An obligation is a legal relationship of a civil type, linking together certain individuals who intend to carry out the action envisaged by the obligation in relation to each other. This may be the transfer of property or payment of its value, the performance of a specific type of work or reimbursement of expenses as a result of the damage.
Scope of Obligations
Commitment is one of the formats of relationships that can be applied in a wide variety of industries and fields. Here we can talk about the relationship between various organizations and citizens. The concept mediates interaction in the manufacturing sector, in distribution and exchange, in entrepreneurship.
Obligatory relations are formed on the basis of contracts of sale, supply, as well as during transportation, in capital construction and in many other areas. In the framework of market relations , the above services can be provided not only by enterprises, but also by private entrepreneurs. This partnership format is relevant in connection with donations, loans and the issuance of powers of attorney. An obligation is a relationship that may arise not only from contracts, but also arise on the basis of other aspects stipulated by law. Here we can talk about unilateral transactions, about administrative acts, about causing harm, about other points that form certain rights and obligations.
Participants of obligations
As part of the obligations, there is a debtor or obligated person and a creditor who has the right to claim. The composition of the obligation relationship provides for the presence of rights and obligations of their participants. So, in accordance with the loan agreement, the lender has all the rights to demand the repayment of the loan from the debtor after the expiration of the agreement. When each of the parties, in accordance with the contract, assumes obligations in relation to the opponent, it is considered the debtor of the second party and undertakes to take certain actions. In parallel, the party acts as a creditor, as it has the right to demand.
As an example, consider the situation. The tenant in the form of a debtor must maintain the leased property in optimal condition. The landlord, who acts as a creditor, has every right to demand the fulfillment of this moment from his tenant. Obligations may include not only the existence of claims, but also the existence of payables.
Shared relationship
An obligation is a universal format of legal relations in which a couple of persons or more can take part. With a plurality of persons, legal relations can be presented in a shared and joint format. Equity relations - this is a partnership format in which each of its traders fulfills a certain duty stipulated by the contract, or requires a portion of the promised debt to him. In the absence of a clear distribution of the size of shares, either legislatively or on the basis of an agreement, all duties and rights are distributed evenly.
Joint legal relations
Joint obligations are also very common. What is it, try to figure it out gradually. This format of cooperation provides that the creditor has the full right to require each of the joint debtors to fulfill obligations in full. Alternatively, each joint creditor has the same rights. When one of the joint debtors fully fulfills all obligations, all the others are exempted from liability. Claims may be brought against both an individual debtor and all debtors at the same time.
How is compliance ensured?
Debt obligations are a format of relationships, which provides for the conscientious fulfillment of all tasks that one of the parties can take upon itself. Contractual discipline is strengthened by the precise execution of all agreed points. In order to avoid violation of the agreement, it is customary to use security.
It is worth noting:
- Forfeit . This is a certain amount of funds that the debtor will be obliged to pay to the borrower if he improperly or untimely fulfills his part of the agreement.
- Pledge . This is a certain valuable property that is transferred to the creditor as a guarantee that the debtor will fulfill all his obligations in a clearly defined time frame.
- Surety . This is when a third party is vouched for the debtor to fulfill its obligations, ready to take full responsibility in case the latter refuses to fulfill its part of the agreement.
- Bank guarantee. It resembles a guarantee, only in this situation does the financial institution itself play the role of a third party.
- The deduction provides for the presence of the property of the debtor with the creditor until the moment he has fulfilled all his financial obligations. This right is not prescribed in the contract.
- Deposit . This is a certain amount of material resources, which is transferred to the creditor as confirmation that the borrower will fulfill all his obligations.
Full responsibility
An obligation is a legal relationship between the parties, which provides for full responsibility for the failure to fulfill a certain part of the contract. Responsibility provides for unfavorable circumstances of the property type. This is a decrease in property benefits resulting from the recovery of losses or upon payment of a forfeit. An example is small liabilities in the balance sheet. This is a legal necessity for the employer to add additional funds to the main salary in case of late payment or in a situation where the employee works out more hours than stipulated by the contract.
What is a debt obligation?
A debt obligation - in simple words, a receipt - is a free-form document that a lender receives from a borrower when applying for a loan or a loan. The paper in accordance with which the fulfillment of obligations will take place is a document within the framework of which the size of the loan is described and the terms for its repayment are set. The document provides the legal right to the lender to recover the full amount of debt from the borrower at the end of the partnership. A debt obligation is necessarily drawn up if the loan exceeds 10 times the minimum wage.
Some technical points
A bond receipt, or a bond, does not have a clearly defined form. Paper can be presented both in simple writing and certified by a notary. Both document formats have identical legal force, however, if there is a seal and a specialist’s signature when litigation occurs , the debtor has no chance to evade liability. Written obligations must contain all identification data, including registration and address of actual residence. A debt receipt is returned to the borrower after all obligations have been fulfilled in full. When a party evades its obligations, litigation begins. If you ignore the court decision, different penalties are imposed on the borrower .