The current account merchant agreement is a contract with a minor as an independent contract. It is an instrumental contract, which is used as a clause in other contracts. It is a legal business by which two persons agree to write down and offset by means of an account any reciprocal credits and, if applicable, establish the conditions of demandability and availability of the balances resulting from the progressively compensated compensation.
Among those entrepreneurs who maintained normal operations, what they did was open an account merchant, point the successive remittances and compensate at the final moment or when they agree.
It has never been regulated in the commercial code, in the proposal yes, but it is widely used.
There may also be civil contract current account merchant; For example, in the stationery store, I open it and point out what we spend over the course of the month, or in the bars … Here’s what it is to consume without paying, it’s a credit. It is less used at the consumption level, but the difference with the commercial one is that in this (mercantile) there is a reciprocal concession of credits (the basis is trust).
Is very important in banking relationships is the framework contract under which customers by the credit institution is created, is the instrument by which the bank gets new customers and is the basis for subsequent banking contracts.
Differences between a bank account vs account merchant
• In the non-reciprocal bank credit relationship, that is, it allows to implement other contracts in which one of the parties credits the other.
• You can have your credit at any time
• Compensation is automatic, each of the items are automatically compensated,
• Chargeability conditions and availability of the balances are agreed until it reaches the time the account is closed or the contract is terminated.
• It is agreed, it may be monthly, or wait until the closing of the account merchant or at the time of terminating the contract.