Acceleration / Exigibility
"What is an acceleration clause?"
Quick Answer
Exigibility (Muacceliyet) refers to the state where a debt becomes due and payable, meaning the creditor has the legal right to demand its immediate performance.
Legal Framework in Turkey
Acceleration / Exigibility is governed primarily by the Turkish Code of Obligations No. 6098, which provides comprehensive rules for contractual relationships. Understanding these provisions is essential for drafting enforceable agreements.
Key Points to Remember
- Turkish Code of Obligations applies to most commercial contracts
- Freedom of contract is a fundamental principle, with some mandatory provisions
- Written form may be required for certain agreements
- Choice of law clauses are generally respected for international contracts
Drafting Considerations
When drafting contracts involving acceleration / exigibility, attention should be paid to Turkish-specific requirements and practices. Bilingual contracts (English-Turkish) are common for international transactions.
Including appropriate dispute resolution mechanisms, clear governing law provisions, and well-defined obligations helps prevent future conflicts and ensures enforceability.
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