Currency clause -sample presented in the material - is a special condition included in the contract (usually foreign trade) in order to minimize the risks of the parties associated with fluctuations in exchange rates. Details are in the article below.

The purpose of the currency clause and its main types

Let's consider the essence of currency reservations on the situation. Let's say that counterparty A., located in Russia, in 2014 entered into an agreement with counterparty B., a foreign supplier, for the purchase of goods. At the same time, the main currency of the agreement is rubles, and the term of the agreement is 2 years. Total contract price: 10,000,000 rubles. Given the situation with the ruble exchange rate in the period 2014-2016, the Russian ruble can be considered as an unstable currency subject to fluctuations. Supplier B. has the following situation:

• at the time of the conclusion of the contract, the exchange rate was 40 rubles for 1 US dollar (i.e., the price of the contract in US dollars was conditionally 250,000 US dollars);
• at the end of the contract, in 2016, the exchange rate was 65 rubles per 1 US dollar. The price of the contract in dollar terms was already 153,846 US dollars.

As you can see, the difference is quite significant - $96,153. And if counterparty B. also pays in dollars for the purchase or production of goods, which are then supplied to the Russian Federation under a contract, the losses of counterparty B. become obvious.

To avoid such losses, when concluding foreign exchange contracts, such a technique as a foreign exchange clause is used. With a special clause, settlements under the contract are "tied" to a currency with a stable exchange rate, for example, to the US dollar, pound sterling, euro, etc.

For example, in the given situation sample currency clause in a contract could look like this: “The total value of the goods is the equivalent of $250,000. Payment is made in Russian rubles at the exchange rate in force on the date of payment in the bank serving the buyer. That is, if the Russian counterparty A. had settled under the contract of 2014 in 2016, he should have paid not 10,000,000 rubles, but about 16,250,000 (250,000 × 65).

Note! There are many course options for "binding". This may be the Bank of Russia, and National Bank the country of the supplier, and the internal exchange rate of the bank of one of the partners - this condition is determined only by the parties to the transaction.

Based on the range of risks covered by the currency clause, as well as the individual characteristics of the transactions being executed, we can distinguish:

• direct and indirect reservations;
• unilateral and bilateral reservations;
• other clauses sometimes applied by the contracting parties.

What are direct and indirect currency clauses

The example above is an example of an indirect currency clause. Conditions are classified as indirect when payments under the contract occur in national currency one of the parties, and the price of the goods is fixed in one of the stable currencies common in international settlements.

With a direct reservation, both the price of the goods and the currency of payment are expressed in one, relatively stable, currency. However, for insurance, a condition is introduced into the contract, according to which the payment can be adjusted if the exchange rate of the contract changes significantly against another stable currency.

Example

Currency clause: “The price of the goods under the contract is 250,000USD. The settlements under the contract are carried out inUSD. If, on the date of payment, the exchange rateUSDToGBP(pound sterling) on ​​the New York currency exchange will be below the rateUSDToGBPon the date of conclusion of the contract, then the price of the goods and the amount of payment inUSDmust be recalculated as an increase to compensate for the corresponding exchange rate changeUSDToGBP».

This means that if the contract has left to pay, say, 100,000USDand on the day of the next payment, the exchange rateUSDrelativelyGBPdecreased, for example, from 1.3000USDbehindGBP(at the date of conclusion of the contract) up to 1.2350USDbehindGBP, That:

• contract price inUSDfor calculations becomes: 100,000 + 100,000 × ( / 1.3000) = 105,000USD;
• to surcharge— 105 000 USD.

What are unilateral and bilateral currency clauses

The reservations we have discussed above are the so-called unilateral reservations. They insure only one side - the recipient of funds under the contract. In fact, a change in the exchange rate, of course, affects the one who pays under the contract. For example, in the example given at the beginning of the article, buyer A also cares whether he pays 10,000,000 or 16,000,000 rubles. Therefore, a clause in the contract can be drafted in such a way as to take into account the interests of both parties - and the one who pays and the one who receives the funds. For example, a "fork" of rates can be provided, within which prices and payments under the contract are automatically recalculated, and when the rate jumps beyond the set values, another mechanism for leveling negative effects is activated, for example, the contract terms are revised by a separate agreement.

Example

A direct clause, adapted to the interests of both parties, might look something like this:If, on the date of payment, the exchange rateUSDToGBPon the New York Currency Exchange will change in relation to the exchange rateUSDToGBPon the date of conclusion of the contract by an amount set within 5% in any direction, then the price of the goods and the amount of payment inUSDmust be recalculated to compensate for the corresponding exchange rate changeUSDToGBP. In other cases, exchange rate fluctuationsUSDToGBP(in excess of the amount of 5% established by this paragraph) the price of the contract and further payments are subject to review and additional agreement by the parties.

A clause in the text of the contract or bank insurance?

Enterprises can protect themselves from currency risks not only with the help of currency clauses in the contract, but also with the help of banking instruments, such as hedging.

To understand the essence of the hedging operation, let's look at the example again.

Example

The Japanese firm has signed a contract for 6 months for the supply of goods to the United States. Let's say the payment under the contract is 1,000,000USD- should also be done in 6 months, inUSD. In case of fluctuations in the ratioJPYToUSDduring the term of the contract, the seller company entered into an agreement with its bank that in 6 months the company will sell to the bank, and the bank will acquire 1,000,000USDat the rate of 0.0087USDfor 1JPY(average market on the day of the conclusion of the contract). Even if the courseJPYin 6 months it will change in a way that is unfavorable for the Japanese supplier - its risks will be leveled by an agreement with the bank, according to which the bank will still buy the proceedsUSDby 0.0087.

Thus, bank insurance in relation to currency risks is the ability of a contracting party to use bank instruments instead of making a clause in the contract. What to choose depends on each specific transaction and the general economic situation. For example, in Russia, such operations are practically not common, while the rules for the repatriation of foreign exchange earnings are in force (Article 19 of the law of December 10, 2003 No. 173-FZ “On currency regulation” is established). That is, for Russian participants in foreign trade relations, there is only one option left with a clause in the contract: neither arrange hedging in Russia, nor receive proceeds to an account in foreign bank where hedging is possible will not work.

Of course, the option with “regular” insurance issued by an insurance company can also be. Unless, of course, it is possible to insure currency risks in unstable currencies under the insurance contract.

Nuances: multi-currency clauses, "gold" clauses and clauses in the loan agreement

We have reviewed the main types of currency risk clauses. Other reservations that may be encountered in practice are derived from the main ones.

Examples of the most common reservations include:

• Multicurrency - when instead of the rate of one stable currency, a certain settlement rate for a group of currencies (basket) is taken as a "peg".
• "Gold" - the price of gold is used as a "peg": the established value of the contract is expressed in gold equivalent. For example, the exchange value of 1 troy ounce of gold accepted by the parties as of January 25, 2017 is 1,196.00 USD. The cost of goods under the contract concluded on the same day is 1,000,000 USD. The price of the contract under the clause would then be 836.12 troy ounces. When the exchange price of gold changes, the settlements under the contract will change in accordance with it.

As a separate nuance, you can also highlight the clauses included in the loan agreement. For example, in similar treaties between residents of the Russian Federation, one can often find a condition that the ruble amount in the contract must be calculated based on "conventional units". The role of such units is usually played by the same stable currency. Simply, due to the currency restrictions in force in the Russian Federation on foreign exchange transactions between residents, the parties prefer to avoid concluding loan agreements immediately in foreign currency.

An interesting point in such agreements is that the currency clause in this case insures the parties not so much from the risk of fluctuations in the exchange rate for international market how much of the reduction purchasing power ruble within the country, which is expected during the course of the loan agreement itself. That is, if a resident lender of the Russian Federation lends 70,000 rubles and knows that today he could buy a new iPhone with this money, then he wants to be sure that at least he will be able to buy an iPhone on the day he receives his money back from borrower.

Results

A currency clause is a way to offset the losses of the parties to a currency contract from fluctuations in exchange rates. For these purposes, a certain basic unit is introduced into the contract as a separate clause, according to which the parties are guided when making calculations. Such a unit can be the exchange rate of one stable currency, the average exchange rate of a basket of currencies, and even the exchange price of precious metals. A clause may serve the interests of only one party to the contract, or both parties. The characteristics of a clause in each particular case depend only on the agreements between the parties to the contract.

Read more about the features of working on foreign exchange contracts in the Russian Federation:

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"Yekaterinburg Municipal Bank" ("Yekaterinburg"), license of the Bank of Russia No. 000 dated 01/01/2001, hereinafter referred to as the "Bank", represented by _______________________________________, acting on the basis of power of attorney No. ___ dated __________, on the one hand, and a citizen (ka) ________________________________________________________________________________________

(Full Name)

1. The Subject of the Agreement.

1.1. The subject of this agreement is the acceptance by the Bank of the amount of money (deposit) from the Depositor, the return by the Bank to the Depositor at his first request of the amount of the deposit with the payment of interest on it on the terms and in the manner prescribed by the agreement.

Interest on amounts Money, credited to the deposit accounts as a result of conversion, are accrued at the rates applicable in the Bank for this type of deposit on the day of opening the deposit.

2.9. Interest is accrued from the day following the day of receipt of funds to the deposit account, until the day the funds are returned to the Depositor. When calculating interest, the actual number of calendar days is taken into account. In this case, the actual number of days in a year is taken as the base (365 or 366 days, respectively).

2.10. Upon the expiration of the term of the agreement, the deposit amount with accrued interest is issued to the Depositor in cash or transferred by bank transfer at the request of the Depositor. When transferring funds from the deposit by bank transfer, the Depositor is charged a commission in accordance with the Bank's rates valid at the time of conclusion of the deposit agreement (prolongation of the agreement) by debiting it from the Depositor's account.

Funds are issued to the Depositor or transferred by bank transfer in the currency of the deposit accounts.

2.11. If the Depositor has not applied for a deposit at the end of the term of the agreement, the agreement is considered to be extended in the amount of the deposit and accrued interest for each next term on the terms and with the interest rate for this type of deposit, effective in the Bank at the time of prolongation. At the same time, the deposit term provided for in clause 2.1. of this agreement is calculated anew from the day following the day of the end of the term of the agreement (the last prolongation period). If at the time of the prolongation of the agreement, made in accordance with this paragraph, the acceptance of this type of deposit in the Bank is terminated, the agreement is considered extended on the terms of the “On Demand” deposit in the relevant currencies. New deposit term interest rate on the deposit and the amount of the deposit are reflected in the Appendix to the agreement in the section "Information on the extension of the agreement", which is provided by the Bank at the request of the Depositor after the extension of the agreement.

2.12. The parties undertake to keep the secret of this agreement, information about the contribution can be disclosed only in cases provided for by law.

2.13. Deposit operations are carried out taking into account the currency legislation.

2.14. The Depositor is obliged to immediately notify the Bank, in writing, upon his personal appearance at the Bank, of his belonging (exclusion from belonging) to the category of the following officials:

Foreign public officials;

Officials of public international organizations;

Positions of the federal public service, the appointment and dismissal of which are carried out by the President Russian Federation or the Government of the Russian Federation;

Positions in central bank Russian Federation, state corporations and other organizations established by the Russian Federation on the basis of federal laws, included in the lists of positions determined by the President of the Russian Federation.

3. Special conditions.

Place where the contract was made: ________________OPERA ______________, Yekaterinburg, tel._______________________

Contributor:

________________________________________________________________________________

details of the identity document: _______________________________________

_______________________________________________________________________________

Registration address________________________________________________________________

Address of the actual residence____________________________________________________

telephone _____________________

Contributor signature sample:

Signatures of the parties:

Bank: Depositor:

_____________/__________/ _____________/____________/

TERM DEPOSIT CONTRACT "MULTI-CURRENCY NEW" No. ______________

G. _ __________________ "___ " ___________________ ______ G.

open Joint-Stock Company National Bank “TRUST”, hereinafter referred to as the BANK, represented by _ ___________________________ acting on the basis of power of attorney No. _____________ from _____________ g., on the one hand, and _ _________________________ _, hereinafter referred to as the CONTRIBUTOR, on the other hand, hereinafter referred to as the PARTIES, have concluded this Agreement as follows:

1. THE SUBJECT OF THE AGREEMENT

On the day of signing this Agreement, the DEPOSITOR pays money (initial payment) to the cash desk of the BANK or by bank transfer in the amount of:

_____________ (__________________________________ ) Russian rubles,

_____________ (__________________________________ ) US dollars,

_____________ (__________________________________ ) euro

1.2. The amount of the minimum balance of funds in the deposit under this Agreement is:

on the account in Russian rubles - 3,000 (three thousand) rubles of the Russian Federation,

on the account in US dollars - 100 (one hundred) US dollars,

on a euro account - 100 (one hundred) euros.

1.3. The countdown of the deposit period starts from the day following the day the amount is credited down payment to the deposit accounts specified in clause 4.2.1. actual agreement.

2. Interest rates

2.1. The amount of the interest rate used to determine income in accordance with clause 4.2.3 of this Agreement for a deposit opened for the period specified in clause 1.1. of this Agreement, in accordance with the size of the minimum balance specified in clause 1.2. of this Agreement constitutes

account currency	% per annum
in Russian rubles
in US dollars

2.2. The amount of interest rates applied in case of early demand of the deposit or its part in accordance with clause 5.3. of this Agreement, specified in paragraphs. 2.2.1-2.2.2. actual agreement.

2.2.1. In the event that funds are actually in the deposit up to ____ days inclusive (until __.__.____), the BANK shall accrue interest at the rate of the “on demand” deposit in the relevant currency effective as of the date of conclusion of this Agreement.

2.2.2. In the event that funds are actually in the deposit for more than _______ days, the BANK accrues interest at rates equal to

account currency	% per annum
in Russian rubles
in US dollars

3. RIGHTS AND OBLIGATIONS OF THE INVESTOR

3.1. INVESTOR has the right:

3.1.1. On the day of the expiration of the period provided for in clause 1.1. of this Agreement, receive the amount of the deposit in the BANK.

3.1.2. Receive income for the entire period of funds in the deposit in the manner and in the amount provided for by this Agreement.

3.1.3. Before the expiration of the period provided for in clause 1.1 of this Agreement, transfer a part of the deposit amount from the account in one currency specified in clause 4.2.1 of this Agreement to the account in another currency specified in clause 4.2.1 of this Agreement. In this case, the balance on the account from which the funds are transferred cannot be less than the amount of the minimum balance specified in clause 1.2. Actual agreement. Conversion is carried out upon an application for the transfer of funds at the rate of the BANK on the date of the operation. This transfer is not an early withdrawal of the deposit or its part.

3.1.4. Receive the deposit amount or part of it before the expiration of the period provided for in clause 1.1. of this Agreement, with the payment of interest at the rate and on the terms specified in clause 5.3. actual agreement. At the same time, debit transactions on the deposit entail a violation of the urgency of the deposit.

3.1.5. Top up at the time of admission additional contributions under this Agreement, accounts in the respective currencies specified in clause 4.2.1 of this Agreement, in cash in the amount of at least 3,000 Russian rubles, 100 US dollars, 100 euros. For deposits opened for a period of up to 365 days inclusive, the period for receiving additional contributions is the entire term of the deposit. For deposits opened for a period of 366 days or more, the period for receiving additional deposits is the first 365 days of the deposit term. The total amount of additional contributions during the period of acceptance of additional contributions under this Agreement may not exceed 50,000,000 (fifty million) Russian rubles / equivalent in US dollars and euros at the exchange rate of the Bank of Russia on the date of replenishment. If the amount of additional contributions during the period of acceptance of additional contributions under this Agreement exceeds the above amount, the excess amount is recorded on the account of the "on demand" deposit in accordance with the terms and conditions and the interest rates in the relevant currency applicable to the "on demand" deposit.

3.2. INVESTOR undertakes:

3.2.1. Comply with the requirements established by the current legislation of the Russian Federation in terms of transactions on depositors' accounts, as well as provide the Bank with documents on operations carried out on the deposit account, in cases provided for by the current legislation of the Russian Federation, regulations Bank of Russia.

3.2.2. Inform the Bank about changes in passport data/data of another identity document, last name, first name, patronymic, place of residence and contact phone number, as well as other information provided by him when concluding this Agreement, within ten working days from the date of such changes. When changing passport data/data of another identity document, provide the Bank with a new identity document (in case of changing the last name, first name or patronymic, additionally provide a document confirming the change in these data).

3.2.3. Pay for the services of the BANK related to operations performed with the funds of the Depositor under the term deposit made under this Agreement, in accordance with the “Tariffs for commissions on transactions with individuals” in force at the time of conclusion/automatic prolongation of this Agreement (hereinafter referred to as the “Tariffs”).

3.2.4. When carrying out operations on deposit accounts, if the depositor acts in the interests of beneficiaries simultaneously with the application for the operation, or no later than the fifth business day from the date of receipt of a written request, provide the BANK with information and / or documents (copies of documents) necessary for the BANK to perform requirements of the Federal Law of the Russian Federation of 07.08.2001 No. 115-FZ and regulations of the Bank of Russia.

3.2.5. At the request of the BANK, no later than the fifth business day from the date of receipt of the written request, provide additional documents (information) necessary for the BANK to exercise control in accordance with the requirements of the Federal Law of the Russian Federation of 07.08.2001 No. 115-FZ.

4. Rights andBANK RESPONSIBILITIES

4.1. Bankentitled:

4.1.1. Make a direct debit from the tax deposit account in cases where the BANK, in accordance with the legislation of the Russian Federation, performs the functions of a tax agent.

4.1.2. Require the INVESTOR to provide information about the beneficiary and the documents necessary for the BANK to exercise control in accordance with the requirements of the Federal Law of the Russian Federation of 07.08.2001 No. 115-FZ.

4.1.3. To issue, with the consent of the DepositorA, the balance of the deposit opened in a currency other than rubles, or part of it in accordance with clauses 4.2.2., 4.2.4. of this Agreement in rubles at the exchange rate of the Bank of Russia on the date of issuance of the balance of the deposit or part thereof.

4.2. The BANK undertakes:

4.2.1. Accept the funds of the DEPOSITOR and account for them in the accounts depending on the currency of the deposited funds:

№ _______________________________ in Russian rubles,

№ _______________________________ in US dollars,

№ _______________________________ In Euro.

4.2.2. Withdraw the amount of the deposit at the request of the INVESTOR on the day of expiration of the deposit -–" ___ " __________ _____ d. If the expiration date of the deposit falls on a non-working day, the expiration day of the deposit shall be the next business day following it.

4.2.3. To pay the INVESTOR to the INVESTOR in the amount determined in accordance with paragraph 2.1. actual agreement. Interest is accrued on the amount of the incoming daily balance on the accounts specified in clause 4.2.1. of this Agreement, for the period of the funds being in the deposit, provided that the deposit or part of it is not claimed by the DEPOSITOR ahead of schedule.

4.2.4. Withdraw the amount of the deposit or its part at the request of the INVESTOR in case of early withdrawal of the deposit or its part or upon withdrawal of the deposit after the expiration of the period specified in clause 4.2.2., no later than the day following the day the Depositor submits this request.

5. PAYMENT PROCEDURE UNDER THE CONTRACT

5.1. Interest on the deposit amount is accrued in the deposit currency from the day following the day of receipt of the amounts of the initial contribution to the deposit accounts, until the day the deposit amount is returned to the DEPOSITOR, inclusive, or until the day it is debited from the accounts of the DEPOSITOR for other reasons, inclusive.

5.2. Interest is paid on the following terms: on the deposit expiration date or on the day of return of the deposit/its part in case of early demand of the deposit/its part. If the interest payment date falls on a non-working day, the interest payment day is the next business day following it.

5.3. In case of early withdrawal of the balance of the deposit or its part by the DEPOSITOR, the BANK charges interest on the amount of the incoming daily balance on the accounts specified in clause 4.2.1. of this Agreement, for the actual time the funds are in the deposit at the rate specified in clause 2.2. actual agreement.

5.3.1. The BANK accrues interest on the unclaimed part of the deposit at the rate of the “on demand” deposit in the relevant currency effective on the day of conclusion of this Agreement for the period from the day following the day of early demand of the part of the deposit until the day of full return of the unclaimed part of the deposit. The unclaimed part of the deposit is accounted for on demand deposit account. Interest in accordance with this paragraph shall be paid on the day of return of the unclaimed part of the deposit.

5.4. The amount of the commission for operations performed with the funds of the DEPOSITOR under the term deposit made under this Agreement is established in accordance with the Tariffs in force in the BANK at the time of conclusion/automatic prolongation of this Agreement. The transfer of funds from the deposit account is carried out by the BANK solely on the basis of the order submitted by the DEPOSITOR, drawn up in the form approved by the BANK.

5.5. If the INVESTOR fails to claim the deposit within the period specified in clause 4.2.2. of this Agreement, after this period, the deposit is automatically extended for the period specified in clause 1.1. of this Agreement, on the terms and at the rate in force in the BANK at the time of prolongation for this type of deposit. Information on changes by the Bank of conditions for deposits of this type is brought to the attention of DEPOSITORS by placing appropriate announcements on the stands in the BANK and on the official website of the BANK 3 calendar days before the date of entry into force of the relevant changes. Automatic prolongation is carried out only for the deposit, for which there was no early demand for the deposit or its part during the validity period of this Agreement. The amount of the prolonged deposit is the amount on the accounts specified in clause 4.2.1. of this Agreement, by the time of prolongation of the deposit.

5.6. If the BANK has stopped accepting deposits of this type, then at the end of the last extended period of storage, the deposit is considered to be extended on the terms of a demand deposit in accordance with the interest rates applicable to a demand deposit. Information on termination of acceptance by the Bank of deposits of this type is brought to the attention of DEPOSITORS by placing appropriate announcements on the stands in the BANK and on the official website of the BANK 3 calendar days before the termination of acceptance of deposits of this type.

5.7. Taxation of interest accrued on the amount of the deposit is carried out in accordance with the legislation of the Russian Federation.

5.8. In case of early demand of the deposit or its part within the period specified in clause 4.2.4. of this Agreement, upon closing the deposit and receiving funds within the period specified in clause 4.2.2. of this Agreement, upon demand of the deposit after the expiration of the period specified in clause 4.2.2. of this Agreement, the Bank recommends For the depositor to pre-order funds:

in rubles (in the amount of 100,000 (one hundred thousand) rubles) - no later than 2 working days before the planned date of receipt of funds,

in US dollars or euros - no later than 3 working days before the planned date of receipt of funds.

In writing, by contacting the branch of the Bank where this receipt is planned,

or - by sending it by fax to the branch of the Bank where it is planned to receive it,

or - by making a phone call to the BANK's Customer Service Center.

5.9. Replenishment operations, receipt of deposit account statements and other operations under this Agreement are possible only in the branches of the Bank related to the branch where this Agreement was concluded.

6. RESPONSIBILITIES OF THE PARTIES

6.1. The Parties are responsible for failure to fulfill their obligations under this Agreement in accordance with the current legislation of the Russian Federation.

6.2. The BANK shall not be liable for failure to fulfill its obligations under this Agreement due to circumstances force majeure, i.e. beyond the control of the BANK and beyond its authority, preventing the fulfillment of the obligations undertaken by the BANK.

6.3. The DEPOSITOR is responsible for the authenticity and correctness of the execution of documents submitted to the BANK for opening a deposit account, identifying the beneficiary and conducting operations on the deposit account.

7. TERM OF THE CONTRACT. OTHER CONDITIONS

7.1. This Agreement shall enter into force at the moment of depositing the sums of money established by this Agreement to the deposit accounts and terminates from the moment the entire amount of the deposit is issued to the DEPOSITOR from the accounts specified in clause 4.2.1. actual agreement. Upon termination of this Agreement, the deposit accounts specified in clause 4.2.1. of this Agreement is closed.

7.2. Acceptance and disbursement of funds on the deposit, as well as provision by the Bank of information on the deposit upon personal application of the Depositor to the Bank, is carried out on the basis of an identity document presented by the DEPOSITOR.

7.3. All changes and additions to this Agreement must be made in writing and signed by the parties.

7.4. In everything that is not provided for by this Agreement, the parties are guided by the current legislation of the Russian Federation and the Tariffs.

7.5. Disputes under this Agreement shall be considered in accordance with the procedure established by the current legislation of the Russian Federation.

7.6. This Agreement is made in two copies, having the same legal force, one for each of the parties.

7.7. The return of the deposit is secured by all the property of the BANK.

7.8. The deposit under this Agreement is insured in the manner, in the amount and on the terms established by the Federal Law "On insurance of deposits of individuals in banks of the Russian Federation" dated December 23, 2003 No. 177-FZ.

7.9. The depositor shall be deemed duly notified from the date:

Receipt of a written notice at the place of maintaining the deposit account,

or - separated from the date of sending the notice by registered mail by mail by the amount of postal mileage within the subject of the Russian Federation,

or - placement of information for DEPOSITORS on stands in the premises of the BANK,

or - receiving an SMS-message from the BANK.

7.10. The DEPOSITOR hereby agrees to the processing and use by the BANK of his personal data provided to the BANK upon opening and in the process of servicing the deposit, in accordance with the Federal Law of 27.07.2006. No. 152-FZ “On Personal Data”, in order to inform the DEPOSITOR by the BANK about banking products and services provided by the BANK and / or partner companies of the BANK. Consent to the processing and use of the DEPOSITOR'S Personal Data is extended for a period of 3 years from the date of termination of this Agreement and can be early withdrawn 30 working days before the withdrawal in writing by courier with the Bank's mark on its receipt, or by registered mail with acknowledgment of receipt, either by telegram or telex.

The processing of personal data extends to the following information: last name, first name, patronymic, date and place of birth, address, number of an identity document, date of issue, issuing authority (hereinafter referred to as Personal Data).

The DEPOSITOR hereby gives his consent to the BANK to perform the following actions in relation to Personal Data: collection, systematization, accumulation, storage, clarification (updating, change), use, depersonalization of Personal Data, except for distribution (including transfer) of Personal Data. The processing of personal data will be carried out by the BANK using the following main methods (but not limited to them): storage, recording on electronic media and their storage, compiling lists, marking.

7.11. The Depositor is familiar with and agrees with the Tariffs in force at the time of conclusion of this Agreement.

7.12. The DEPOSITOR hereby consents to the BANK debiting from the deposit account of erroneously credited funds and commissions for settlements.

8. DETAILS OF THE PARTIES

INVESTOR: full name

Identity document: ___________ (series) ____ No. ______________ issued by _____________________________________________________

Registered at: ______________________________________________

Date and place of birth: ____________________________________________________

TIN (if any): __________________________

Notification address (including zip code): ____________________________________________ tel. _____________

BANK: _______________________

______________________________________________________________________________________________________

______________________________________________________________________________________________________

actual office location>

Contact phone of the Bank's Customer Service Center: 8-800-775-88-88 (for Customers in the regions, the call within Russia is free), 8-495-647-90-44 (for Customers in Moscow)

DEPOSITOR: BANK:

_________________________ ____ ___________________________________ _ /______________ _/

(signaturecontributor) (position, surname, initials and signature of the authorized personjar)

Is it possible to conclude a multi-currency supply agreement? That is, the amount of the contract will consist of rubles, dollars and euros (this will be indicated in the specification)

Yes it is possible

The legislation prohibits only residents from paying in foreign currency, but in the contract the parties have the right to set the price in foreign currency or in some conventional units, but payment should still be made in rubles at an agreed exchange rate (usually the Bank of Russia) on the date of payment (clause 2, article 317 of the Civil Code of the Russian Federation).

The rationale for this position is given below in the materials of the Glavbukh System

Payment in cash

Monetary obligations must be expressed in rubles (Article and Civil Code of the Russian Federation).

However, the parties to the supply agreement can set the price in foreign currency or in some conventional units, and make payment in rubles at an agreed exchange rate (usually the Bank of Russia) on the date of payment (clause 2, article 317 of the Civil Code of the Russian Federation).

The use of foreign currency, as well as payment documents in foreign currency when making settlements in the territory of Russia, is possible only in cases established by currency legislation (clause 2, article 140, Civil Code of the Russian Federation). Thus, settlements using foreign currency between the parties to a supply agreement are allowed under foreign trade agreements in which one of the parties is foreign person- non-resident (art., federal law dated December 10, 2003 No. 173-FZ “On currency regulation and currency control”).*

It can be stipulated in the supply agreement that the buyer makes settlements in cash (including using a notary's deposit or a safe deposit box) or by bank transfer (clause 1, article 140 of the Civil Code of the Russian Federation).

Alexander Simachev

Head of the Legal Department of Irkut Corporation JSC (aircraft industry)

Sergey Aristov

Editor-in-Chief, Sistema Yurist

Viktor Anokhin

Doctor of Law, Professor, Honored Lawyer of the Russian Federation, Chairman of the Arbitration Court of the Voronezh Region, retired

2. Civil Code of the Russian Federation

“Article 140. Money (currency)

1. The ruble is legal tender, obligatory to be accepted at face value throughout the Russian Federation*

Payments on the territory of the Russian Federation are made by cash and non-cash payments.

2. Cases, procedure and conditions for the use of foreign currency on the territory of the Russian Federation are determined by law or in the manner prescribed by it.

Article 317. Currency of monetary obligations

1. Monetary obligations must be expressed in rubles ().

2. In monetary obligation it may be provided that it is payable in rubles in an amount equivalent to a certain amount in a foreign currency or in conditional monetary units ah (ecu, "special drawing rights", etc.). In this case, the amount payable in rubles is determined at the official exchange rate of the relevant currency or conventional monetary units on the payment date, unless a different exchange rate or another date for its determination is established by law or by agreement of the parties*.

3. The use of foreign currency, as well as payment documents in foreign currency, when making settlements on the territory of the Russian Federation for obligations is allowed in cases, in the manner and under the conditions determined by law or in the manner established by it.

3. Law No. 173-FZ of December 10, 2003 “On currency regulation and currency control”

"Article 6. Currency transactions between residents and non-residents

Currency transactions between residents and non-residents are carried out without restrictions*, except for currency transactions provided for and this Federal Law, in respect of which restrictions are established in order to prevent a significant reduction in gold and foreign exchange reserves, sharp fluctuations in the exchange rate of the Russian Federation, as well as to maintain the stability of the balance of payments of the Russian Federation. These restrictions are non-discriminatory and are canceled by the authorities currency regulation as the circumstances that led to their establishment are eliminated.

3) transactions between commission agents (agents, attorneys) and principals (principals, principals) when commission agents (agents, attorneys) provide services related to the conclusion and execution of contracts with non-residents on the transfer of goods, the performance of work, the provision of services, the transfer of information and results of intellectual activity, including exclusive rights to them, including operations for the return to principals (principals, trustees) of sums of money (other property)"