Employment Contract in Lithuania
Key Provisions of the Employment Contract An employment contract is an agreement between an employee and an employer under which the employee undertakes to perform work corresponding to a certain…
Termination of the Employment Contract in Lithuania
An employment contract is terminated: By mutual agreement – either party may propose in writing to terminate the contract by mutual consent. If the other party agrees, they must notify…
A Gift Agreement in Lithuania
Gift Agreement: Content, Conditions, and Limits of Validity A gift agreement is a contract under which one party (the donor) transfers property or a property right (claim) to another party…
Insurance Contract in Lithuania
Insurance Under an insurance contract, one party (the insurer) undertakes, in return for an insurance premium specified in the contract, to pay the other party (the policyholder) or a third…
Factoring in Lithuania
Assignment of Monetary Claims Factoring is a financial transaction in which one party (the factor) transfers or undertakes to transfer money to another party (the client) in exchange for the…
Legal Capacity of a Natural Person in Lithuania
Concept and duration The legal capacity of a natural person is the ability of an individual to have civil rights and obligations granted by law. Legal capacity defines the legal…
Capacity to act of a natural person in Lithuania
Concept and Forms Capacity to act of a natural person refers to the ability of an individual to independently acquire civil rights and assume civil obligations through their own actions…
Franchise in Lithuania
A Form of Cooperation A franchise is a form of long-term cooperation regulated by an agreement between two legally independent businesses, where, in exchange for a one-time and/or ongoing fee,…
Guarantee in Lithuania
Guarantor’s Obligation A guarantee is a unilateral undertaking by the guarantor to pay the amount specified in the guarantee, in whole or in part, to another person – the creditor,…
Mortgage in Lithuania
Conditions and Legal Consequences A mortgage is the encumbrance of immovable property to secure the fulfillment of an existing or future financial obligation, where the pledged property is not transferred…
Limitation Period in Lithuania
Concept of the Limitation Period The limitation period is a time frame established by law within which a person may defend their violated rights by bringing a claim before the…
Acquisitive Prescription in Lithuania
The Essence of Acquisitive Prescription Acquisitive prescription is a situation in which a natural or legal person, who is not the owner of a thing, but has acquired it in…