- By ThaiBusiness Box
In Thailand, as it is worldwide, all business transactions and agreements need to be put into writing in a contract that will be interpreted under the Thai Civil and Commercial code (TCCC). Contract law allows people to conduct business effectively and are a common part of business activity in Thailand. All contracts in Thailand are in Thai which makes it difficult for a foreigner to comprehend. Translations sometimes do not reflect the true legal sense of the contract and in such cases the services and advise of a contract lawyer with a good grip of Thai and English legal terminology is highly recommended.
Contract lawyers help you understand and interpret the meaning of the legal language of the language and the legal implications. Lawyers can make sure that your contract is drafted in a manner that secures your interests and at the same time, limit your liability. They can ensure an advantageous contract for you that is enforceable in Thai courts.
In case you are looking to buy an existing business you need to review the different contracts that are part and parcel of the business you are planning to buy, in terms of whether the contracts remain binding or whether you need to renegotiate new contracts. Before you purchase the business it may also be a good idea to run all contracts held by the existing business with your contact lawyer, as they can explain the legal implications to you.
Legal Due Diligence - Lawyers can check the legality of the company formation and share structure, that the seller has legal title to sell, has full ownership of the company’s assets and all regulatory and legal issues have been addressed. Other legal documents would include copies of contracts and agreements that bind the company and warranties/service agreements on company products. Legal Due Diligence focuses on making sure there are no hidden risks nor lawsuits.
At Opus Law,we can advise and prepare agreements covering a wide range of areas, such as:
· Partnership Agreement
· Purchase/ Sale Agreement of a Business
· Share Purchase Agreement
. Contract of Employment
· Lease Agreement
· International Trade Agreement
· Loan Agreement
· Non-Disclosure Agreement
· Land Lease Agreement
· Power of Attorney