Thai Contract Definitions A to Z

As a legal term (in for example use and fruits as in usufruct) it refers to natural fruits such as natural production, offspring obtained from a thing and legal fruit such as interest (rent) obtained periodically by the owner from another person for the use of the thing.

The involuntary loss of money (as a penalty) without compensation as a result of a breach of contract.

Standard legal language (French) referring to an extraordinary event or circumstance beyond control of parties. The risks beyond the reasonable control of a party such as war and natural disasters (act of god) that could not be evaded through the exercise of due care and which is not a product or result of the negligence or malfeasance. In the Thailand Civil and Commercial Code it is described as 'any event the happening or pernicious result of which could not be prevented even though a person against whom it happened or threatened to happen were to take such appropriate care as might be expected from him in his situation and in such condition' (section 8).

Term in contract law, refraining from doing something that one has a legal right to do, giving of further time for repayment of an obligation or agreement (not to enforce a claim at its due date).

The official statement (Foreign Exchange Transaction (reporting) form) between a licensed financial institution (Thai bank) and the Bank of Thailand required for reporting any overseas remittance and exchange of foreign currencies of more than 50.000 USD (or equivalent in other currencies) into Thai baht in Thailand.