Modifications of the periods of limitations in agreements between entrepreneurs : comments based on the draft of the First Book of the Civil Code

The author addresses in the article selected issues arising under the draft of the First Book of the Civil Code presented by the Civil Law Codification Commission. The author discusses a controversial question of modifications of periods of limitation, primarily pertaining to the admissibility of application of this institution to the preliminary and master agreements, as well as to the articles of association of partnerships and companies. The article also explores the issue of relationships between provisions modifying the limitation period and other similar legal institutions (such as pactum de non petendo) and analyzes the effects of modification of limitation period when the right to renounce the contract is being exercised. The author also presents his own conclusions as to the draft regulation and proposes certain changes in this respect.