import & export
procedure - 03
Negotiations and Payment
Many Romanian companies, especially SMEs, are inexperienced in export financing.
Often it is up to the trade partner to suggest the financing. The more flexibility,
the better the chance of getting a contract. Contracts with interest payment are
recommended to avoid late payments. The most accepted method of payment is by
confirmed letter of credit. Other arrangements are possible, like unconfirmed
letter of credit or cash against documents.
In order to further harmonise the commercial operations in Romania with the international
regulations, in 1997 three Ordinances of the Romanian Government have been passed
concerning leasing and franchising contracts. In particular, leasing contracts
represent an enforceable title, if the lessee does not return the asset in the
following situations:
1) at the end of the leasing period, the lessee has not carried into effect his
option of acquiring the product or extending the contract;
2) the contract has been cancelled for fault of the lessee (Government Ordinance
51/1997 concerning the leasing operations and leasing companies, modified and
completed by Law 90/1998 and Law 99/1999 regarding certain measures for the acceleration
of the economic reform).
Ordinance 52/1997 establishes the minimum requirements of a franchising contract,
such as necessary clauses providing for the know-how protection and fixing a contractual
duration, which allows the depreciation of the investments made by the beneficiary.
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