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Signature rules

The board of directors as the statutory body of the Company, always signs:

  • Documents binding the company to make financial performance over CZK 1,000,000 excluding VAT or that represent the same financial risk for the company;
  • Contracts that can be terminated no earlier than three years after they are concluded, regardless of the amount of performance;
  • Powers of attorney;
  • Agreements on settlement;
  • Disposing of domains, trademarks and other industrial property items;
  • The acquisition, encumbrance and alienation of property;
  • Pledge contracts;
  • Debt securing or debt acknowledgement;
  • Loans, gifts or credits;
  • The assignment of a receivable or contract;
  • The waiver of a debt, accession to a debt or its assumption;
  • Public bids;
  • Documents ensuing from the company’s articles of association;

Directors, as the top management of the Company, sign documents that fall within the agenda of the relevant department’s director, unless documents are signed by the board of directors in accordance with these Signature Rules.

Company employees are, within a department’s budget and their work classification, entitled to procure ordinary operational matters of the Company in the form of orders for the delivery of goods and services, by agreement and within the department director’s limits.

Other persons may represent the Company only based on a written power of attorney.

Documents must be in the form of a written contract, if:

  • It is a barter contract
  • This is required by either of the contracting parties and/or applicable legal regulation;
  • The subject of an obligation is financial performance over CZK 150,000 excl. VAT or the same financial risk;

All contracts concluded have to be archived with the Legal Department, regardless of who is authorised to sign them, and on request they are submitted to the company’s board of directors.

Subsequent documents (e.g. an amendment to an original contract, notice or agreement on termination of contract) are signed by a person named on the original document (e.g. contract), or a person who occupies the same position in the company.

If the subsequent document increases the financial performance, it is signed by a person in accordance with the financial limits of these Signature Rules, and the total value of the contract, including all relating documents, is decisive.

In case documents are signed by the Company’s board of directors, subsequent documents shall also be signed by the board of directors.

As regards a repeated performance contract entered into for an indefinite period of time, the amount of financial performance is determined as sum of the amount the Company is obliged to pay in the period in which the contract may not be terminated and the amount the Company is obliged to pay during the period of notice.

Partial orders and partial contracts envisaged by the already concluded master agreement are signed by persons in accordance with the financial limits of these Signature Rules.

The set limits always apply to one contractual partner and the same subject of contract.

In the event of doubts about the amount of financial performance or financial risk, or if the amount of financial performance of a contract cannot be determined, a document is signed by the board of directors.