Trade will have an updated regulation

Ecuadornews:

More than a century must have passed before the Commercial Code, dating from 1906, is updated. The document prepared by the Economic Regime Commission seeks to stimulate transactions, for exchanges in transparent markets, legalize the concept of fair trade and maximize the rights to develop economic activities. The proposal has been discussed for three years and is preparing to be voted.

The president of the Commission, Pabel Muñoz, explained that the fact that the code has not been updated for so long and that trade continues to operate is because there is a principle, which is also maintained in the regulations, and that is that commercial matter is “the right is put at the service of custom,” he told EXPRESO.

There are some important elements: With regard to insurance, a more agile relationship is established between the insured and the insurer. Example, if tomorrow someone wants to have insurance and look for an insurer, and the simple contact, or the simple verbal agreement already formalizes that you have insurance. But also the obligation that after 48 hours, the parties must sign the contract, where the insured knows that he is insured in so many things and the insurer has so many responsibilities.

Also in this matter it is established that insurance claims can be made up to five years, coinciding with the Administrative Code.

Another aspect is the possibility that you can negotiate with electronic invoices. “What can happen is that if you have an invoice and have not been able to collect yet, and you have a debt with another person, who has the invoice can transfer this to whoever owes you, and whoever assumes this invoice, can generate a discount, and that generates the possibility of having a utility, but the debtor leaves the debt he had, “said Muñoz.

In addition, the obligations of those involved in commercial transactions, acts and contracts of commerce, even if executed by non-merchants, are in force; determine who are merchants and the notion of company.

Regarding the formation of consent in acts and legal business, it benefits the interpretation to the non-merchant, especially in figures such as the commercial sale; regulates the bill of exchange, the promissory note to the order, the negotiable commercial invoice and other unnamed documents, as well as the figure of the endorsement as a form of transfer of rights and obligations of buyer and seller and the transfer of risk; and, summarize all forms of transportation.

Exactly on this last subject there are objections on the part of the assembly member of the Social Christian Party (PSC), César Rohon. “We have some observations. We say that the air transport chapter should not be included in the code, because there is a Civil Aviation Law, an Aeronautical Code and there is an international regulation to which Ecuador is subscribed. The issues have yet to be reviewed, and if corrective measures are not taken, we will not vote, “he said.

Criterion that is not shared by the assembly member and member of the Franco Romero Commission. “This code does not regulate fines, penalties for traffic infractions, it is land, maritime and air transport as far as the commercial relationship is concerned. It is regulating the subject of insurance, which has to do with transport, what it does is facilitate commercial activity, “he said.

It also legalizes the invoice as an executive title, something that had been done, but that was not legalized, that is to say, that the moment a person accepts an invoice is signing a bill of exchange. (I)

Source: https://www.expreso.ec/economia/comercio-tendra-normativa-actualizada-economia-GI2596558