Annual meeting of shareholders that makes essential decisions regarding the legal entity’s activities, such as the election of General Director.

Reorganisation procedure whereby a legal entity takes over another one (the legal entity that is taken over is terminated, and its assets are transferred to the acquiring company).

International arbitration not administered by a specialised institution.

A settlement agreement that may be concluded at any stage of insolvency proceedings between the debtor, insolvency creditors and authorised bodies subject to approval by by the commercial (arbitrazh) court.

28 days of paid vacation time that can be used by every employee annually. Increased vacation durations is mandatory for certain categories of employees (working in harmful or dangerous conditions, in the Far North and equated territories, under irregular working hours etc.). 

Agreements between business entities that may result in restriction of competition, such as cartels, vertical agreements and other anticompetitive agreements (e.g. including ‘tying provisions’, price discrimination, barrier to enter/exit market etc.)

Written agreement referring a dispute to arbitration, thereby depriving state courts of their jurisdiction. Parties can refer to arbitration a wide range of issues, save for disputes arising from administrative relations (e.g., tax and customs) and disputes that fall within the exclusive jurisdiction of commercial (arbitrazh) courts (e.g., disputes arising from bankruptcy proceedings). 

Decision issued by a sole arbitrator or an arbitral tribunal in accordance with an arbitration agreement entered into by the parties.

Courts responsible for hearing a wide range of cases dealing with issues of commercial character, that have 4 levels: first instance court, court of appeal, cassation court, and court of supervisory appeal (Supreme Court). A ruling issued by the Supreme Court’s Presidium cannot be further appealed.

Form of financial liability for failure to execute a judicial decision. A party that won a court case may request that the court grant a relevant order obliging the losing party to pay monetary compensation for non-performance of the judicial decision.

Body that performs revisory functions in a legal entity; it is an optional body in LLCs and JSCs with less than 50 shareholders.