Entitlement to the representative’s remunerations

Article 147. Entitlement to the representative’s remunerations

Set-up-company-in-vietnam-Vinasc21. The representative shall be entitled to remunerations for any contract which is concluded within the contractual scope of representation. Entitlement to such remunerations arises as from the date agreed upon in an agreement on representation by contracting parties.

2. In the absence of any agreement, remuneration rate shall be defined in accordance with Article 86 hereof.

Article 148. Payment for any expense incurred

Unless otherwise agreed, the representative shall be accorded the right to claim payments for any expense incurred on a reasonable basis for the purpose of performing contractual representation activities.

Article 149. Lien

Unless otherwise agreed, the representative shall be entitled to exercise lien over entrusted assets and documents to secure the payment of remunerations and expenses due.

SECTION 2. COMMERCIAL BROKERAGE

Article 150.- Commercial brokerage

Commercial brokerage means a commercial activity whereby a trader acts as an intermediary (referred to as broker) between parties selling and purchasing goods or providing commercial services (referred to as principals) in the course of negotiations and entering into contracts for sale and purchase of goods or provision of services and shall be entitled to a remuneration under a brokerage contract.

Article 151.- Obligations of commercial brokers

Set-up-company-in-vietnam-Vinasc1Unless otherwise agreed, a commercial broker shall have the following obligations:

1. To preserve samples of goods and documents assigned for the performance of brokerage activities, and to return them to the principals after the completion of brokerage;

2. Not to disclose or supply information to the detriment of the interests of the principals;

3. To be responsible for the legal status, but not for the solvency, of the principals;

4. Not to take part in the performance of contracts between the principals, except where so authorized by the principals.

Article 152.- Obligations of principals

Unless otherwise agreed, a principal shall have the following obligations:

1. To supply information, documents, necessary means related to goods and services;

2. To pay brokerage remuneration and other reasonable expenses to the broker.