PERFORMANCE OF OBLIGATIONS. WAYS OF ENFORCEMENT OF OBLIGATIONS

Abstract

1. Performance of an obligation is a certain action or act of omission being the subject of an obligation made by a debtor in favor of a creditor. Obligation must be performed specifically and properly. Proper obligation is the obligation performed Specific performance of the obligation is its performance in kind.

• by the appropriate parties, • according to the subject of performance, • within the stipulated term (period), • in a certain place, • in a proper way

(COMMITTED BY THE APPROPRIATE PARTIES ACCORDING TO THE SUBJECT) The debtor is obliged to perform his/her obligation, and the creditor is obliged to accept the performance in person, unless otherwise provided by an agreement, follows from the essence of the obligation or customary business practices. Performance of the obligation may be assigned by the debtor to another person. (WITHIN THE STIPULATED TERM (PERIOD) If the obligation sets a term (period) for its performance, it is to be performed within this term (period). If the term (period) is not specified, the creditor is entitled to demand its performance at any time, and the debtor shall perform such an obligation within seven days from the date of the demand. (IN A CERTAIN PLACE) The place of performing the obligation shall be established in the agreement. If the place of performance is not established, the performance shall be carried out: 1) under the obligation to transfer immovable property - at the location of this property; 2) under the obligation to transfer the goods (property) arising by virtue of a contract of carriage - at the place of delivery of goods (property) to the carrier; 3) under the obligation to transfer goods (property) arising by virtue of other deeds - at the place of manufacture or storage of goods (property), if such place is known to the creditor at the time of creation of the obligation; 4) under the monetary obligation - at the creditor`s location at the time of creation of the obligation; 5) under another obligation - at the place of residence (location) of the debtor. (IN A PROPER WAY) 1) firstly, the creditor's expenses related to the performance shall be reimbursed; 2) secondly, interest and penalties shall be paid; 3) thirdly, the principal amount of the debt shall be paid. The debtor is entitled to to perform his/her obligation by depositing money or securities due from him/her to the creditor as a deposit of a notary, notary office or escrow account. 2. Types of obligation performance: Alternative Reciprocal Joint Alternative obligation is an obligation where the debtor is obliged to perform one of two or more actions.

Reciprocal performance of an obligation is a performance of an obligation by one of the parties, which in accordance with the agreement is conditioned by performance of an obligation by the other party. Under reciprocal performance of obligations, the parties shall perform their obligations simultaneously In case of a joint and several claim of creditors (joint and several creditors), each of the creditors is entitled to bring the claim to the debtor in full, and the debtor is entitled to perform his/her obligation to any of them at his/her discretion In case of joint obligation of debtors (joint and several debtors), the creditor is entitled to demand performance of the obligation in part or in full both from all debtors jointly and from any of them separately.