BUCE uses electronic contracts to formalize all buy/sell transactions executed by exchange trade participants. To sign an electronic exchange contract one needs a valid electronic digital signature (EDS) issued by BUCE free of charge (get your free EDS here). Electronic contracts signed with EDS are as legal and enforceable as traditional paper contracts.
Drawing up and signing
Upon concluding an exchange transaction, the seller and the buyer are to enter into an exchange contract in accordance with the terms of the transaction. All related procedures, including drawing up, signing and registration of the exchange contract, are carried out electronically using the Electronic Documents section of the Personal account. Once the transaction has been executed, the information about it becomes available to both parties in their Personal account.
Each of the parties is authorized to draw up an exchange contract, which is to be done no later than the next calendar day following the transaction. One can use either a standard contract form recommended by BUCE or a customized version.
If one of the parties opts for a customized contract and the other party refuses to sign it, the parties are to use BUCE-recommended contract form that can be downloaded on BUCE website. The parties then sign the exchange contract with their EDS within three business days (five business days for agricultural products) after the transaction date.
Registration of the exchange contract finalizes the exchange transaction between the buyer and the seller. An authorized BUCE employee uses his /her valid EDS to carry out the registration procedure.
If the BUCE-recommended contract form is used, the contract is registered within one business day following the day of its signing by the last party. If the customized version is used, it takes up to three business days to register the contract.
For the exchange contract to be registered the EDS used by the signatories must be valid and the contract itself must reflect the essence of the exchange transaction. Otherwise, BUCE is authorized to refuse contract registration without informing about the reasons for such refusal. Once the reasons for refusal have been eliminated, the parties are to draw up a new exchange contract, sign it with their EDS and submit for registration.