Contracts

Updated: 17.03.2011

The introduction of the euro does not amend or modify the terms and conditions of any legal instruments or exempt anyone from the fulfilment of obligations undertaken; neither does it grant any party the right to amend or terminate unilaterally a valid document.

There is no need to re-draft any agreements for the purchase of goods and services. If the change leads to amendments in the essential terms of the contract, the contract may be amended by mutual agreement, if necessary.

If a product was bought for kroons and is returned to a shop at the time when the legal currency is the euro, the deal will be settled in euros and the recalculation will be done at the official rate of Eesti Pank.

If a prepayment was made in kroons when a product or a service was ordered, but the outstanding sum will be paid in euros upon receipt, the transaction will be settled in euros and the recalculation will be done at the official rate of Eesti Pank.

There will be special regulations for documents certifying advance payments, such as stamps, tickets, gift cards, etc:

i)                    at least three months prior to the changeover all institutions of the public sector will be obliged to give notification of the period of validity of tickets and other documents they have previously issued and the conditions for using those documents after the euro changeover;

ii)                   there will be a minimum period of validity for stamps of at least three years from the introduction of the euro;

iii)                 there will be a minimum period of validity for local public transport tickets denominated in kroons of three months following €-day. Documents certifying an advance payment which indicate a term of validity will be valid for the term stated.