Commercial Power of Attorney in Lithuania
Definition and Scope of Commercial Power of Attorney A commercial power of attorney is a legal authorization by which a legal entity (entrepreneur) grants its employee or another person the…
Contract for Work in Lithuania
Principles of Concluding a Contract A contract for work is an agreement in which one party (the contractor) undertakes to perform a certain task at their own risk, in accordance…
Earnest Money in Lithuania
Definition of Earnest Money Earnest money – is a sum of money that one party to a contract pays to the other, using funds allocated for the performance of the…
Assignment of Claim in Lithuania
Transfer of Claim Rights Assignment of a claim (cession) refers to the transfer by the original creditor (assignor) of an existing or future claim (in whole or in part) to…
Rent in Lithuania
Concept of Rent Rent – under a rent agreement, one party – the rent payer (debtor) undertakes to periodically pay a specified sum of money (the rent) to the other…
Restitution in Lithuania
Concept and Conditions for Applying Restitution Restitution is the full or partial restoration of the proprietary situation of the parties to a void transaction to the condition that existed prior…
Transactions in Lithuania
Concept of Transactions Transactions are actions of individuals aimed at creating, modifying, or terminating civil rights and obligations. These are expressions of intent, consciously directed at achieving a specific legal…
End of Marriage in Lithuania
A marriage ends: Due to objective circumstances, independent of the spouses' will: a) in the event of the death of a spouse. Due to subjective reasons — dissolution of marriage…
Servitude in Lithuania
The Concept of Servitude and Its Application Principles Servitude is the right to use another person's immovable property (referred to as the servient property) or the restriction of the owner’s…
Debt Transfer in Lithuania
Concept of Debt Transfer Debt transfer in Lithuania refers to a situation where a third party, under a contract with the creditor, assumes the obligations and rights of the debtor.…
Subrogation in Lithuania
Subrogation means the transfer of a claim to a third party by way of recourse A claim is transferred to a third party by way of recourse when: The claim…
Settlement Agreement in Lithuania
Essence of the settlement agreement By concluding a settlement agreement, the parties resolve an existing legal dispute through mutual concessions, prevent the emergence of a dispute in the future, resolve…