A lot of civil law relations that develop between the subjects of economic relations are mandatory. Each party has the right to insist on the fulfillment of the terms of the contract, but does not have the right to force the execution of certain actions.
Obligations arise both among citizens and among organizations. They mediate relations in various fields: production, business, distribution and exchange. Ensuring the fulfillment of obligations arises from the contracts of sale, transportation, delivery, capital construction and others.
Citizens create obligatory legal relations with enterprises during household services, retail sale, transportation of luggage and passengers, use of premises, etc. In developing market relations, such services can also be provided by private entrepreneurs.
Obligations may also arise from the issuance of powers of attorney, gift, loans, etc. In addition, it should be noted that obligations can arise not only from contracts, but also due to other legal grounds. For example, such may be administrative acts, unilateral transactions, causing harm, as well as other actions that give rise to rights and obligations.
Enforcement is established to strengthen contractual discipline. Some property guarantees for the implementation are created - this is a pledge, a penalty, a deposit, a guarantee, a deduction of property and a bank guarantee.
A pledge is a transfer of a debt part of a contract to a creditor of a part of its property before it fulfills its obligations. The use of such guarantees is known to pawnshops, banks, etc.
Forfeit is the enforcement of obligations, in which a certain amount of money is prescribed in the contract, which the principal is obligated to repay in case of improper performance of debt obligations. Typically, such a penalty is set for delay.
The deposit is the amount of money that the debtor gives in respect of payments related to the contract, which is evidence of the fulfillment of the conditions.
A guarantee, as a way to ensure the fulfillment of an obligation, is a certain agreement in which the surety guarantees to the creditor for another person and the fulfillment by him of the debt terms of the agreement. The meaning of such a guarantee is that the creditor has an additional opportunity to receive money not only from the debtor, but also from the guarantor.
Retention of property is the enforcement of obligations under a contract, in which the lender has the right to retain property until the debtor pays the full amount of the contract.
A bank guarantee is a written obligation under which a bank (also another credit or insurance organization), which is a guarantor, pays a certain amount to the creditor in case the latter submits a written request for payment of the required amount of money.
Securing performance of obligations is an additional guarantee for the lender, which helps to prevent or reduce the negative consequences of incorrect transaction.