In addition to the payment of the commission, and in appropriate cases, the commission principal shall be obliged to refund to the commissioner the amounts spent for the execution of the commission order.
The commission agent is not entitled to reimbursement of expenses for storage of the property of the principal who is with him, unless otherwise provided in the law or the agreement of the commission.
Article 1002. Termination of a commission agreement.
The commission agreement is terminated due to:
refusal of the principal to perform the contract;
the commissioner's refusal to execute the contract in cases provided for by law or the contract;
the death of the broker, recognition of his incapacitated, partially capable, or untraceable;
recognition of an individual entrepreneur who is a commission agent as insolvent (bankrupt).
In the event that the commissioner is declared insolvent (bankrupt), his rights and obligations under the transactions concluded by him for the committent in pursuance of the instructions of the latter shall be transferred to the committent.
Article 1003. Cancellation of the commission order by the committent.
1. The committent shall have the right to refuse to execute the commission agreement at any time, having canceled the assignment given to the commissioner. The commission agent is entitled to claim damages caused by the cancellation of the order.
2. In the case when the commission agreement is concluded without specifying its term, the committent must notify the commission agent of the termination of the contract no later than thirty days, unless a longer period of notice is provided for by the contract.
In this case, the committent shall be obliged to pay remuneration to the commissioner for transactions made by him before the termination of the contract, and also to reimburse the commissioner for expenses incurred by him before the termination of the contract.
3. In the event of the cancellation of an order, the committent shall be obliged within the period established by the agreement of the commission, and if such a term is not established, immediately dispose of his property under the jurisdiction of the commissioner. If the committent fails to fulfill this obligation, the commission agent shall have the right to deposit the property at the expense of the committent or sell it at the price that is as favorable as possible for the committent.
Article 1004. Refusal of the commissioner to execute the commission agreement.
1. The commission agent shall not have the right, unless otherwise provided by the agreement of the commission, to refuse to execute it, except for the case when the agreement is concluded without specifying the period of its validity. In this case, the commission agent must notify the principal of the termination of the contract no later than thirty days, if a longer period of notice is not provided for by the contract.
The commission agent is obliged to take the measures necessary to ensure the safety of the property of the principal.
2. The committent shall dispose of his property under the jurisdiction of the commission agent within fifteen days from the date of receipt of the notification of the commission agent’s refusal to execute the order, unless a different period is specified in the contract of commission. If he fails to fulfill this obligation, the commission agent is entitled to deposit the property at the expense of the committent or sell it at the best possible price for the committent.
3. Unless otherwise provided by the contract of commission, the commissioner who refused to execute the order shall retain the right to commission remuneration for transactions made by him before the termination of the contract, as well as to reimbursement of expenses incurred up to this point.
<< Chapter 50 TKRF
Back to table of contents
Chapter 52 TKRF >>
Website design - ShrimpoStudio 2006-2008