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Contract law in Colombia, positioned within the Civil Code, regulates the legal relation between two parties that voluntarily enter into an agreement. Colombia’s contract law covers all aspects of contract formation, from offer and acceptance to consideration, and also addresses issues such as breach of contract and remedies. The system works under the principle of 'contractual freedom' – parties are generally free to contract on terms they choose, as long as it is within the law’s scope and does not violate public order and morality.
You may need a lawyer when drafting complex contracts, where expert knowledge is necessary to ensure all provisions are in accordance with Colombian laws. Legal advice is also crucial while interpreting existing contractual obligations, particularly in international business scenarios, or during disputes regarding contract terms. Lawyers come in handy if you have suffered from a breach of contract or need to initiate one due to unavoidable circumstances, as they're well-versed in remedies available under the law.
Colombian contract law calls for clear and explicit consent between contracting parties. Any form of coercion or mistake can nullify the contract’s validity. Notably, justifiable cause is required for contract annulment. Furthermore, the law encompasses detailed provisions on various types of contracts like sales, lease, joint venture, and more. Colombia also has laws related to limitation period and the timing within which claims related to breach of contract should be made. It's important to familiarize yourself with these regulations to preserve your rights.
The Civil Code states one must be of legal adult age, which is 18 years, to enter into a contract.
While most contracts are made in writing for purposes of clarity and proof, there are circumstances where oral contracts may be recognized. However, whenever large amounts or critical matters are involved, a written contract is advisable.
Breach of contract in Colombia typically involves failing to fulfill any term of a contract without a legally justifiable cause, such as not delivering services or goods on time, failing to complete a job, or not making a scheduled payment.
The principal remedy is actual damages which are awarded to compensate for the loss suffered upon breach. Punitive damages may also be awarded in some cases.
Depending on the nature of the contract and its terms, you may or may not have the right to cancel it. It is strongly recommended to consult with a lawyer.
The Colombian Judicial Branch and the Colombian Chamber of Commerce are two significant institutions that offer resources and guidance on contract laws. Legal literature on Colombian Civil Code is also readily available for extensive understanding.
If you're in need of legal assistance with regards to contract, it's best to consult with an attorney who specializes in contract law. They can guide you through your legal matter, represent you in court if needed, and work towards ensuring your best interests are served. Always remember to thoroughly review all documentation before signing any contract.
