THE PRINCIPLE OF FREEDOM OF CONTRACT AND CORPORATE CONTRACT

Authors

  • Askar Kaldybayev

DOI:

https://doi.org/10.52026/2788-5291_2021_64_1_142

Keywords:

сorporate Law, corporate agreement, Freedom of contract, content of the corporate agreement

Abstract

The agreement between the participants (shareholders) of the company as a corporate governance tool is widely used in foreign practice. In Kazakhstan, the corporate agreement is not yet fully used, although it can provide flexible and appropriate regulation between the participants of the company, between the participants and third parties, the company itself. This type of agreement is not named in the legislation. Domestic law enforcement officials, and especially judges, are wary of the new mechanisms for regulating corporate relations.

A corporate agreement is usually understood as an agreement through which the participants of the company agree on actions to manage the company and ensure their interests within the framework of such management. Such an agreement is actively used to regulate corporate relations in many countries.

The operation of the contract in the corporate environment and the greater number of peremptory norms does not mean that the principle of freedom of contract, including in terms of determining its content, has only partial application in relation to a corporate contract. And if so, then general restrictions on the freedom of contract apply to this agreement.

Relying on freedom of contract and autonomy of will, company participants can include in their contract those provisions that they consider important and necessary to ensure and protect their rights and interests, to achieve their legitimate goals. But when establishing such provisions, the parties to the contract must take into account the restrictions that exist in the law to protect the public interests and the interests of persons in need of such protection.

Published

30.03.2021

How to Cite

Kaldybayev А. К. (2021). THE PRINCIPLE OF FREEDOM OF CONTRACT AND CORPORATE CONTRACT. Scientific and Legal Journal «Bulletin of the Institute of Legislation and Legal Information of the Republic of Kazakhstan», 1(64). https://doi.org/10.52026/2788-5291_2021_64_1_142