Set of exclusive rights granted to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention, utility model or an industrial design.

Type of liquidated damages established for late performance (e.g. 0.1% of the total contract price for every day of delay).

Branch, representative office, division, bureau, office, agency or any other separate fixed place of activity, through which a foreign company regularly engages in business activities in Russia. The term is used exclusively for tax purposes and does not affect the entity’s legal status.

Permission obtained by the employer in order to be entitled to hire foreign nationals.

Tax payable by Russian tax resident and non-resident individuals. The general tax rate is 13% for residents and 30% for non-residents. Taxable income is defined as gross income minus allowable deductions and exemptions. Personal income tax payable from salary/remuneration is computed and withheld by the employer.

Movable property that is not classified as real estate.

Type of security, that arises under a pledge agreement between the pledgee and the pledgor, under which the former is entitled to take possession/sell the pledged property in the event of default under the secured obligation.

Period of time specified in the employment contract (not exceeding 3 months for regular employees and 6 months for certain managerial positions, such as General Director), in course of which the employer is entitled to dismiss the employee without paying out a severance package.

Offer made by the buyer to the seller to enter into a SPA, indicating types, quantities, and agreed prices for goods or services.