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A new opinion issued by the Supreme People's Court will provide valuable guidance to foreign companies handling contracts affected by the financial crisis

China's highest court recently issued a new opinion which promises to be very helpful to foreign parties structuring contracts in the PRC. Although some areas still lack explanation, the opinion gives important guidance on key legal concepts.

The Guiding Opinion on Several Issues Concerning the Trial of Civil and Commercial Contract Disputes under Current Circumstances (关于当前形势下审理民商事合同纠纷案件若干问题的指导意见) (Guiding Opinion) was issued by the Supreme People's Court (SPC) on July 7 2009. It addresses certain fundamental principles of the PRC law in considerably greater detail than previous judicial pronouncements, including the recent Interpretation on Several Issues Concerning the Application of the «PRC Contract Law» (2) (最高人民法院关于适用《中华人民共和国合同法》若干问题的解释（二）) (Interpretation) issued in May this year.

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