Question

A cooperation contract is an agreement between individuals and juridical persons on jointly contributing assets and efforts to perform certain jobs, jointly benefit from and jointly share responsibility. A cooperation contract must be made in writing?

Answer

A cooperation contract

Contents of a cooperation contract:

The purpose and term of cooperation;

Full name and residence address of the individual; name and headquarters of the legal person;

Purpose and term of cooperation;

Full name, place of residence of the individual; name and head office of the juridical person;

Contributed assets, if any;

Contribution by labor, if any;

Method of sharing yields and profits;

Rights and obligations of cooperative members;

Rights and obligations of the representative, if any;

Conditions for termination of cooperation.

Common assetsof cooperative members

Assets contributed and jointly created by members and other assets according to the law provisions are  common assets by the portion of cooperative members. In cases where there is an agreement on money contribution but the cooperative members are late to perform, they will be responsible for paying interest on the late payment amount and must pay compensation for damage.

The disposition of property that is the right to use land, houses, production workshops and other means of production must be agreed in writing by all members; the disposition of other property will be decided by the representatives of the members, except for cases otherwise agreed.

Common assets must not be divided before termination of the cooperation contract, except for the case agreed by all cooperative members. The division of common assets prescribed in this Clause does not change or terminate the rights and obligations established and performed before the time when the assets are divided.

Rights and obligations of cooperative members

Enjoy yields and profits from cooperation activities.

Participate in deciding issues related to the performance of cooperation contracts and supervising cooperation activities.

Compensate for damage to other cooperative members caused by your fault.

Perform other rights and obligations under the contract.

Civil liability of cooperative members

Cooperative members bear common civil liability by common assets; if the common assets are not enough to perform a common obligation, cooperatives member will be liable with their own assets correspondingly in proportion to their contribution portion, except for the case otherwise prescribed in the cooperation contract or by the law.

Termination of a cooperation contract

According to the agreement of the cooperative members;

Upon expiry of the term specified in the cooperation contract;

The cooperation purpose has been achieved;

According to a decision of a competent state agency;

Other cases as prescribed by this Code and other relevant laws./.

This piece of news in Vietnamese

Consulting:

A cooperation contract template

Some common contract templates

Contact:

Phone: 0989 157 682

Email: dmslawfirm@gmail.com

DMS LAW LLC

Director

(Signed)

Lawyer Do Minh Son