VIETNAMESE COMMERCIAL LAW - Chapter 5 Intermediary Commercial Activities - SECTION 2 COMMERCIAL BROKERAGE








	
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CHAPTER 5 INTERMEDIARY COMMERCIAL ACTIVITIES
SECTION I REPRESENTATION OF BUSINESS ENTITIES
Article 141 Representation of business entities
Article 142 Contracts for representation of business entities
Article 143 Scope of representation
Article 144 Term of representation of business entities
Article 145 Obligations of representatives
Article 146 Obligations of represented entities
Article 147 Right to receive representative's remuneration
Article 148 Payment of expenses incurred
Article 149 Lien
SECTION 2 COMMERCIAL BROKERAGE
Article 150 Commercial brokerage
Article 151 Obligations of commercial brokers
Article 152 Obligations of principals
Article 153 Right to broker’s remuneration
Article 154 Payment of expenses incurred in relation to brokerage activities
SECTION 3 SALE AND PURCHASE OF GOODS BY AUTHORIZED DEALERS
Article 155 Sale and purchase of goods by authorized dealers
Article 156 Authorized dealers
Article 157 Principals
Article 158 Goods subject of authorization
Article 159 Authorization contracts9
Article 160 Authorization of third parties
Article 161 Receipt10 of authorization from multiple principals
Article 162 Rights of principals
Article 163 Obligations of principals
Article 164 Rights of authorized dealers
Article 165 Obligations of authorized dealers
SECTION 4 COMMERCIAL AGENCY
Article 166 Commercial agency
Article 167 Principals and agents
Article 168 Agency contracts
Article 169 Forms of agency
Article 170 Ownership rights in commercial agency
Article 171 Agent's remuneration
Article 172 Rights of principals
Article 173 Obligations of principals
Article 174 Rights of agents
Article 175 Obligations of agents
Article 176 Payments in cases of agency
Article 177 Term of agency

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SECTION 2 COMMERCIAL BROKERAGE


Article 150 Commercial brokerage

Commercial brokerage means commercial activity whereby a business entity acts as an intermediary (referred to as the broker) between parties purchasing and selling goods and providing services (referred to as the principals) during the course of negotiations and signing contracts for sale and purchase of goods or provision of services and which is entitled to remuneration under a brokerage contract.


Article 151 Obligations of commercial brokers

Unless otherwise agreed, a commercial broker shall have the following obligations:

1. To preserve samples of goods and materials assigned for the purpose of brokerage activities and to return them to a principal upon completion of brokerage activities;

2. Not to disclose or supply information detrimental to the interests of a principal;

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

4. Not to participate in performance of a contract between principals unless authorized by a principal.


Article 152 Obligations of principals

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

1. To provide the necessary information, materials and facilities related to the goods and services.

2. To pay broker’s remuneration and other reasonable charges to the broker.


Article 153 Right to broker’s remuneration

1. Unless otherwise agreed, the right to broker’s remuneration shall arise from the time when the principals enter into a contract with each other.

2. Where there is no agreement, the rate of broker’s remuneration shall be determined in accordance with article 86 of this Law.


Article 154 Payment of expenses incurred in relation to brokerage activities

Unless otherwise agreed, a principal must pay all reasonable expenses incurred in relation to the brokerage, even where the brokerage activities fail to achieve any result for the principal.

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