Specific Contractual Constructions: Framework, Option and Subscription Agreements

Abstract

During reforming the legislation regulating business and commercial relations, the rules regulating several new specific contract constructions have been developed. The author draws a comparison, evaluates the jurisprudence concerning the application of such contracts, formulates conclusions regarding the effective normative-legal regulation. The paper highlights the theory and practice of application of special contractual constructions: Framework, option and subscription agreements. The jurisprudence obviously reflects some results of the reforms aimed at the application of specific agreements. These contractual constructions allow to define the standard conditions included in the agreements and to determine common rules of contractual cooperation between the parties in the future. Differences arise when a number of property and organizational agreements are qualified and their legal nature is determined. An agreement on granting an option to conclude a contract is of great interest for the theory and practice of entrepreneurial interaction, which is explained by the deferred effect of the agreement that depends only on the will of one of the parties. It is substantiated that introduction of the institute of an option agreement, framework and subscription agreements in intreprenerial activity should have positive effect for both the development of contractual business relations and the participants and shareholders of business entities.