|“Representations in draft of Civil Code of the Russian Federation”
D. Dzhimbeeva, lawyer
Journal “ Legislation”, 2014, No.2
The issue of representations is current in the light of current reform of Russian civil legislation. The institute of representation, well known to common law countries, is still not present in the Russian law system. So the introduction of special rule on representations would allow for better protection of participants of economic activity. Since application of the new rule is mainly connected with cases of sale of shares or participant interests in Russian economic companies, the issue will be illustrated on example of shares sale and purchase agreement.
At the end of the article the author makes conclusions to include in provision 431.2 the definition ‘representations’ and the order of determining losses caused by false representations given at conclusion of the contract and pre-contractual stage of negotiations.
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