Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part I - From Corporate Obligations - Title I - General Obligations - Chapter IV - General Contract - From: Section 864 By: Art 872
COLOMBIAN COMMERCIAL CODE
CHAPTER IV
The general contract
Article 864 .- The contract is an agreement of two or more parties to establish, regulate or extinguish including a patrimonial
legal relationship, unless otherwise stipulated, be deemed held at the
residence of the proposer and by the time it receives the acceptance of
the proposal.
It is presumed that the bidder has received the acceptance if the recipient proves the remission of it within the terms laid down in Articles 850 and 851.
Article 865 .- In multilateral legal transactions, the failure of one or more of the contractors will not release their obligations to others, unless it appears that the business was held in regard to such contractors or without them is not possible to achieve the intended purpose .
Article 866 .- Where contracts are concluded with earnest, that is, giving something as a pledge of its conclusion or implementation, it is understood that each of the contractors may withdraw, losing the deposit on that has given or returned bent on the received.
Contract has promised or performed subject to the same provision, it is not possible withdrawal and the deposit should be charged against the benefit payable or refunded, if applicable.
Article 867 .- When stipulating the payment of a specified service in case of default or delinquency, it is understood that the parties can not retract.
When the main provision is determined or determinable in a certain amount of money the penalty may not exceed the amount of that.
When the main benefit is not determined or determinable in a certain amount of money, the judge may reduce the pain equally, if deemed manifestly excessive given the interest that has the creditor to enforce the obligation. The same is done when the principal obligation has been fulfilled in part.
Article 868 .- When circumstances, extraordinary, unforeseen or unforeseeable, after the conclusion of a contract of successive performance, periodic, or deferred, alter or aggravate the provision of future performance by a party, to the extent that it is excessively costly, may This call for revision.
The court will examine the circumstances that have altered the basis of the contract and order, if that is possible, indicating that equity adjustments, otherwise, the judge shall order the termination.
This rule does not apply to contracts or the random instant execution.
Article 869 .- The execution of contracts abroad to be fulfilled in the country shall be governed by Colombian law.
Article 870 .- In bilateral contracts, in case of default of one of the parties, the other order your termination, with damages to compensatory damages, or enforce the obligation, compensation for damages arrears.
Article 871 .- Contracts must be concluded and implemented in good faith and, therefore, require not only expressly agreed to them but all that apply to their nature under the law of custom or natural equity.
Article 872 .- When the performance of one of the parties is laughable, there will be commutative contract.
It is presumed that the bidder has received the acceptance if the recipient proves the remission of it within the terms laid down in Articles 850 and 851.
Article 865 .- In multilateral legal transactions, the failure of one or more of the contractors will not release their obligations to others, unless it appears that the business was held in regard to such contractors or without them is not possible to achieve the intended purpose .
Article 866 .- Where contracts are concluded with earnest, that is, giving something as a pledge of its conclusion or implementation, it is understood that each of the contractors may withdraw, losing the deposit on that has given or returned bent on the received.
Contract has promised or performed subject to the same provision, it is not possible withdrawal and the deposit should be charged against the benefit payable or refunded, if applicable.
Article 867 .- When stipulating the payment of a specified service in case of default or delinquency, it is understood that the parties can not retract.
When the main provision is determined or determinable in a certain amount of money the penalty may not exceed the amount of that.
When the main benefit is not determined or determinable in a certain amount of money, the judge may reduce the pain equally, if deemed manifestly excessive given the interest that has the creditor to enforce the obligation. The same is done when the principal obligation has been fulfilled in part.
Article 868 .- When circumstances, extraordinary, unforeseen or unforeseeable, after the conclusion of a contract of successive performance, periodic, or deferred, alter or aggravate the provision of future performance by a party, to the extent that it is excessively costly, may This call for revision.
The court will examine the circumstances that have altered the basis of the contract and order, if that is possible, indicating that equity adjustments, otherwise, the judge shall order the termination.
This rule does not apply to contracts or the random instant execution.
Article 869 .- The execution of contracts abroad to be fulfilled in the country shall be governed by Colombian law.
Article 870 .- In bilateral contracts, in case of default of one of the parties, the other order your termination, with damages to compensatory damages, or enforce the obligation, compensation for damages arrears.
Article 871 .- Contracts must be concluded and implemented in good faith and, therefore, require not only expressly agreed to them but all that apply to their nature under the law of custom or natural equity.
Article 872 .- When the performance of one of the parties is laughable, there will be commutative contract.
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