THE CURRENT ACCOUNT CONTRACT
THE CURRENT ACCOUNT CONTRACT

Summary/Abstract: The current account contract is a creation of commercial practice, initially used by banks and then taken over by traders in their relations. The Commercial Code 1887 regulated this contract and from it was enshrined in the Civil Code 2009 with some non-essential amendments. The current account is used by traders as a tool to simplify the payment of mutual claims. Instead of multiple reciprocal payments for reciprocal remittances, the Parties agree to keep the accounts of the submitted remittances for a certain period of time and that, for the period of time the account remains open, the mutual claims will be cleared. At the closing of the account, the amount that remained uncompensated represents the final debt respectively the debt of the party that made remittances of a value lower than that of the other party. Until the deadline set for the liquidation of the account, each of the discharges shall appear in the current account in the form of the respective debit credit and not the debt or debt.

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