By Gmb Publishing, George Curmi
This is often the 1st authoritative consultant to the clients for enterprise and funding in Albania. It indicates how this small eu nation is establishing up for company having lately bolstered its ties with the ecu via a Stabilization and organization contract. Macroeconomic functionality has greater sharply in recent times, because of rules less than IMF-backed programmes, prompting new curiosity from the foreign company neighborhood.
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3 Agency and Distribution Sophia Darling, Partner, Kalo & Associates Albania’s Civil Code (Law No. 7850, dated 29 July 1994, as amended) contains provisions specifically for the regulation of agency agreements, but not for distributor agreements. The latter appears to be simply governed as a supply or service agreement under the Civil Code (general provisions of contracts). The Civil Code stipulates the principle of freedom of contract, which shall apply to all types of agreements where there are no specific restrictions or limitations provided in the law.
2 Corporate Governance Anisa Rrumbullaku, Head of Corporate/Infrastructure, Kalo & Associates Present situation The general corporate governance legal framework in Albania is almost complete, despite the lack of existence of a clear set of financial and company corporate governance rules. There are, however, various laws that deal with rights, obligations and mechanisms involving, to a great extent, corporate governance. On the other hand, the enforcement of corporate governance rules remains rather poor.
Exclusivity According to the Civil Code, the principal may not employ or engage more than two agents at the same time in the same area and in the same line of business; nor can the agent undertake to transact in the same area and in the same line of business on behalf of more than one enterprise in competition with another. There are very limited sources or tools of legal interpretation within Albanian law; thus it is very difficult, if not impossible at times, to elaborate upon the interpretation or extent to which “same area” or “same line of business” is going to be determined.
Albania's Business Environment by Gmb Publishing, George Curmi