sitoumussopimukset

Sitoumussopimukset, or commitment agreements, are legally binding agreements in which one or more parties promise to perform or refrain from specific actions. They are used to create enforceable obligations without needing a full purchase or financing contract. In Finnish law, sitoumukset are recognized as contracts that bind the parties to agreed terms, subject to general contract law principles such as consent, lawful purpose, and capacity.

Typical elements of a sitoumussopimus include the subject matter of the commitment, the obligations undertaken by each party, any conditions precedent or thresholds that must be met for the commitment to take effect, the duration of the commitment, and the remedies available in case of breach. The form of the agreement can be written or, in some cases, oral, but a written version is usually preferred for clarity and evidentiary purposes. Many sitoumussopimukset also include provisions on dispute resolution, governing law, and remedies such as damages or specific performance.

Common contexts for sitoumussopimukset include corporate finance and mergers and acquisitions, financing commitments from lenders, supplier or contractor obligations in procurement, and various arrangements in real estate and public procurement. In corporate transactions, such commitments may relate to voting agreements, tender commitments, or funding commitments from investors or banks.

Enforcement follows general contract law; breach can lead to damages or other remedies, and the agreement may be subject to change, termination, or renegotiation if predefined conditions change. When drafting, parties typically aim for precision in scope, timelines, and conditions to minimize disputes.

See also: contract law, financing agreements, share purchase agreements, non-disclosure agreements.