Correct designation of parties to agreements entered into in business transactions is essential for the agreement itself, as well as for asserting claims arising therefrom. In extreme cases, incorrect designation of the parties to an agreement may prevent its execution or satisfaction of claims.
For the above reasons, each agreement should precisely specify the entities entering into it and persons acting on behalf of these entities. This is also relevant for meeting the requirements of the law under e.g. the Act on the national court register, Act on freedom of economic activity, code of commercial companies and partnerships.
As a matter of example, if the agreement is entered into by natural persons, one should indicate the first name, surname, address of residence, Personal Identification Number PESEL and the number of ID card.
In the case of natural persons conducting economic activity, apart from the above details, the following should also be provided: information on the fact of conducting economic activity and entry into the Central Register and Information on Economic Activity (CEIDG), the business name under which the entrepreneur conducts the activity, address at which the activity is conducted, and Tax Identification Number (NIP) and Statistical Identification Number (REGON). The same information should be indicated when the parties to the agreement are entrepreneurs conducting a civil law partnership, with an additional indication of the fact of conducting such partnership and its Tax Identification Number (NIP) and Statistical Identification Number (REGON) (if assigned to it).
In the case of entities entered into the National Court Register, the following should be indicated: business name or name, indication of the legal form of activity conducted, registered office and address, Tax Identification Number (NIP) and Statistical Identification Number (REGON), designation of the registry court which keeps the registration data of the entity and the number of the entity in the Register.
Standard practice is to enclose printouts or extracts from relevant registers of each party as appendices to the agreement.
Natural persons representing such entities at the entry into the agreement are specified with their first name, surname and indication of the basis for their authority to represent the entity (partner, shareholder, member of the management board, general partner, commercial representative, attorney etc.).
When an agreement is entered into by an attorney, it is essential to provide the data concerning the power of attorney (date of granting, date of expiry, scope of power of attorney etc.), and to attach the power of attorney document as appendix to the agreement.