Trade credit and its types. Trade credit. See what “commodity credit” is in other dictionaries

In Chapter 42 “Loan and Credit”, the Civil Code of the Russian Federation establishes the concepts of commodity and commercial credit, the subject of which, just like in a loan agreement, can be things defined by generic characteristics.

Trade credit defined by Article 822 of the Civil Code of the Russian Federation:

“The parties may enter into an agreement providing for the obligation of one party to provide the other party with things defined by generic characteristics (commodity credit agreement).” The rules relating to a loan agreement apply to such an agreement, unless otherwise provided for by such an agreement and does not follow from the essence of the obligation.”

A trade credit agreement provides for the obligation of one party to provide the other party with things defined by generic characteristics. A commodity loan is intended to satisfy a person’s needs for production and consumption products that this person does not have at the time of entering into the contract.

The rules of paragraph 2 of Chapter 42 “Loan and Credit” of the Civil Code of the Russian Federation apply to such an agreement, unless otherwise provided by the agreement and does not follow from the essence of the obligation, that is, the rules provided for the loan agreement. In turn, paragraph 2 of Article 819 of the Civil Code of the Russian Federation establishes that the rules applicable to the loan agreement apply to credit legal relations.

It follows from this, firstly, that the things transferred under a commodity loan become the property of the borrower and, secondly, that a commodity loan has the characteristic of repayment, characteristic of other borrowed obligations.

Since a trade credit agreement is concluded, as a rule, for production purposes, not only the rules on a loan (credit) are applied to it, but also additional conditions: on quantity, on assortment, on quality, on packaging and other rules of the chapter on the sale and purchase of goods (Articles 465 - 485 of the Civil Code), unless otherwise provided by the loan agreement. Parties to the contract are any subjects of civil law.

An example of the use of the legal structure of commodity credit is the procedure for guaranteed supply of municipal enterprises and social organizations financed from the city budget with food products.

The concept of a commercial loan is given by paragraph 1 of Article 823 of the Civil Code of the Russian Federation:

“Agreements, the execution of which is associated with the transfer to the ownership of another party of money or other things determined by generic characteristics, may provide for the provision of a loan, including in the form of an advance, prepayment, deferment and installment payment for goods, work or services (commercial loan) , unless otherwise provided by law."

With a commercial loan, the agreement includes a condition by which one party grants the other party a deferment or installment plan for the fulfillment of any obligation (to pay money or transfer property, perform work or services). The provision of such a loan is inextricably linked with the agreement of which it is a condition. Commercial lending can be considered any discrepancy in the timing of reciprocal obligations under a concluded contract, when goods are delivered (work is performed, services are provided) before payment is made, or payment is made before the goods are transferred (work is performed, services are provided).

In most cases, commercial lending is carried out without special legal registration due to one of the terms of the concluded agreement (advance payment, installment plan, etc.). For these purposes, the rule of paragraph 2 of Article 823 of the Civil Code of the Russian Federation is formulated stating that the rules of the chapter on the loan are applied to a commercial loan, unless otherwise provided by the rules on the agreement from which the corresponding obligation arose, and does not contradict the essence of such an obligation.

In accordance with paragraphs 13, 14 of Resolution No. 13/14, interest charged for using a commercial loan (including advance amounts, prepayment) is a fee for the use of funds. If there are no conditions in the law or agreement on the amount and procedure for paying interest for using a commercial loan, courts should be guided by the provisions of Article 809 of the Civil Code of the Russian Federation. Interest for using a commercial loan is payable from the date determined by law or agreement. If this point is not defined by law or contract, it should be assumed that such an obligation arises from the moment of receipt of goods, work or services (in case of deferred payment) or from the moment of provision of funds (in case of advance or prepayment). Terminates when the party receiving the loan fulfills its obligations or when the loan received as a commercial loan is returned.

A commercial loan is assumed to be interest-free, unless it expressly provides otherwise, in cases where an agreement is concluded between citizens for an amount not exceeding 50 times the minimum wage established by law, and is not related to the entrepreneurial activity of at least one of the parties ( paragraph 3 of Article 809 of the Civil Code).

In the event that the seller does not fulfill the obligation to transfer the prepaid goods and is not otherwise provided for in the purchase and sale agreement, interest is payable on the amount of the prepayment in accordance with Article 395 of the Civil Code of the Russian Federation from the day when, according to the contract, the transfer of goods must be made until the day transfer of goods to the buyer or return to him of the amount previously paid by him. The contract may provide for the seller's obligation to pay interest on the amount of the advance payment from the day of receipt of this amount from the buyer until the day the goods are transferred or the seller returns the funds if the buyer refuses the goods. In this case, interest is charged as a fee for the commercial loan provided.

In the case where the purchase and sale agreement provides for payment for the goods after a certain time after its transfer to the buyer, or payment for the goods in installments, and the buyer does not fulfill the obligation to pay for the transferred goods within the period established by the agreement, the buyer, in accordance with paragraph 4 of Article 488 of the Civil Code of the Russian Federation, is obliged pay interest on the amount whose payment is overdue, in accordance with Article 395 of the Civil Code of the Russian Federation from the day when the goods must be paid for under the contract until the day the buyer pays for the goods, unless otherwise provided by the Civil Code of the Russian Federation or the purchase and sale agreement.

The contract may provide for the buyer's obligation to pay interest in an amount corresponding to the price of the goods, starting from the day the goods are transferred by the seller (clause 4 of Article 487 of the Civil Code of the Russian Federation). The specified interest, accrued (unless otherwise established by the contract) until the day when payment for the goods was made, is a payment for a commercial loan (Article 823 of the Civil Code of the Russian Federation).

The lender, transferring goods under a commodity loan agreement to the borrower, in accordance with paragraph 2 of Article 819 of the Civil Code of the Russian Federation and paragraph 1 of Article 807 of the Civil Code of the Russian Federation, also transfers the ownership of it. But in this case, the transfer of goods to the borrower is repayable, which is a characteristic feature of a commodity loan.

Since a commodity loan agreement is concluded, as a rule, for production purposes, not only the rules of Chapter 42 “Loan and Credit” of the Civil Code of the Russian Federation are applied to it, but also additional conditions provided for in Articles 465 - 485 of the Civil Code of the Russian Federation (on quantity, on assortment, on quality , on packaging) and other articles of the chapter on the purchase and sale of goods, unless otherwise provided by the loan agreement.

Trade credit, like any loan, implies interest on the use of someone else's funds. A loan, for example, as is known, unlike a loan, can be interest-free. As already noted, loan and credit agreements have significant differences.

Let us also remind you that a loan can only be provided by a credit organization that has a license. The parties to a trade credit agreement are any subjects of civil law.

Organizations concluding trade credit agreements carry out operations that, as in the case of other borrowed funds, can be divided into the following three stages:

· obtaining borrowed funds;

· accrual and payment (receipt) of interest for the use of borrowed funds;

· repayment of borrowed funds.

And in the case of a trade loan, the most difficult step is the stage that regulates the occurrence of interest on debt obligations and their payment. Business entities also make mistakes with the reflection of interest on trade credit agreements in accounting and tax accounting, which ultimately leads to disputes with inspection authorities. There are a particularly large number of errors when determining the taxable base.

Article 269 of Chapter 25 of the Tax Code of the Russian Federation establishes that when concluding a trade credit agreement, as in the case of a credit, commercial loan, loan or other borrowing, regardless of the form of execution of the agreement, business entities have so-called “debt obligations” taken into account for the purposes of calculating tax at a profit.

When calculating income tax, the cost of goods received or transferred on credit under a trade credit agreement does not need to be taken into account in accordance with paragraph 10 of Article 251 and the Tax Code of the Russian Federation.

According to the Tax Code of the Russian Federation, the lender must include interest as part of taxable income. The borrower has the right to reduce taxable profit by the amount of interest. But only in an amount not exceeding the average interest rate on comparable trade loans. If the borrower does not have such loans, then interest is taken into account in an amount not exceeding the refinancing rate of the Central Bank of the Russian Federation, increased by 1.1 times.

A controversial point is the transfer of goods to the borrower in terms of value added tax.

If we assume that along with the goods the ownership right to it is transferred, in accordance with paragraph 2 of Article 819 of the Civil Code of the Russian Federation and paragraph 1 of Article 807 of the Civil Code of the Russian Federation, then The goods are recognized as sales and are subject to value added tax (hereinafter VAT). By charging VAT, the lender can deduct the tax paid on the purchase of goods transferred on credit. And the borrower has the right to deduct VAT paid on goods purchased to repay the loan.

According to Article 822 of the Civil Code of the Russian Federation, the borrower returns the same product within the prescribed period. This means that the transfer of goods is returnable in nature and therefore cannot be a realization. In this case, the parties to the transaction will not be able to deduct “input” VAT, on the basis of paragraph 2 of Article 171 of the Tax Code of the Russian Federation, since goods are used in tax-exempt activities.

A trade credit agreement concerns relations that arise during the temporary borrowing of things (raw materials, materials and other mass-produced goods) subject to their return within the time limits established by the agreement. In this regard, a commodity credit agreement is similar to a loan agreement, because according to Article 807 of the Civil Code of the Russian Federation:

"1. Under a loan agreement, one party (the lender) transfers into the ownership of the other party (borrower) money or other things determined by generic characteristics, and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal number of other things received by him of the same kind and quality "

If a trade credit agreement, like a loan agreement, is concluded with a supplier, the purchased goods become the property of the trade organization, and it has the full right to sell it, transfer it for sale to other enterprises, that is, to perform any actions with the goods provided for by law.

However, a trade credit agreement has some differences from a loan agreement.

We present the differences between these two types of contracts in the form of a table to make it more clear:

Trade credit agreement	Loan agreement
1. Moment of conclusion of the contract The moment of its signing. The fact of transfer of goods does not affect the moment of conclusion of the contract.	1. Moment of conclusion of the contract The moment of transfer of funds or other things that are the subject of this agreement. Even if agreement is reached on all essential terms of the contract, it will not be considered concluded until the actual transfer of funds or things to the borrower.
2. Bilateral agreement After its conclusion, both parties have both rights and obligations.	2. Unilateral agreement After its conclusion, the lender only has the right to demand the repayment of the loan, and the borrower only has the obligation to repay it.
3. Compensatory agreement A contract can be free of charge only if this is expressly stated in the contract.	3. Free contract Under the loan agreement, things (goods) are transferred (clause 3 of Article 809 of the Civil Code of the Russian Federation). A contract can be compensated only if it is specifically agreed upon.

A loan agreement is concluded in cases where the lender does not undertake the obligation to provide the corresponding goods, and the transfer of the goods itself is an element of the procedure for drawing up a real loan agreement. A trade credit agreement, like a loan agreement, includes the obligation of the creditor to transfer goods to the debtor in fulfillment of the agreement (the agreement is recognized as consensual, that is, from the moment of its conclusion the parties have mutual rights and obligations).

A trade loan agreement is a bilateral agreement: after its conclusion, both parties have both rights and obligations - one party acquires the right to demand that the other issue goods on credit, that is, the lender is obligated to provide a loan in the form of goods. The borrower is obligated to accept the loan within the period stipulated by the agreement.

Unlike a loan agreement, unless otherwise provided for by such an agreement and does not follow from the essence of the obligation, Articles 820, 821 of the Civil Code of the Russian Federation are applied to a commodity loan agreement, establishing the rules on the form of the agreement and the grounds for the parties’ refusal to provide or receive a loan (Article 822 of the Civil Code RF).

Let us turn to paragraph 1 of Article 819 of the Civil Code of the Russian Federation:

"1. Under a loan agreement, a bank or other credit organization (lender) undertakes to provide funds (loan) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount of money received and pay interest on it.”

A trade credit agreement differs from a credit agreement in a number of ways. A commodity loan provides for the issuance to the borrower of things with certain generic characteristics - money, that is, the object of a commodity loan is things other than money, and the loan agreement generates exclusively a monetary obligation.

The scope of the loan agreement is limited to the area of ​​activity of professional lenders - banks and other credit organizations. In a loan agreement, only a bank or other credit organization that has a license to carry out banking operations can act as a creditor. The parties to a trade credit agreement can be any legal entities or individuals, that is, the scope of a trade loan is not limited to an exhaustive list of its participants. Participants in commodity credit relations are usually entrepreneurs associated with production that requires continuous consumption of certain types of raw materials.

These features are the main differences between a trade loan agreement; otherwise, it is subject to the general rules of a loan agreement (Part 1 of Article 822 of the Civil Code of the Russian Federation), in particular, the conclusion in writing, the procedure for refusing to provide or receive a loan (Article 821 of the Civil Code of the Russian Federation).

Differences between a trade credit agreement and a credit agreement.

Trade credit agreement	Loan agreement
1. Subject of the agreement Things defined by generic characteristics (goods) Money cannot be the subject of an agreement.	1. Subject of the agreement Cash (loan).
2. Creditor Legal or natural person.	2. Lender A bank or other credit organization that has a license.
3. Not significant.	4. Condition on the loan repayment period Is essential.

Thus, a trade credit agreement has its own characteristic object and scope of application.

At the same time, as noted above, in accordance with Article 822 of the Civil Code of the Russian Federation, the rules of paragraph 2 of Chapter 42 of the Civil Code of the Russian Federation on the loan agreement are applied to the trade loan agreement, unless otherwise provided for in the trade loan agreement and does not follow from the essence of this obligation.

Trade credit should be distinguished from commercial lending. The rules applicable to a commercial loan are set out in Article 823 of the Civil Code of the Russian Federation:

"1. Agreements, the execution of which is associated with the transfer to the ownership of another party of money or other things determined by generic characteristics, may provide for the provision of a loan, including in the form of an advance, prepayment, deferment and installment payment for goods, work or services (commercial loan), unless otherwise provided by law.

2. The rules of this chapter accordingly apply to a commercial loan, unless otherwise provided by the rules of the agreement from which the corresponding obligation arose and does not contradict the essence of such an obligation.”

Based on the text of this article, two important legal provisions emerge:

Paragraph 1 emphasizes the legality of selling goods on credit, making advances to contractors and other types of commercial credit;

The second paragraph defines the range of rules applicable to a commercial loan. According to this paragraph, the rules contained in Chapter 42 of the Civil Code of the Russian Federation are applied to a commercial loan, unless otherwise provided by the rules on the agreement from which the corresponding obligation arose, and if such application does not contradict the essence of this obligation.

Differences between a commodity loan agreement and a commercial loan agreement.

The definition of a commercial loan given in Article 823 of the Civil Code of the Russian Federation says that a commercial loan is a civil obligation that provides for deferment or installment payment for goods, work or services, as well as the provision of funds in the form of an advance or prepayment. That is, a commercial loan is a loan provided not under an independent borrowing obligation (loan agreement, credit agreement, trade loan agreement), but in pursuance of contracts for the sale of goods, performance of work or provision of services.

Consequently, commercial lending is legally inextricably linked with the agreement of which it is a condition. That is, a commercial loan is payment clause contained in a compensation agreement.

Article 823 of the Civil Code of the Russian Federation names typical cases of a commercial loan in its legal meaning: advance payment, advance payment, deferment or installment payment for goods, work or services. Any contract (for example, a contract of purchase and sale, delivery, performance of work, provision of services, etc.) may include a condition for full advance payment or advance payment (partial payment) of the provided property, results of work or services (established in the interests of the alienator or service provider) or a condition for deferment or installment payment of such payment (serving the interests of the purchaser or service recipient). That is, a commercial loan can be divided into two types:

1) deferment or installment plan of payment provided by the seller of property to the buyer, for which it is possible to receive remuneration as a percentage of the amount of the deferment provided or in an established amount.

Example 1.

Raduga LLC sells 10 tons of metal to Katyusha JSC at a price of 2,000 rubles per ton. The terms of the agreement stipulate that payment will be made after 6 months. For granting a deferred payment, Katyusha CJSC pays 5% of the cost of the supplied metal for each month of the deferred payment. JSC Katyusha used the resulting metal to produce products.

2) advance payment (advance payment) to the seller, for which it is also possible to receive a reward.

Example 2.

LLC "Raduga" entered into an agreement for the supply of 200 tons of cement to JSC "Katyusha". The cost of 1 ton of cement is 200 rubles, including VAT. Delivery will be made 6 months after the conclusion of the contract. The payment terms stipulate that if the entire batch of material is paid for within 10 days after the conclusion of the contract, the selling price of 1 ton of cement will be reduced by 10% and amount to 180 rubles. CJSC Katyusha made an advance payment in accordance with the specified condition, transferring 36,000 rubles.

Thus, the provision of a commercial loan assumes that, under the terms of this agreement, each party plays a dual role: the seller of the goods is simultaneously a lender, and the buyer is a borrower, or vice versa.

An analysis of the Civil Code of the Russian Federation shows that the provisions of Chapter 42 of the Civil Code of the Russian Federation have different meanings for credit relations arising under sales and purchase agreements, contracts, and paid services. Advance payment for goods; payment for goods sold on credit; payment for goods in installments (as special cases of a commercial loan) are quite fully regulated by special rules on purchase and sale (Article 488 “Payment for goods sold on credit” of the Civil Code of the Russian Federation and Article 489 “Payment for goods in installments” of the Civil Code of the Russian Federation). Therefore, there is practically no need to apply any rules of Chapter 42 of the Civil Code of the Russian Federation to such cases of commercial credit. Regarding construction contracts (Chapter 37 of the Civil Code of the Russian Federation); contracts for the implementation of research, development and technological work (Chapter 38 of the Civil Code of the Russian Federation); contracts for paid services (Chapter 39 of the Civil Code of the Russian Federation), the execution of which is often associated with advance payment or prepayment for work and services, then the indicated chapters of the Civil Code of the Russian Federation do not establish special rules on this type of commercial lending. Therefore, there are grounds for applying in these cases a number of provisions of Chapter 42 of the Civil Code of the Russian Federation and, above all, the rules on the consequences of violation by the borrower of the loan agreement (Article 811 of the Civil Code of the Russian Federation).

In accordance with paragraph 2 of Article 823 of the Civil Code of the Russian Federation, the provisions contained in Chapter 42 of the Civil Code of the Russian Federation “Loan and Credit” are applied to a commercial loan, unless otherwise provided by the rules on the agreement from which the corresponding obligation arose, and if such application does not contradict the essence of this obligation (for example, the possibility of unilateral refusal to provide or receive a loan provided for in Article 821 of the Civil Code of the Russian Federation is hardly applicable to the situation under consideration). This means that when making payments under any agreement, you should first of all be guided by the rules established by the Civil Code of the Russian Federation in relation to this type of agreement, and only in their absence (in whole or in any part) should you refer to Chapter 42 of the Civil Code of the Russian Federation.

It should be noted that the agreement for the “purchase and sale of goods on credit” (Article 488 of the Civil Code of the Russian Federation) or another agreement that provides for the provision of a commercial loan, and the agreement for “commodity credit” (Article 822 of the Civil Code of the Russian Federation) are different in their legal nature. Replacing one concept with another in a purchase and sale agreement may lead to negative legal consequences.

Having highlighted the qualifying features inherent in a trade credit agreement as an independent type of transaction, we emphasize that when concluding an agreement, a clear formulation of its terms is important. Failure to follow basic rules in formulating the terms of a contract can lead to serious negative tax and legal consequences for both parties.

In accordance with Article 431 of the Civil Code of the Russian Federation, when interpreting the terms of an agreement, the court takes into account the literal meaning of the words and expressions contained in it, as well as the actual will of the parties, taking into account the purpose of the agreement.

Of course, if a dispute arises over such civil law agreements, the court will check the compliance of the name of the agreement with its contents, however, it seems correct to initially understand the difference between the different types of contractual relations and not allow legal errors to be made during their legal registration, which, in turn, will entail incorrect procedure for taxation of transactions. Let us give specific examples when provisions on another type of agreement were applied to the terms of a trade credit agreement.

1. If, in accordance with the terms of the agreement, a party, in repayment of its obligation under a commodity loan, returns property of a completely different type and quality than previously received, the provisions on the exchange agreement will be applied to the legal relationship.

2. If one party provides the other party with specific property with the latter’s obligation to return this particular property without paying the enterprise any remuneration, then it is necessary to conclude an interest-free use (loan) agreement in compliance with the requirements of Chapter 36 of the Civil Code of the Russian Federation.

The whole peculiarity is that under a lease agreement, things are transferred for temporary use that, during their use, do not lose their natural properties and can be individually determined. For example, you can rent out a building or a car. Under a trade credit agreement, one party provides the other party with things defined only by generic characteristics, returns an equal number of things, and not the things themselves.

3. If an agreement is concluded between the parties, in accordance with the terms of which one party undertakes to supply goods to the other party, and the latter, in turn, to accept and pay for it with a delay of a certain duration from the moment of its receipt, then the relations arising between the parties should be considered as a purchase and sale relationship with elements of commercial lending.

(See Resolution of the FAS of the North-Western District dated August 20, 2001 No. A05-2534/01-136/23, Resolution of the FAS of the North Caucasus District dated January 10, 2001 No. F08-3875/2000, Letter of the Ministry of the Russian Federation for Taxes and Duties for the city of Moscow dated December 6, 2001 No. 02-11/56847).

4. If, under the terms of the contract, one party transfers goods to the other, and the other party, after a certain time, undertakes to pay for part of the goods in cash and return the rest in kind, then this contract should be considered as a mixed one, including elements of a purchase and sale agreement ( Article 454 of the Civil Code of the Russian Federation) and commodity credit (Article 822 of the Civil Code of the Russian Federation).

The possibility of such a combination of legal relations is provided for in Article 421 of the Civil Code of the Russian Federation, according to which the parties can enter into an agreement containing elements of various agreements provided for by law or other legal acts (mixed agreement). The relations of the parties under a mixed contract are applied in the relevant parts to the rules on contracts, the elements of which are contained in the mixed contract, unless otherwise follows from the agreement of the parties or the essence of the mixed contract.

Under a purchase and sale agreement, the buyer is obliged to pay for the goods immediately before or after the seller transfers the goods to him, unless otherwise provided by law, other legal acts or the contract and does not follow from the essence of the obligation (Article 486 of the Civil Code of the Russian Federation).

Under the terms of a commodity loan, the borrower undertakes to return to the lender the items received, determined by their generic characteristics, and to pay interest, unless otherwise provided by the agreement (Resolution of the Federal Antimonopoly Service of the North Caucasus District dated March 9, 2000 No. F08-451/2000).

5. If, under the terms of the contract, one party undertakes to transfer certain things to the other party, and the other party undertakes, after a specified time, to return things of the same kind and quality or to pay their cost. In this case, the agreement must be qualified as a commodity lending agreement, the terms of which provide for an alternative obligation of the debtor: to return the items in kind or to pay their cost.

According to Article 320 of the Civil Code of the Russian Federation, a debtor obliged to transfer one or another property to the creditor or to perform one of two or more actions has the right to choose, unless otherwise follows from the law, other legal acts or the terms of the obligation.

If the debtor fulfills the obligation by transferring the same things in kind, then the relationship between the parties is considered as carried out within the framework of a trade credit agreement. If the debtor fulfills his obligation by providing the cash equivalent, then the relationship should be considered as a purchase and sale of goods with the condition of a commercial loan.

If, having chosen the method of fulfilling the obligation, the debtor allows a delay in performance, then appropriate measures of civil liability are applied to him. In the first case - on the basis of Article 395 of the Civil Code of the Russian Federation, which provides for liability for failure to fulfill a monetary obligation, and in the second - on the basis of Article 396 of the Civil Code of the Russian Federation, which establishes liability for improper fulfillment of an obligation in kind (see Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated June 19, 2001 No. 7800/00).

In accordance with Article 432 of the Civil Code of the Russian Federation, the conclusion of an agreement means reaching an agreement on all its essential terms. Essential are the conditions on the subject of the contract, the conditions that are named in the law or other legal acts as essential or necessary for contracts of this type, as well as all those conditions regarding which, at the request of one of the parties, an agreement must be reached.

An agreement concluded in accordance with the established procedure determines the rights and obligations of the parties.

A trade credit agreement must be concluded in writing. Article 820 of the Civil Code of the Russian Federation also regulates relations arising within the framework of trade credit. It contains a mandatory rule stipulating that failure to comply with the written form entails the invalidity of the loan agreement.

The essential terms of a trade loan agreement include conditions about its subject, that is, things that are transferred into the ownership of the borrower and must be returned to them after the specified period.

In accordance with Article 822 of the Civil Code of the Russian Federation, in the absence of special conditions in the agreement, the rules on purchase and sale are applied to a commodity loan, providing for requirements for the quantity, assortment, completeness, quality, container and packaging of transferred goods.

In this regard, the terms of the agreement on the quantity, assortment, completeness, quality, container and (or) packaging of the things provided must be fulfilled in accordance with the rules on the agreement for the sale and purchase of goods, unless otherwise provided by the trade credit agreement, since this also involves on the alienation of these things into the ownership of the borrower.

Based on the norms of Articles 454 and 455 of the Civil Code of the Russian Federation, such an agreement will be considered concluded only when agreement is reached on the subject of the agreement, that is, on the name and quantity of goods transferred on credit. In addition, the borrower must agree in the contract the terms on the quality, assortment, and completeness of the purchased goods and require the lender to strictly comply with these rules.

Therefore, an essential condition of a trade credit agreement is to indicate the name and quantity of the goods transferred on credit.

One of the most common mistakes is the failure to indicate a specific type, grade and quantity of goods as the subject of a trade loan (for example, the contract states: “food products”). If, for example, the range and quantity of goods are established by any other documents (most often specifications or additions to the contract), then the contract must indicate that these documents are integral parts of this contract.

In addition, a trade credit agreement may contain many other conditions that are no less important for regulating relations under a trade credit agreement, although their inclusion in the agreement is not mandatory, that is, in their absence, the agreement will still be considered concluded. These conditions include:

· contract time;

· price and amount of the contract;

· the amount and procedure for paying interest for using a trade loan;

· liability of the parties for non-fulfillment or improper fulfillment of the contract;

· other conditions.

Let us note that the main difference between a commodity loan agreement and a commercial loan agreement is the importance of the conditions stipulating the price of the goods and the timing of its return; in the absence of them, such an agreement will be considered not concluded. These conditions are not essential for a trade credit agreement. Indicating the price of goods in a trade credit agreement is advisory in nature, since the amount of interest payable to the creditor is calculated based on the contract value of the goods.

The repayment period for a trade loan is not an essential condition of a trade loan agreement; without it, the agreement will still be considered concluded. If the repayment period is not specified, the loan amount is returned to the lender within 30 days from the date the trade organization submits a request for repayment.

If the amount of interest is not established by the agreement, then their amount is determined by the bank interest rate (refinancing rate) existing at the location of the trading organization - the lender on the day the borrower pays the debt amount or its corresponding part. Since interest under a trade loan agreement is accrued on the cost of the transferred goods, it is advisable to indicate in the trade loan agreement the price of the goods at the time of its transfer. Otherwise, it will not be possible to determine the amount of interest payable to the lender.

Note!

When concluding a loan agreement, special attention should be paid to paragraph 3 of Article 7 of the Federal Law of November 21, 1996 No. 129-FZ “On Accounting” (hereinafter Federal Law No. 129-FZ), according to which:

“The chief accountant ensures compliance of ongoing business transactions with the legislation of the Russian Federation, control over the movement of property and the fulfillment of obligations.

The requirements of the chief accountant for documenting business transactions and submitting the necessary documents and information to the accounting department are mandatory for all employees of the organization.

Without the signature of the chief accountant, monetary and settlement documents, financial and credit obligations are considered invalid and should not be accepted for execution.”

A similar requirement is contained in paragraph 14 of the Order of the Ministry of Finance of the Russian Federation dated July 29, 1998 No. 34n “On approval of the regulations on accounting and financial reporting in the Russian Federation”:

“Without the signature of the chief accountant or a person authorized by him, monetary and settlement documents, financial and credit obligations are considered invalid and should not be accepted for execution (with the exception of documents signed by the head of the federal executive body, the design features of which are determined by separate instructions of the Ministry of Finance of the Russian Federation ). Financial and credit obligations are understood as documents issued by organizations, loan agreements, credit agreements and agreements concluded on commodity and commercial loans.”

Thus, these norms provide for special consequences of failure to comply with additional requirements for the form of the transaction (signature of the chief accountant) - invalidity of the transaction. The basis for this may be the provisions of paragraph 1 of Article 160 of the Civil Code of the Russian Federation, which stipulate that the law, other legal acts and agreement of the parties may establish additional requirements that the form of the transaction must comply with (execution on a form of a certain form, sealing, etc.), and consequences of non-compliance with these requirements.

Based on Federal Law No. 129-FZ, any contract of purchase and sale, delivery, etc., under the terms of which there is a time gap between the moment of transfer of goods (work, services) and the moment of payment (which is typical for the vast majority of contracts concluded in the field of entrepreneurial activity), requires the signature of the chief accountant, otherwise the agreement is invalid.

Let us note that during the period of validity of Federal Law No. 129-FZ (from November 1996 to the present), disputes have repeatedly arisen, the subject of which was the requirement to invalidate a credit agreement, loan agreement or other civil law agreements due to the lack of signature of the chief accountant.

In the event of a controversial situation regarding the validity of ongoing transactions, an organization can support its position with the arguments given below, the essence of which boils down to the fact that the provisions of Federal Law No. 129-FZ are the basis for presenting additional requirements for the form of concluded contracts in the form of the signature of the chief accountant.

The contract is a civil transaction. A legal entity, in accordance with Article 53 of the Civil Code of the Russian Federation, assumes rights and obligations under it through its bodies acting in accordance with the law, other legal acts and constituent documents. According to civil law, it is not a body of a legal entity, and therefore the absence of the signature of the chief accountant in the agreement is not grounds for declaring it invalid. The current civil legislation does not require that the agreement be signed by the chief accountant.

In accordance with paragraph 2 of Article 1 of the Civil Code of the Russian Federation, civil rights can be limited on the basis of federal law and only to the extent necessary in order to protect the foundations of the constitutional system, morality, health, rights and legitimate interests of other persons, ensuring the defense of the country and state security.

The purpose of Federal Law No. 129-FZ was not and could not be to establish restrictions on the civil rights of legal entities in the form of limiting the legal capacity of a body of a legal entity when concluding contracts. According to Article 3 of Federal Law No. 129-FZ, its goals are: ensuring uniform accounting of property, liabilities and business transactions carried out by organizations; compilation and presentation of comparable and reliable information about the property status of organizations and their income and expenses, necessary for users of financial statements. As can be seen from the above norm, the said Law does not directly or indirectly regulate civil law relations.

The provisions of Article 7 of Federal Law No. 129-FZ should be considered as an element of the chief accountant’s control over the compliance of the business operations carried out by the organization with the current legislation, since in accordance with this Law the chief accountant is responsible for the consequences of such operations, as well as for maintaining accounting records, timely submission complete and reliable financial statements.

Therefore, contracts signed on behalf of a legal entity, but without the signature of the chief accountant, should not be considered as drawn up or transferred in violation of the requirements for their form. This position is shared by arbitration courts when considering disputes regarding the validity of contracts (see Resolutions of the Plenum of the Supreme Court of the Russian Federation No. 33 and the Plenum of the Supreme Arbitration Court of the Russian Federation No. 14 of December 4, 2000 “On some issues in the practice of considering disputes related to the circulation of bills of exchange”, Resolution of the Federal Antimonopoly Service of the East Siberian District dated December 13, 2000 No. A33-3973/00-С1-Ф02-2651/00-С2).

But if you are not ready to argue with the tax authorities, then when concluding an agreement, make sure that such an agreement is signed by the chief accountant and then the likelihood that this agreement will be considered invalid will disappear.

Interest on a trade loan agreement.

A trade credit agreement is compensated except when the agreement provides for its gratuitousness (clauses 1, 3 of Article 809 of the Civil Code of the Russian Federation). The amount of interest and the procedure for their payment are determined by the agreement (clause 1 of Article 809 of the Civil Code of the Russian Federation). If the amount of interest is not established, then their amount is determined by the refinancing rate of the Central Bank of the Russian Federation on the day of payment of the debt amount or part thereof. Interest is calculated starting from the day the goods are transferred to the buyer.

Responsibility for late repayment of interest on a trade loan.

In practice, a situation often arises when the borrower does not pay interest on the provided trade loan on time. In this case, additional penalties may be applied to the borrower by the lender. Interest is accrued as a measure of liability for failure to fulfill a monetary obligation in accordance with Article 395 of the Civil Code of the Russian Federation.

The rules for applying liability for failure to fulfill a monetary obligation are established by Article 395 of the Civil Code of the Russian Federation:

« 1. For the use of someone else’s funds as a result of their unlawful retention, evasion of their return, other delay in their payment, or unjust receipt or savings at the expense of another person, interest on the amount of these funds is subject to payment. The amount of interest is determined by the discount rate of bank interest at the place of residence of the creditor, and if the creditor is a legal entity, at its location on the day of fulfillment of the monetary obligation or its corresponding part. When collecting a debt in court, the court may satisfy the creditor's claim based on the discount rate of bank interest on the day the claim was filed or on the day the decision was made. These rules apply unless a different interest rate is established by law or agreement.

2. If the losses caused to the creditor by the unlawful use of his funds exceed the amount of interest due to him on the basis of paragraph 1 of this article, he has the right to demand compensation from the debtor for losses in the amount exceeding this amount.

3. Interest for the use of someone else’s funds is charged on the day the amount of these funds is paid to the creditor, unless a shorter period is established for the accrual of interest by law, other legal acts or agreement.”

Thus, if the buyer is late in paying for the transferred goods, then, upon expiration of the payment period, he is charged both interest for using a trade loan and interest in the form of a penalty for late payment.

Moreover, interest, in the amount established by the contract, can be collected at the request of the seller before the day when payment is due (clause 16 of Resolution No. 13/14).

Note!

The buyer (borrower) must take into account that his lack of funds necessary to pay the debt under the contract is not a basis for his exemption from paying interest in accordance with Article 395 of the Civil Code of the Russian Federation.

You can find out more about the issues of commodity and commercial credit in the book of JSC “BKR-Intercom-Audit” “Borrowed and credit funds. Bail and surety."

People have different attitudes towards loans. Some believe that commodity loans help to quickly buy the desired product, while others recognize this as an excellent way to take away all the savings from the population.

This article is not intended to convince you of one opinion or another. The main task will be to explain the essence and conditions of consumer lending for the purchase of goods. And you can draw your own conclusions about what is good and bad.

What are the distinctive features of such loans?

Trade loans are a targeted loan. That is, the client does not receive cash in his hands. The bank independently transfers funds by bank transfer to the account of the store where the borrower wants to buy the goods.

A similar scheme applies to lending for the purchase of a car or real estate. Trade loans differ from the above mentioned ones in that the loan amount is much smaller. The amount of money that banks are willing to provide to a borrower to purchase goods in a store is tens of times less than when buying a house or car.

The second difference between commodity loans is the loan term. Basically, consumer lending for goods implies a transaction term of up to 2-3 years. In the case of a car or real estate, the duration of the contract can reach 15-20 years, depending on the conditions of a particular bank. Interest, or the fee for using a loan, can be either higher or lower than those offered for large transactions on a car or house. This is connected only with the policy of the bank itself, which is based on the structure of the loan and deposit portfolio.

If we compare commodity loans with those issued in cash in hand, the former are cheaper. For cash, which can be used for any purpose, people will always pay more, and this is logical. After all, if you fail to make payments on a loan for a product, the bank may confiscate it, and this is a kind of safety net. In the second case, the process of paying off the debt is much more painful and longer.

For example, if you compare the real lending rate for cash loans from large banks, you can calculate about 70% per year, including insurance payments. In a loan for goods, this rate is about 30-40 percent per annum.

What are the terms of credit for goods?

A bank loan for goods can be with or without a mandatory down payment. This is good in the case when you have no money at the moment and you do not have the opportunity to make a “zero” payment. However, interest rates on loans with this option are often at a higher level.

And if you have the money to make a down payment, then be sure to make it - this will significantly reduce the level of possible overpayment and your debt obligations.

The terms of such loans usually range from three to 24 months

This can happen both with life insurance of the borrower and with insurance of borrowed property. Or maybe without an insurance option at all - everything is at the client’s choice.

The most common type of loan used is a payment method called annuity payment. It implies the same payment amounts to the bank throughout the entire loan period.

It is calculated quite simply:

• Ap = (Tk + Tk x Pg): P, where:

  An - annuity payment;
  Tk - the body of the loan (the amount that the product itself costs);
  Pg - annual interest rate on the loan;
  P is the period or number of months for which the loan is issued.

What must be included in a consumer lending agreement for a product?

When concluding a contract, you must pay attention to the following points, which are mandatory:

• the amount of the loan obligation;
• loan terms;
• interest rates and level of fees for using a loan;
• rights and obligations of the borrower;
• rights and obligations of the creditor;
• contract time;
• conditions for early repayment of loan obligations and termination of the agreement;
• procedure for resolving disputes between the parties;
• signatures and seal of the party providing the loan;
• borrower's signature.

According to statistics cited by lawyers, 8 out of 10 people never read the contracts they sign. Such negligence towards documents is unacceptable, especially when a person takes out a loan from a bank.

Be sure to study the contract in its entirety and read to the last word. The consultant may not tell you everything or “forget” to notify you about something. If you read the document you sign to the end, the chances of you being deceived will be much less.

Where can I get a trade loan?

The interest on such a loan does not depend on the method of its execution. The number of channels through which you can get a bank loan is growing every day.

The first option is to contact a bank branch. The classic way to get a loan for goods is to come directly to any office of a financial institution. Perhaps this is the only way that will allow you to find out all the lending conditions in full. Although it all depends on the skills of the bank representative who will serve you.

What are the disadvantages of taking out a consumer loan for goods at a bank branch?

Of course, this is a big waste of time. Very often everything happens as follows. A person goes to a bank to take out a trade loan. Before you get to a credit consultant, you need to stand in line. For example, if there are 2 people in front of you, then you will need to wait about 20 minutes until they are served. Then time is spent on consultation and entering the application into the program, where the loan amount is indicated. It's about ten minutes. If the program rejected the request and made a negative decision, then it was a waste of time.

Next, after issuing a positive result, the bank will need the details of the product - an invoice from the store where you want to purchase the product. And here there are two ways: either the person independently goes to the store, takes the invoice and brings it back to the bank, or the financial institution can independently negotiate with the seller. In both cases, quite a lot of time is spent, so to speed up the process, you should first go to the store, get a bill, and only then go to the bank.

The second way is to apply for a commodity-money loan directly in the store, at the time of purchasing the goods. You have probably repeatedly seen representatives of various banks or financial institutions located in household appliance stores. This move is made in order to save the client’s time, as well as in order to “take” him while he is still “warm”, when a person’s eyes light up in anticipation of a new purchase. A credit consultant is ready to provide a commodity loan within 5 minutes. The main thing is not to rush and find out all the conditions from him. Often large stores have representatives of several banks. If you do not like the loan offer, you can always contact a representative of another financial institution.

What are the disadvantages of taking out a consumer loan for goods directly in the store?

Firstly, usually in such places there are bank representatives who are quite good at issuing loans and imposing unfavorable offers. Far from the bank, they can even invent some of their own non-existent conditions, additional cross-sales. And it’s quite difficult to figure them out. For example, directly at a financial institution, if you don’t trust a bank employee, you can always contact his boss. And in this place such a credit consultant is “his own boss.”

But don’t worry, there is a way to get out of this situation as a winner. Each bank has a hotline that you can always call. It often happens that other lending conditions will be announced to you over the phone, and they will not coincide with those that were announced to you by the bank representative working in the store.

Please note: the correct conditions will only be those expressed to you by the call center operator. Why? Because all telephone conversations in the bank are recorded, and if any controversial situations arise, they can be used as evidence. Therefore, operators cannot blatantly lie to you and provide incorrect information. In this regard, if you doubt what the credit consultant in the store tells you, ask him to give him the hotline number and feel free to call there.

The third way is to get a loan online

What are the advantages of this design?

This method will help you save a lot of time. In just a few minutes you can review the offers of various banks and choose the one that suits you.

It is also suitable for those who do not want or do not like to communicate with bank employees.

What are the disadvantages of applying for a loan for goods online?

The main negative point worth noting is the lack of transparency. The loan application page does not contain all the conditions that the trade loan agreement contains, and some nuances of the transaction may also be missed. This is done in order to attract more customers.

Is product or life insurance mandatory when taking out a consumer loan for a product?

In 99% of cases, no insurance is required. It is always imposed and presented as the only possible lending option.

Of course, each bank issues loans on its own terms, and it is quite difficult for an unskilled person to argue with them. Literally speaking, in response to any indignation at the conditions, a representative of a financial institution will simply say: “Do you not like something? Then don’t take it.” This is a pretty good way to dictate your terms. And people who urgently need to make a purchase are simply forced to “swallow” unfavorable lending conditions.

Look at the terms of any insurance contract you are asked to sign. You will not find a single hint there that it is mandatory. Each such agreement will be called a “Voluntary Insurance Agreement” or begin with these words.

You can also ask a bank employee to show you the so-called financial service passport. Just as you have a citizen’s passport, which contains all your data, so any banking product has a document containing all its conditions.

Many people fall for the trick that if you don’t choose insurance, you will be denied a loan

This statement is unfounded, since the times when people considered applications for loans have long gone into oblivion. Now everything is much simpler: an application is entered into a special program, and the computer automatically selects the appropriate solution. And believe me, if you do not have a negative lending history in the database, then you can get a loan without imposed insurance.

Even if you have already given in under pressure from a credit consultant and agreed to insurance, do not think that everything is lost. You can call the insurance company at the same time or the next day and notify that you want to terminate the insurance contract. In this case, they will have to give you an application form and indicate the address to which to send it. True, you won’t be able to get back 40% of the transaction, since often this is the percentage that the insurance company takes for “conducting the business.” But at least you will be able to get something back into your pocket.

Trade credit– this is a form of loan in which an agreement is drawn up stipulating the provision of certain products to the buyer in installments for long-term use. The agreement specifies the period and terms of the deferred payment.

The main advantage of this form of loan is that the customer has the right to use goods or services for which he is temporarily unable to pay. However, when purchasing products in installments, the consumer, as a rule, always overpays.

Distinctive features of trade credit from other types of lending

Commodity lending has some priorities.

First of all, this applies to the following client groups:

• enterprises whose activities are aimed at retail trade(this also includes transit);
• production associations, which are export-oriented.

The main purpose of a trade loan is to speed up the process of selling products and make a profit from it. Trade credit has a lower interest rate than bank credit.

But the size of this form of loan is limited by the amount of available funds that the entrepreneur has. Such limitations are compensated by bank loans.

Trade credit has some differences from other types of installments.

An agreement of this form of loan is concluded by legal entities and individuals, in contrast to a credit agreement, where the parties are a bank or a credit company that has a certain license to conduct banking operations.

Types of trade credit

There are several main types of this form of loan:

• With deferred payment- the most common form. In this case, the goods are delivered in accordance with the terms of the agreement. In this case, no other documents are required.
• On an open account– a form of credit that is used for long-term and repeated supply of a product in small quantities, that is, with constant cooperation between the company and the supplier. Debt repayment occurs according to the terms established by the contract. The cost of the product is transferred by the supplier to the debit of the account of the organization to which the product is supplied.
• In the form of consignment– a foreign economic commission transaction in which the seller orders the sale of goods shipped to the warehouse. All payments are made after the goods are sold. Financially, this type of lending is the safest.
• With debt registration by promissory note– This is a fairly promising form of credit. This type is especially relevant in countries where there is a high level of development of a market economy.

Bills of exchange may be issued after agreement of both parties with different execution periods:

• at the appointed time after presentation;
• upon presentation;
• at the appointed time after compilation;
• on the specified date.

When making certain types of deferred payment, the creditors are obliged to avoid non-financial forms of influence on the buyer: imposing a low-quality product, demands to terminate cooperation with the seller’s competitors, etc.

Commodity and commercial credit

Today, it is widespread to purchase products and services both on commodity terms and in accordance with requirements. commercial form of lending.

For the supplier, such operations are very effective, as they can significantly expand the product market, as well as enter into a long-term partnership with the consumer.

Commercial form of lending can be provided by both the supplier side and the buyer side of the product.

Suppliers– by installments and deferred payments, and buyers– by prepayment and advance payment. Thus, commercial lending is carried out by concluding a purchase and sale agreement by both parties.

Deferment of payments after drawing up an agreement on commercial and commodity lending may be carried out under the following circumstances:

• after purchasing the goods according to the sales contract with the possibility of deferment or installment plan;
• after purchasing goods on positions commodity credit.

The main difference between a commodity agreement and a commercial loan agreement is is significance of provisions, where the cost of the product and the period for its return must be specified.

The commercial loan agreement will be required to indicate the price of the product and the payment period. If such provisions are missing, the agreement will be invalid.

For the commodity form of lending, such conditions do not play a significant role.

The commodity form of loan agreement must indicate the name of the supplied product and its quantity.

Providing trade credit

Current legislation does not contain specific provisions for the issuance of deferred payment. Therefore, the parties to the loan agreement undertake to stipulate them independently when concluding the agreement.

Regarding the provisions of this agreement, each party performs two functions: the supplier is at the same time a creditor, and the buyer of the goods plays the role of a borrower.

During the provision of this form of loan A number of features should be taken into account:

• Regarding the terms of the purchase and sale agreement ownership of the product passes from the supplier to the buyer during its actual transfer.
• For the service of installments or deferred payment, the buyer pays a certain percentage specified in advance in the agreement. This percentage is not included in the total cost of production.
• There is a deferred payment for products. This will allow you to make payments in installments after receiving a profit for the goods sold.

Trade loan agreement form

A trade loan agreement has virtually no differences from a standard loan agreement. The only difference will be the subject of the agreement.

Thus, a trade credit agreement must contain:

• Name products;
• quantity purchased on credit for goods;
• birth characteristics products.

If necessary, information about assortment and quality may be included here.

Internal organizational and administrative documents

In an unstable economy, there may always be a risk of non-payment, which may be associated either with the bankruptcy of the company or with the dishonesty of the buyer.

To protect yourself from such an outcome, creditors should develop the following internal organizational and administrative documents:

• application for issuance commodity credit;
• instructions on how to submit this form a loan indicating a number of documents provided by the borrower for the loan;
• deferred payment agreement wholesale companies;
• provision for the provision of such a form loans to retail customers;
• list of organizations, who have a dubious lending reputation.

Terms of trade credit

There are some mandatory conditions in the process of commodity lending:

• period definition, for which payment will be deferred;
• indication of moment, during which the transfer of property occurs (the date of conclusion of the agreement or the moment of transfer of products);
• determining the amount of payments for using this form of loan - interest, as well as indicating the conditions for their payment.

Trade credit amount

The contract price includes any sums of money, the total cost of tangible and intangible assets, the transfer of which to the taxpayer is carried out by the buyer of the goods himself, or through a third party, taking into account compensation for the cost of the product.

Trade credit term

Determining the terms of the commodity form lending can be fundamentally different:

• Deferred payment period may be dictated by market conditions.
• The company may have “historical developments” terms of provision of this form of loan.
• If the company does not have strict requirements When issuing a loan, several approaches must be taken into account:

1. based on comparison with actual maturity period of the loan debt;
2. based on comparison of contribution margin with the amount of borrowed funds.

Calculation of trade credit

Precisely determining the term of this form of loan will help protect the company from possible risk.

• actual receivables turnover period

Of = V / DZ, Where:

1. Of- actual turnover of the organization’s receivables;
2. IN- gross income for a certain period;
3. DZ- indicator of the average size of accounts receivable;

• receivables payment period:

Pdz = T/Of, Where:

1. Pdz- repayment period for receivables;
2. T- duration of the term;

• turnover period, which is necessary for the planned increase in income:

Op = V / Pdz, Where:

1. Op– turnover for the required increase;

• turnover period, which is necessary to obtain the required revenue:

Sp = T / Op, Where:

1. Sp- turnover period of income growth;
2. T- duration of the term;

• optimal turnover period, which is considered important for achieving the required income:

Sdz = Pdz – Sp.

The optimal period for concluding a deferred payment can be calculate using the formula: the average turnover ratio of accounts receivable should not exceed the average period of turnover of accounts payable.

Otherwise, the company will face the problem of a shortage of working capital.

History of trade credit

The commodity form of a loan is the historical predecessor of the monetary form of lending.

Return of trade credit

Return of trade credit and is carried out on the same principle as the return of a cash loan.

When returning a trade credit transfer of ownership of the product takes place.

In case of receiving a trade loan, and then returning it, the buyer undertakes to pay VAT on the cost of the transferred products.

Product VAT credit

In the event that the parties enter into a purchase and sale agreement based on the provisions of commodity lending, which involves deferring payments for a specified period and interest, then the tax base for similar products VAT for the supplier of these goods or services is calculated based on the contract price of these products, increased by such percentage as determined by the contract.

COMMODITY CREDIT

COMMODITY CREDIT COMMODITY CREDIT is a special form of credit provided by sellers to buyers in the form of selling goods in installments, with deferred payment (sale on credit). In this case, the loan takes the form of a commodity, the payment for which is made subsequently and represents the repayment of the loan. Trade credit is provided against a promissory note (bill) or by opening a debt account. It helps speed up the sale of goods and increase the rate of capital turnover.

Economic dictionary. 2010 .

Economic dictionary. 2000 .

See what "COMMON CREDIT" is in other dictionaries:

Credit provided in the form of goods, machines, machinery and equipment. In English: Credit against goods See also: International loans Financial Dictionary Finam. Trade credit Credit provided in the form of supply of goods. Terminological... Financial Dictionary

Trade credit- the subject of a commodity credit agreement, as well as a loan agreement, can be things defined by generic characteristics. However, a trade loan differs from a loan of things in that the borrower has the right, in pursuance of the concluded agreement, to demand the transfer... ... Encyclopedic dictionary-reference book for enterprise managers

Trade credit- (English commodate) in the civil law of the Russian Federation, a loan provided (received) on the basis of an agreement providing for the obligation of one party to provide the other party with things defined by generic characteristics (agreement TK). According to Art. 822 Civil Code... Encyclopedia of Law

COMMODITY CREDIT- a loan provided in commodity form. In accordance with Art. 822 of the Civil Code of the Russian Federation, the parties may enter into an agreement providing for the obligation of one party to provide the other party with things defined by generic characteristics (Tk agreement). TO… … Legal encyclopedia

Legal Dictionary

commodity credit- a special form of credit provided by sellers to buyers in the form of selling goods in installments, with deferred payment (sale on credit). In this case, the loan takes the form of a product, payment for which is subsequently made and represents... ... Dictionary of economic terms

Credit provided in commodity form. In accordance with Art. 822 of the Civil Code of the Russian Federation, the parties may enter into an agreement providing for the obligation of one party to provide the other party with things defined by generic characteristics (commodity agreement... ... Encyclopedic Dictionary of Economics and Law

Trade credit- see Commodity credit... Librarian's terminological dictionary on socio-economic topics

Trade credit- The parties may enter into an agreement providing for the obligation of one party to provide the other party with things defined by generic characteristics (commodity credit agreement). The rules of paragraph 2 Loan chapter apply to such an agreement... ... Vocabulary: accounting, taxes, business law

commodity credit- in the civil law of the Russian Federation, a type of loan agreement. According to Art. 822 of the Civil Code of the Russian Federation, the parties may enter into an agreement providing for the obligation of one party to provide the other party with things defined by generic characteristics (agreement T.K.) ... Large legal dictionary

Often different organizations are faced with such a concept as trade credit, but they do not always understand what it is intended for, as well as what features it has. It is a specific form of loan, for the implementation of which a special agreement is created. It specifies the basic conditions under which the buyer receives a certain amount of products for long-term use. Payment is made in installments. The document must indicate for what period the goods are provided, as well as what are the conditions for deferred payment.

The advantage of using a commodity loan is that the customer can use the goods, and pays money for them only after they have been sold or received income for their use. This is especially true for companies that do not have a lot of available funds, but it is important for them to continue to carry out their activities.

A loan called a trade loan has some nuances and priorities compared to other types. The purpose of such lending is to accelerate the sale of finished products and goods, as a result of which a profit is guaranteed in the near future.

Features of a trade loan include:

• no interest rate, which is very favorable compared to the rates set for loans by conventional banks or other credit institutions;
• its size is limited by the available funds available to the entrepreneur;
• An agreement can be concluded not only by legal entities, but also by individuals, and when issuing a standard loan, a banking organization acts as one party.

Thus, obtaining a trade loan is accompanied by certain features that every organization or individual acting as one of the parties should be aware of.

Main types of trade credit

There are several types of lending, which include the following:

• With deferred payment. This type is considered the most popular. When it is sold, the goods are delivered by the supplier to the buyer on the basis of the conditions specified in the contract. No additional documents are prepared for this process.
• With an open account. This form of commodity loan is used if supplies of goods are sold several times to the same buyer, and small lots are used for this. The repayment of the debt on these goods is ensured within the terms specified in the contract. As a rule, the parties to such an agreement are companies that are reliable partners and have been working with each other for a long time. The cost of the goods supplied is transferred by the seller to the debit of the account of the company purchasing them.
• Consignment. This loan is a commission transaction carried out in the external economy. Here the seller instructs to sell the goods shipped to the warehouse. Settlements between the two parties are made only after the final sale of the goods. It is believed that this type of trade loan has the highest security indicator.
• Using a bill of exchange. It is with its help that debt is processed; this form of loan is considered the most promising for modern companies. The issuance of bills is made after the two parties involved in the transaction have agreed on all the nuances. The execution period may vary.

Trade credit can come in several forms, but the important rule is that both parties involved in the transaction must be honest and offer open terms. Offering low-quality goods or questionable conditions is not allowed.

Combination of commodity and commercial loans

The correct scheme for the work of different organizations is to simultaneously use both commodity and commercial loans. It is important to know not only what trade loans are, but also that they are combined with. This is considered especially relevant and in demand for suppliers, since they have the opportunity to increase the market for their goods, as well as establish long-term relationships with customers and partners.

Commercial loans can be provided not only by the supplier, but also by buyers:

• suppliers offer deferment or installment plans for gradual payment of money for goods;
• buyers give suppliers an advance or advance payment.

An indispensable condition for the implementation of this transaction is the drawing up of a purchase and sale agreement. Additionally, a trade credit agreement is drawn up, indicating the cost of the goods, as well as the period during which it must be returned. The commercial transaction agreement specifies the price of the goods and the period during which it must be paid. If the most important terms of cooperation are missed, then previously drawn up documents are considered invalid.

How is trade credit provided?

There are no clear definitions or information in the legislation about what trade credit is and exactly how it is provided. Therefore, all the features of such an agreement are discussed by both parties in the process of discussing the terms. In this case, both the supplier and the buyer must know their functions, namely:

• the supplier acts as a creditor;
• the buyer not only receives the goods, but is also a borrower.

The main features of providing a commodity loan include the following:

• ownership of the goods passes to the buyer from the supplier in the process of actual transfer, this is due to the purchase and sale agreement drawn up simultaneously with the commodity loan document;
• if a deferred payment or installment plan is provided, the buyer can pay the supplier a certain percentage for this offer, and its amount must be specified in the document;
• When applying for a deferment, it is allowed to pay for the goods in installments, usually this is done after the buyer sells batches of products.

Features of a trade loan agreement

This agreement is not particularly different from the standard document drawn up for conventional lending. However, the subject of the contract, which is the goods, will be specific here. It is important that the agreement contains the following information regarding the goods:

• their name;
• the number of goods purchased using trade credit;
• their generic characteristics;
• range;
• product quality.

The risk of non-payment may appear even when drawing up a commodity loan, and this is due to the difficult economic situation in the country, so the buyer may not be able to repay his debt to the supplier. Often this is due not only to the difficult financial condition of the buyer, but also to his dishonesty. In this case, the supplier develops special administrative documents designed to minimize risks.

These documents include:

• an application through which a trade loan is issued;
• instructions;
• an agreement specifying the provision of a deferment to the buyer, usually wholesale trading organizations;
• provision for granting deferment or installment plans to retail customers;
• a list of companies with a dubious reputation for repaying loans.

What are the terms of trade credit?

In the process of carrying out commodity lending, certain conditions must be met, which include the following:

• the period for which payment for goods sent to the buyer is deferred is determined;
• the moment during which ownership rights are transferred is specified, and this moment can be the date of signing the contract or the direct transfer of goods;
• the amount of payments that must be paid for using this lending method is calculated, and interest is calculated for this;
• the terms of interest payment are indicated.

Trade credit is characterized by a certain amount. The price negotiated by both parties includes the price of the assets transferred to the buyer, as well as the interest paid for this type of loan.

An important point is the period for which this type of loan is provided. The terms of the commercial type of lending may vary, since the time for which a deferred payment is granted usually depends entirely on the conditions and features prevailing in the market.

Other features of providing trade credit

This type of lending appeared relatively recently, but it can initially be considered the predecessor of a standard commercial loan, for which exclusively cash is used. This is due to the fact that before the advent of money, state and finance, there were barter relations, and often payment for certain goods was made with other goods on a deferred basis.

If we move away from the business sphere, then in the layman’s understanding, a trade loan is a loan issued by a bank for the purchase of goods. As a rule, bank employees or financial agents of several lenders are located at the point of sale of household appliances and electronics, furniture, outerwear and work with customers directly in the stores. If a person cannot purchase the desired product for cash, he is asked to register for it. In this case, cash is not issued to the client. If approved, the bank transfers funds to the account of the outlet, and the client receives the desired product. The debt is then returned to the bank in monthly payments according to the standard scheme.

Thus, trade credit can be presented in several types. It is considered beneficial and convenient for use by both buyers and suppliers. Thanks to it, uninterrupted supplies, production processes and trade turnover are ensured. For the provision of such a loan, the buyer is required to pay certain interest. Each party involved in the transaction must carefully understand the correctness of the drafting of the agreement regarding trade credit.

Although the subject here is not cash, but goods, there is still a possibility of non-repayment of the debt, so each supplier must carefully select the buyers to whom such a loan will be offered. Also, all supplied goods must be of high quality. If we are talking about a commodity loan between an individual and a bank, you should not expect any surprises here: the conditions will not differ much from a standard consumer loan.