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universul juridic magazin

Framework contract for the provision of payment services

The Government Emergency Ordinance No. 113/2009 on payment services, the result of the transposition into the Romanian law of Directive 2007/64/EC of the European Parliament and of the Council on payment services in the internal\r\nmarket, regulates a new contract called – the payment services contract – concluded by users – individuals, consumers, or legal entities – and payment services providers, namely credit institutions, electronic money institutions, payment institutions, the National Bank of Romania when it does act as a monetary authority or otherwise involving the exercise of public authority, the State or local authorities when not acting as public authorities. The payment services agreement may envisage a random, one-time payment, or it can be a framework contract concluded for a fixed term of at least 12 months or for an indefinite period, the frequency of the latter in the banking practice causing the analysis undertaken in the present study carried out also from the perspective of the general provisions relevant for the contract under the new Civil Code, given that the said contract is not covered by the banking contracts regulated by this Code under Chapter XV of Title XI.