BIZCHINA / Company laws
Contract Law of the People's Republic of China
Updated: 2006-04-17 10:00
Article 98 The termination of the rights and obligations of a contract
may not affect the force of the settlement and clearance clauses in the
contract.
Article 99 Where the parties to a contract have debts due mutually and
the category and character of the debts are the same, any party may
offset his debt against the other's one, except that the debts may not be
offset according to the provisions of the laws or to the character of the
contract.
Any party advancing to offset the debts shall make a notice to the other
party. Such notice shall be effective upon the arrival at the other
party. The offset may not be accompanied by any conditions or time limit.
Article 100 Where the parties to a contract have debts due mutually and
the category and character of the debts are different, the debts may be
offset against each other if both parties have reached a consensus
through consultation.
Article 101 The obligor may deposit the object if the debt obligations
are difficult to be performed under any of the following circumstances:
(1) The obligor refuses to accept them without justified reasons;
(2) The obligee is missing;
(3) The obligee is deceased and the heir is not yet determined, or the
obligee has lost his conduct capacity and the guardian is not yet
determined; or
(4) Other circumstances as stipulated by law.
If the object is not fit to be deposited or the deposit expenses are
excessively high, the obligor may, according to law, auction or sell the
object and deposit the money obtained therefrom.
Article 102 After the object is deposited, the obligor shall, except that
the obligee is missing, make a notice promptly to the obligee or the
obligee's heir or guardian.
Article 103 The risk of damage to and missing of the object after being
deposited shall be borne by the obligee. During the period of depositing,
the fruits generated by the object shall belong to the obligee. The
deposit expenses shall be borne by the obligee.
Article 104 The obligee may claim the deposited object at any time.
However, if the obligee is under a debt due to the obligor the deposit
authorities shall refuse him to claim the deposited object at the request
of the obligor, before the obligee has performed his debt obligations or
provides a guaranty.
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