Foreign Trade Transaction

Foreign Trade Transaction 

a transaction that involves import-export operations relating to the exchange of goods, services, products of creative activity, and so forth, in which at least one of the parties is a foreign citizen or foreign juristic person. The basic types of foreign trade transactions are contracts of sale, work contracts, contracts of carriage, contracts of agency, and commissions.

In the USSR, foreign trade transactions are effected by all-Union foreign trade associations; other persons have the right to effect such transactions only by special permission of the government of the USSR. The rights and duties of parties to foreign trade transactions are determined by the laws of the place in which the transactions are effected, unless established otherwise by an international treaty or agreement to which the USSR adheres or by an agreement of the parties. The form of the foreign trade transactions effected by Soviet organizations and the procedure for signing the transactions are determined by Soviet legislation, regardless of where the transactions are effected.