Summary

The commercial law in Latvia has been codified separately from the general private law included in the Civil Law (Civillikums).The Commercial Law of Latvia (Komerclikums) entered into force on 1 January 2002. Initially the Commercial Law consisted of three parts: Part A ‘General Principles of Commercial Activity’, Part B ‘Merchants’ and Part C ‘Reorganisation of Commercial Companies’. Part D of the Commercial Law ‘Commercial Transactions’ came into force on 1 January 2010. The new regulation of commercial transactions aims to facilitate commercial activity, by ensuring simple and fast conclusion and performance of commercial transactions. In conformity with the nature of commercial law as special private law the provisions included in the part on commercial transactions do not provide an exhaustive regulation on commercial transactions, but modify, supplement and specify the Civil Law regulation.

This article gives an overview of the regulation of commercial transactions in Latvia, explains the place of the provisions of commercial transactions included in Part D of the Commercial Law in Latvian private law system and examines the theoretical and practical aspects of their application.