Draft Law of Ukraine

''On Ordinary and Twofold Warehouse Certificates''

According to this draft law, warehouse certificate is understood as a warehouse document that certifies obligation of a warehouse to store and release goods if such requirement is made by an owner of the warehouse certificate.

Warehouse certificates can be of two types: ordinary and twofold. Warehouse certificate forms shall be treated as documents of strict accountability.

It is proposed to fix in legislation a special provision to authorize a legal entity to perform warehouse activities provided that such legal entity has passed certification with the relevant body rendering services related to storage of goods. Warehouse shall keep register of the warehouse certificates issued by it. Separate warehouse certificates are to be issued for each type and consignment of goods. Specially authorized state body will keep the Unified Register of the Issued Warehouse Certificates.

It is foreseen that the amount of fee paid for storage of goods, as well as storage deadlines and conditions will be determined by parties in agreements that shall be made in writing. The authorized body is to develop and approve the relevant model agreement.

This draft stipulates that warehouse shall release goods to the owner thereof on the basis of the relevant warehouse certificated produced by the latter. If a warehouse certificate is lost, the right to goods will be renewed on the basis of a court decision.

Warehouse shall assume full responsibility for the loss or damage of goods passed for storage therein.