carried out taking into account currency legislation.

2.14. The Depositor is obliged to immediately notify the Bank, in writing, upon personal appearance at the Bank, of his membership (exception from membership) in the category of the following officials:

Foreign public officials;

Officials of public international organizations;

Federal positions civil service, appointment to and release from which are carried out by the President Russian Federation or the Government of the Russian Federation;

Positions in Central Bank of the Russian Federation, state corporations and other organizations created by the Russian Federation on the basis of federal laws, included in the lists of positions determined by the President of the Russian Federation.

3. Special conditions.

Place of drawing up the contract: ________________ OPERA ______________, Ekaterinburg, tel._______________________

Investor:

________________________________________________________________________________

Identity document details: ________________________________________________

_______________________________________________________________________________

Registration address________________________________________________________________

Address of the actual residence____________________________________________________

telephone _____________________

Sample signature of the Investor:

Signatures of the parties:

Bank: Depositor:

_____________/__________/ _____________/____________/

TERM DEPOSIT AGREEMENT “MULTI-CURRENCY NEW” No. ______________

G. _ __________________ "___ " ___________________ ______ G.

Open Joint-Stock Company National Bank “TRUST”, hereinafter referred to as the BANK, represented by _ ___________________________, acting on the basis of power of attorney No. _____________ from _____________ g., on the one hand, and _ _________________________ _, hereinafter referred to as the INVASTOR, on the other hand, hereinafter collectively referred to as the PARTIES, have entered into this Agreement as follows:

1. THE SUBJECT OF THE AGREEMENT

      On the day of signing this Agreement, the DEPOSTER deposits funds (down payment) in the amount of:

_____________ (__________________________________ ) Russian rubles,

_____________ (__________________________________ ) US dollars,

_____________ (__________________________________ ) euro

1.2. The minimum balance of funds in the deposit under this Agreement is:

for an account in Russian rubles – 3,000 (three thousand) Russian rubles,

for an account in US dollars – 100 (one hundred) US dollars,

for an invoice in euros – 100 (one hundred) euros.

1.3. The deposit term begins on the day following the day the amount is credited down payment to the deposit accounts specified in clause 4.2.1. actual agreement.

2. Interest rates

2.1. The amount of the interest rate used to determine income in accordance with clause 4.2.3 of this Agreement for a deposit opened for the period specified in clause 1.1. of this Agreement, in accordance with the minimum balance specified in clause 1.2. of this Agreement constitutes

account currency

% per annum

in Russian rubles

in US dollars

2.2. The amount of interest rates applied in case of early withdrawal of a deposit or part thereof in accordance with clause 5.3. of this Agreement, specified in paragraphs. 2.2.1-2.2.2. actual agreement.

2.2.1. In the event that funds are actually in the deposit up to ____ days inclusive (up to __.__.____), the BANK accrues interest at the demand deposit rate in the corresponding currency valid on the date of conclusion of this Agreement.

2.2.2. If funds are actually in the deposit for more than _______ days, the BANK charges interest at rates equal to

account currency

% per annum

in Russian rubles

in US dollars

3. RIGHTS AND OBLIGATIONS OF THE DEPOSITOR

3.1. The DEPOSITOR has the right:

3.1.1. On the day of expiration of the period provided for in clause 1.1. of this Agreement, receive the deposit amount in the BANK.

3.1.2. Receive income for the entire period that funds are in the deposit in the manner and in the amounts provided for in this Agreement.

3.1.3. Before the expiration of the period provided for in clause 1.1 of this Agreement, transfer part of the deposit amount from an account in one currency specified in clause 4.2.1 of this Agreement to an account in another currency specified in clause 4.2.1 of this Agreement. In this case, the balance on the account from which funds are transferred cannot be less than the minimum balance specified in clause 1.2. Actual agreement. Conversion is carried out upon application for the transfer of funds at the BANK exchange rate on the date of the transaction. This transfer does not constitute an early withdrawal of the deposit or part thereof.

3.1.4. Receive the deposit amount or part thereof before the expiration of the period provided for in clause 1.1. of this Agreement, with payment of interest at the rate and on the terms specified in clause 5.3. actual agreement. In this case, debit transactions on the deposit entail a violation of the maturity of the deposit.

3.1.5. During the period of accepting additional contributions under this Agreement, replenish accounts in the relevant currencies specified in clause 4.2.1 of this Agreement with funds in the amount of at least 3,000 Russian rubles, 100 US dollars, 100 euros. For deposits opened for a period of up to 365 days inclusive, the period for accepting additional contributions is the entire term of the deposit. For deposits opened for a period of 366 days or more, the period for accepting additional contributions is the first 365 days of the deposit term. The total amount of additional contributions during the period of acceptance of additional contributions under this Agreement cannot exceed 50,000,000 (fifty million) Russian rubles / equivalent in US dollars and euros at the Bank of Russia exchange rate on the date of replenishment. If the amount of additional contributions during the period of acceptance of additional contributions under this Agreement exceeds the amount specified above, the excess amount is taken into account in the demand deposit account in accordance with the conditions and interest rates applicable to the demand deposit in the relevant currency.

3.2. The DEPOSITER undertakes:

3.2.1. Comply with the requirements established by the current legislation of the Russian Federation regarding the performance of transactions on depositors' accounts, as well as provide the Bank with documents on transactions carried out on the deposit account in cases provided for by the current legislation of the Russian Federation, regulations Bank of Russia.

3.2.2. Inform the Bank about changes in passport data/data of another identification document, last name, first name, patronymic, place of residence and contact telephone number, as well as other information provided by it when concluding this Agreement, within ten working days from the date of such changes. When changing passport data/data of another identification document, provide it to the Bank new document identification (if you change your last name, first name or patronymic, additionally provide a document indicating a change in these data).

3.2.3. Pay for the BANK’s services related to transactions performed with the Depositor’s funds under term deposit paid under this Agreement, in accordance with the “Commission Tariffs for Transactions with Individuals” in effect at the time of conclusion/automatic prolongation of this Agreement (hereinafter referred to as the Tariffs).

3.2.4. When carrying out transactions on deposit accounts, if the depositor acts in the interests of the beneficiaries simultaneously with the application for the operation, or no later than the fifth working day from the date of receipt of the written request, provide the BANK with information and/or documents (copies of documents) necessary for the BANK to carry out requirements of the Federal Law of the Russian Federation dated August 7, 2001 No. 115-FZ and regulations of the Bank of Russia.

3.2.5. At the BANK's request, provide no later than the fifth working day from the date of receipt of the written request additional documents (information) necessary for the BANK to exercise control in accordance with the requirements of the Federal Law of the Russian Federation of August 7, 2001 No. 115-FZ.

4. Rights andRESPONSIBILITIES OF THE BANK

4.1. Bankhas the right:

4.1.1. Perform direct debiting of taxes from the deposit account in cases where the BANK, in accordance with the legislation of the Russian Federation, performs the functions of a tax agent.

4.1.2. Require the DEPOSITOR to provide information about the beneficiary and documents necessary for the BANK to exercise control in accordance with the requirements of the Federal Law of the Russian Federation of August 7, 2001 No. 115-FZ.

4.1.3. With the consent of Depositor A, issue the balance of a deposit opened in a currency other than rubles, or part of it in accordance with clauses 4.2.2., 4.2.4. of this Agreement in rubles at the Bank of Russia exchange rate on the date of issue of the balance of the deposit or part thereof.

4.2. The BANK undertakes:

4.2.1. Accept the DEPOSITOR's funds and record them in accounts depending on the currency of the deposited funds:

№ _______________________________ in Russian rubles,

№ _______________________________ in US dollars,

№ _______________________________ In Euro.

4.2.2. Issue the deposit amount at the request of the DEPOSTER on the day of expiration of the deposit ––" ___ " __________ _____ d. If the deposit expiration date falls on a non-working day, the deposit expiration day is considered to be the next working day following it.

4.2.3. Pay the DEPOSITOR income in the amount determined in accordance with clause 2.1. actual agreement. Interest is accrued on the amount of the incoming daily balance on the accounts specified in clause 4.2.1. of this Agreement, for the period that the funds are in the deposit, provided that the deposit or part thereof is not claimed by the DEPOSITER ahead of schedule.

4.2.4. Issue the deposit amount or part thereof at the request of the DEPOSTER upon early withdrawal of the deposit or part thereof or upon withdrawal of the deposit after the expiration of the period specified in clause 4.2.2., no later than the day following the day the Depositor submits this request.

5. PAYMENT PROCEDURE UNDER THE AGREEMENT

5.1. Interest on the deposit amount is accrued in the deposit currency from the day following the day of receipt of the initial contribution amounts to the deposit accounts, until the day the deposit amount is returned to the DEPOSTER, inclusive, or until the day it is written off from the DEPOSTER’s accounts on other grounds, inclusive.

5.2. Interest is paid within the following periods: on the day of expiration of the deposit or on the day of return of the deposit/part thereof in case of early withdrawal of the deposit/part thereof. If the interest payment day falls on a non-working day, the interest payment day is considered to be the next business day following it.

5.3. In case of early withdrawal of the deposit balance or part thereof by the DEPOSTER, the BANK charges interest on the amount of the incoming daily balance on the accounts specified in clause 4.2.1. of this Agreement, for the actual time the funds are in the deposit at the rate specified in clause 2.2. actual agreement.

5.3.1. The BANK accrues interest on the unclaimed part of the deposit at the demand deposit rate in the relevant currency in effect on the day of conclusion of this Agreement for the period from the day following the day of early withdrawal of part of the deposit until the day of full return of the unclaimed part of the deposit. The unclaimed portion of the deposit is accounted for in the “on demand” deposit account. Interest in accordance with this paragraph is paid on the day the unclaimed part of the deposit is returned.

5.4. The amount of the commission for transactions carried out with the DEPOSTER’s funds on a time deposit made under this Agreement is established in accordance with the Tariffs in force at the BANK at the time of conclusion/automatic prolongation of this Agreement. The transfer of funds from the deposit account is carried out by the BANK solely on the basis of an order submitted by the DEPOSITER, drawn up in a form approved by the BANK.

5.5. If the DEPOSITER fails to claim the deposit within the period specified in clause 4.2.2. of this Agreement, after this period the deposit is automatically extended for the period specified in clause 1.1. of this Agreement, on the terms and at the rate in force at the BANK at the time of extension for this type of deposit. Information about changes by the Bank to the conditions for deposits of this type is brought to the attention of DEPOSITORS by posting relevant announcements on stands in the BANK and on the official website of the BANK 3 calendar days before the date of entry into force of the relevant changes. Automatic prolongation is carried out only for a deposit for which there was no early withdrawal of the deposit or part thereof during the validity period of this Agreement. The amount of the prolonged deposit is the amount in the accounts specified in clause 4.2.1. of this Agreement, by the time of deposit renewal.

5.6. If the BANK has stopped accepting deposits of this type, then at the end of the last extended storage period the deposit is considered extended on the terms of a “demand” deposit in accordance with the interest rates in force for the “demand” deposit. Information about the termination of the Bank's acceptance of deposits of this type is brought to the attention of DEPOSITORS by posting relevant announcements on stands in the BANK and on the official website of the BANK 3 calendar days before the termination of acceptance of deposits of this type.

5.7. Taxation of interest accrued on the deposit amount is carried out in accordance with the legislation of the Russian Federation.

5.8. In case of early withdrawal of the deposit or part thereof within the period specified in clause 4.2.4. of this Agreement, upon closing the deposit and receiving funds within the period specified in clause 4.2.2. of this Agreement, if the deposit is claimed after the expiration of the period specified in clause 4.2.2. of this Agreement, Bank recommends For the investor to pre-order funds:

    in rubles (in the amount of 100,000 (one hundred thousand) rubles) – no later than 2 business days before the planned date of receipt of funds,

    in US dollars or euros – no later than 3 business days before the planned date of receipt of funds.

In writing, by contacting the Bank branch where this receipt is planned,

or - by sending it by fax to the Bank branch where this receipt is planned,

or - by making a phone call to the BANK's Customer Service Center.

5.9. Carrying out replenishment operations, receiving deposit account statements and other operations under this Agreement are possible only at the Bank's branches related to the branch in which this Agreement was concluded.

6. RESPONSIBILITY OF THE PARTIES

6.1. The parties are responsible for failure to fulfill their obligations under this Agreement in accordance with the current legislation of the Russian Federation.

6.2. The BANK is not responsible for failure to fulfill its obligations under this Agreement due to force majeure circumstances, i.e. beyond the control of the BANK and beyond its control, preventing the fulfillment of the obligations assumed by the BANK.

6.3. The DEPOSTER is responsible for the accuracy and correctness of the documents submitted to the BANK for opening a deposit account, identifying the beneficiary and conducting transactions on the deposit account.

7. DURATION OF THE AGREEMENT. OTHER CONDITIONS

7.1. Genuine contract comes into force at the moment of making deposits into the accounts established by this Agreement sums of money and terminates from the moment the entire deposit amount is issued to the DEPOSTER from the accounts specified in clause 4.2.1. actual agreement. Upon termination of this Agreement, the deposit accounts specified in clause 4.2.1. of this Agreement is closed.

7.2. Acceptance and issuance of funds on the deposit, as well as the provision by the Bank of information on the deposit when the Depositor personally contacts the Bank, is carried out on the basis of an identification document presented by the DEPOSITER.

7.3. All changes and additions to this Agreement must be in writing and signed by the parties.

7.4. In everything that is not provided for in this Agreement, the parties are guided by the current legislation of the Russian Federation and Tariffs.

7.5. Disputes under this Agreement are considered in accordance with the procedure established by the current legislation of the Russian Federation.

7.6. This Agreement is drawn up in two copies having equal legal force, one for each of the parties.

7.7. The return of the deposit is ensured by all the property of the BANK.

7.8. The deposit under this Agreement is insured in the manner, amounts and terms established by the Federal Law “On Insurance of Individual Deposits in Banks of the Russian Federation” dated December 23, 2003 No. 177-FZ.

7.9. The investor is considered to have been duly notified from the date:

Receipt of written notification at the place where the deposit account is maintained,

or - distanced from the date of sending the notice by registered mail by the amount of postal mileage within a constituent entity of the Russian Federation,

or - placing information for DEPOSITERS on stands in the premises of the BANK,

or - receiving an SMS message from the BANK.

7.10. The DEPOSTER hereby consents to the processing and use by the BANK of his personal data provided to the BANK when opening and in the process of servicing the deposit, in accordance with the Federal Law of July 27, 2006. No. 152-FZ “On personal data”, in order to inform the DEPOSIT BANK about banking products and services provided by the BANK and/or partner companies of the BANK. Consent to the processing and use of the DEPOSITER's Personal Data is extended for a period of 3 years from the date of termination of this Agreement and can be revoked ahead of schedule 30 working days before the revocation in writing by courier with the Bank's mark on its receipt, or by registered mail with acknowledgment of receipt, either by telegram or telex.

The processing of personal data applies to the following information: last name, first name, patronymic, date and place of birth, address, identification document number, date of issue, issuing authority (hereinafter referred to as Personal Data).

The DEPOSTER hereby gives the BANK his consent to carry out the following actions in relation to Personal Data: collection, systematization, accumulation, storage, clarification (updating, changing), use, depersonalization of Personal Data, with the exception of dissemination (including transfer) of Personal Data. The processing of personal data will be carried out by the BANK using the following main methods (but not limited to): storage, recording on electronic media and their storage, compiling lists, labeling.

7.11. The Depositor has read and agrees with the Tariffs in effect at the time of concluding this Agreement.

7.12. The DEPOSTER hereby agrees to the BANK debiting from the deposit account erroneously credited funds and fees for settlements.

8. DETAILS OF THE PARTIES

DEPOSITOR: Full name

Identity document: ___________ (series) ____ No. ______________ issued _____________________________________________________

Registered at: _____________________________________________

Date and place of birth: ____________________________________________________

Taxpayer Identification Number (if available): __________________________

Notification address (including zip code): ____________________________________________ tel. _____________

BANK: _______________________

______________________________________________________________________________________________________

______________________________________________________________________________________________________

actual office location>

Contact telephone number of the Bank's Customer Service Center: 8-800-775-88-88 (for Customers in the regions, calls within Russia are free), 8-495-647-90-44 (for Customers in Moscow)

DEPOSTER: BANK:

_________________________ ____ ___________________________________ _ /______________ _/

(signatureinvestor) (position, surname, initials and signature of the authorized personjar)

Is it possible to conclude a multi-currency supply agreement? That is, the contract amount will consist of rubles, dollars and euros (this will be indicated in the specification)

Yes it's possible

Legislation only prohibits residents from paying in foreign currency, but in the contract the parties have the right to set the price in foreign currency or in any conventional units, but payment should still be made in rubles at the agreed rate (usually the Bank of Russia) on the date of payment (clause 2 Article 317 of the Civil Code of the Russian Federation).

The rationale for this position is given below in the materials of the Glavbukh System

Payment in cash

Monetary obligations must be expressed in rubles (Article and Civil Code of the Russian Federation).

However, the parties to the supply agreement can set the price in foreign currency or in any conventional units, and make payment in rubles at the agreed rate (usually the Bank of Russia) on the date of payment (clause 2 of Article 317 of the Civil Code of the Russian Federation).

The use of foreign currency, as well as payment documents in foreign currency when making payments on the territory of Russia, is possible only in cases established by currency legislation (clause 2 of Article 140, Civil Code of the Russian Federation). Thus, settlements using foreign currency between the parties to a supply agreement are allowed under foreign trade agreements in which one of the parties is a foreign non-resident (Art. Federal Law dated December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control”)*

The delivery agreement can stipulate that the buyer makes payments in cash (including using a notary’s deposit or a safe deposit box) or by bank transfer(Clause 1 of Article 140 of the Civil Code of the Russian Federation).

Alexander Simachev

Head of the Legal Department of OJSC Irkut Corporation (aircraft industry)

Sergey Aristov

Editor-in-Chief of the USSS "System Lawyer"

Victor Anokhin

Doctor of Law, Professor, Honored Lawyer of the Russian Federation, Chairman Arbitration Court Voronezh region retired

2. Civil Code RF

“Article 140. Money (currency)

1. The ruble is legal tender, obligatory for acceptance at face value throughout the Russian Federation*

Payments on the territory of the Russian Federation are made by cash and non-cash payments.

2. Cases, procedure and conditions for the use of foreign currency on the territory of the Russian Federation are determined by law or in the manner established by it.

Article 317. Currency of monetary obligations

1. Monetary obligations must be expressed in rubles ().

2. B monetary obligation it may be stipulated that it is payable in rubles in an amount equivalent to a certain amount in foreign currency or in conventional monetary units (ecus, “special drawing rights”, etc.). In this case, the amount payable in rubles is determined by official rate the corresponding currency or conventional monetary units on the day of payment, unless a different rate or another date for its determination is established by law or by agreement of the parties*.

3. The use of foreign currency, as well as payment documents in foreign currency when making payments on the territory of the Russian Federation for obligations, is permitted in cases, in the manner and on the conditions determined by law or in the manner established by it.”

3. Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control”

“Article 6. Currency transactions between residents and non-residents

Foreign exchange transactions between residents and non-residents are carried out without restrictions*, with the exception of foreign exchange transactions provided for and this Federal Law, in respect of which restrictions are established in order to prevent a significant reduction in gold and foreign exchange reserves, sharp fluctuations exchange rate of the Russian Federation, as well as to maintain the stability of the balance of payments of the Russian Federation. These restrictions are non-discriminatory in nature and are canceled by the authorities currency regulation as the circumstances that led to their establishment are eliminated.

3) transactions between commission agents (agents, attorneys) and principals (principals, principals) when commission agents (agents, attorneys) provide services related to the conclusion and execution of contracts with non-residents on the transfer of goods, performance of work, provision of services, transfer of information and results of intellectual activity, including exclusive rights to them, including operations to return money (other property) to principals (principals, principals).”

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