Local Currency definition: Copy, customize, and use instantly
Introduction
The term "Local Currency" refers to the currency in which a particular country's or jurisdiction's financial transactions are typically conducted. This currency is central to the economic activities within the jurisdiction and is crucial in defining payment, settlement, and financial obligations in contracts. Understanding the local currency ensures that all parties are aligned in terms of payment and financial reporting, particularly in cross-border transactions.
Below are various examples of how "Local Currency" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Local Currency" as the official currency of a jurisdiction
This definition ties "Local Currency" to the official currency used within a given jurisdiction.
"Local Currency" means the currency issued by the government of the country in which the transaction occurs and is recognized as the legal tender for all financial transactions.
Definition of "Local Currency" as used for payment obligations
This definition connects "Local Currency" to payment obligations in a contract.
"Local Currency" refers to the currency in which all payments, fees, and charges are to be made under the terms of this agreement, unless otherwise specified.
Definition of "Local Currency" as the currency for taxes
This definition links "Local Currency" to the currency used for tax obligations.
"Local Currency" means the currency in which all taxes and government charges are to be paid under applicable local law.
Definition of "Local Currency" as a reference for financial reporting
This definition applies "Local Currency" to financial reporting requirements.
"Local Currency" refers to the currency used in the financial statements of a party, which is the official currency of the country of its domicile.
Definition of "Local Currency" as the currency for conversion
This definition ties "Local Currency" to currency conversion in international transactions.
"Local Currency" means the currency of the country in which a party resides, which will be used for conversion in any cross-border transaction.
Definition of "Local Currency" as a defined term in the agreement
This definition links "Local Currency" as a term specifically used in the agreement.
"Local Currency" refers to the currency specified in the local jurisdiction for use in this contract, regardless of other currencies in play.
Definition of "Local Currency" as used in settlements
This definition connects "Local Currency" to settlement procedures in contracts.
"Local Currency" means the currency used for settling any financial obligations under this agreement.
Definition of "Local Currency" as applicable to credit terms
This definition ties "Local Currency" to credit arrangements in the contract.
"Local Currency" refers to the currency used for extending credit terms or making payments towards outstanding balances.
Definition of "Local Currency" as affecting interest rates
This definition connects "Local Currency" to the calculation of interest rates.
"Local Currency" means the currency in which interest rates are calculated and payments are made according to the terms of this agreement.
Definition of "Local Currency" as used for loan agreements
This definition links "Local Currency" to loan agreements and financial obligations.
"Local Currency" refers to the currency in which all principal and interest payments are to be made under this loan agreement.
Definition of "Local Currency" as the standard for invoicing
This definition applies "Local Currency" to invoicing requirements.
"Local Currency" means the currency in which invoices will be issued and payments are expected to be received.
Definition of "Local Currency" as the payment currency in international contracts
This definition ties "Local Currency" to international contracts and cross-border transactions.
"Local Currency" refers to the currency of the country where the business is conducted, and is used for payment obligations in contracts involving international parties.
Definition of "Local Currency" as subject to exchange rates
This definition connects "Local Currency" to fluctuating exchange rates.
"Local Currency" means the currency that is subject to exchange rate fluctuations when transactions occur between multiple currencies.
Definition of "Local Currency" as the currency of a subsidiary
This definition links "Local Currency" to a subsidiary's financial reporting.
"Local Currency" refers to the currency used by a subsidiary in its local financial operations and for reporting purposes.
Definition of "Local Currency" as applied to regulatory requirements
This definition ties "Local Currency" to regulatory or compliance purposes.
"Local Currency" means the currency used for fulfilling any regulatory or compliance requirements in the jurisdiction where the entity operates.
Definition of "Local Currency" as relevant for dividends and distributions
This definition connects "Local Currency" to distributions and dividends.
"Local Currency" refers to the currency in which dividends or distributions are paid to shareholders or stakeholders under the terms of the corporate governance agreements.
Definition of "Local Currency" as a payment method for services
This definition applies "Local Currency" to the payment for services.
"Local Currency" refers to the currency in which payments for services rendered are to be made, in accordance with the contract terms.
Definition of "Local Currency" as relevant to compensation
This definition links "Local Currency" to compensation and wages.
"Local Currency" means the currency used for the payment of salaries, bonuses, or other compensation to employees within the specified jurisdiction.
Definition of "Local Currency" as the basis for calculating penalties
This definition ties "Local Currency" to penalty calculations.
"Local Currency" refers to the currency in which any penalties or fees arising from default are calculated or paid.
Definition of "Local Currency" as the unit for price calculations
This definition connects "Local Currency" to pricing and valuation.
"Local Currency" means the currency used for determining the price of goods, services, or assets within the transaction or agreement.
Definition of "Local Currency" as a risk factor in currency swaps
This definition links "Local Currency" to financial risk in currency swaps.
"Local Currency" refers to the currency used in currency swap agreements, with specific attention to the potential risks associated with exchange rate fluctuations.
Definition of "Local Currency" as necessary for tax calculations
This definition ties "Local Currency" to tax obligation calculations.
"Local Currency" means the currency required for calculating and fulfilling tax liabilities and obligations in the applicable jurisdiction.
Definition of "Local Currency" as the standard for capital contributions
This definition applies "Local Currency" to capital contributions in joint ventures.
"Local Currency" refers to the currency used for making capital contributions to a joint venture or partnership agreement.
Definition of "Local Currency" as governing value-added tax (VAT)
This definition connects "Local Currency" to VAT requirements.
"Local Currency" means the currency used for the payment and calculation of any value-added tax (VAT) due on goods or services.
Definition of "Local Currency" as governing contractual penalties
This definition ties "Local Currency" to contractual penalty clauses.
"Local Currency" refers to the currency used for calculating penalties in the event of non-compliance with contractual obligations.
Definition of "Local Currency" as relating to the settlement of claims
This definition connects "Local Currency" to claims settlement.
"Local Currency" means the currency used for settling any claims, disputes, or settlements in accordance with the contract terms.
Definition of "Local Currency" as a factor in international trade
This definition applies "Local Currency" to international trade agreements.
"Local Currency" refers to the currency used in cross-border trade transactions and as a unit of measure in international contracts.
Definition of "Local Currency" as the basis for price escalation
This definition ties "Local Currency" to price adjustments.
"Local Currency" refers to the currency used to adjust prices according to changes in market conditions, as specified in the agreement.
Definition of "Local Currency" as applicable for non-resident taxes
This definition connects "Local Currency" to tax obligations of non-residents.
"Local Currency" means the currency used for paying taxes imposed on non-resident entities operating within the jurisdiction.
Definition of "Local Currency" as determining the value of assets
This definition links "Local Currency" to asset valuation.
"Local Currency" refers to the currency used for determining the value of assets, goods, or services within the agreement's terms.
Definition of "Local Currency" as required for contractual amendments
This definition ties "Local Currency" to amendments in the contract.
"Local Currency" means the currency required when making amendments to a contract, including adjusting values or payment schedules.
Definition of "Local Currency" as relevant for debt servicing
This definition connects "Local Currency" to debt servicing responsibilities.
"Local Currency" refers to the currency used for servicing debt, including repayment of principal and interest.
Definition of "Local Currency" as governing obligations of a lender
This definition links "Local Currency" to the obligations of lenders.
"Local Currency" means the currency in which the lender’s obligations, such as disbursement and repayment, are fulfilled under the loan agreement.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.