HUNGARY Clause Samples

The "HUNGARY" clause designates Hungary as the relevant jurisdiction for the agreement or contract. This means that Hungarian law will govern the interpretation, enforcement, and resolution of disputes arising from the contract. For example, if a disagreement occurs, the parties would refer to Hungarian courts or legal principles to resolve the issue. The core function of this clause is to provide legal certainty and predictability by clearly establishing which country's laws apply to the contractual relationship.
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HUNGARY. There are no country-specific provisions for Hungary. Grantee may be required to repatriate the cash proceeds received upon the sale of shares of Stock and convert such proceeds into local currency within specified timeframes as required under applicable regulations. Grantee also may be required to retain evidence of such repatriation. Grantee should consult with his or her personal financial advisor for further details regarding this requirement.
HUNGARY. There are no country-specific provisions.
HUNGARY. There are no country-specific terms and conditions.
HUNGARY. The strategies explore the concept, view, value; as well as the principles and objectives of sustainable development, dealing with the departmental, developmental and other horizontal questions (international cooperation, strengthening the competitiveness). Key strategic documents in Hungary are the following:  National Sustainable Development Strategy15, prepared by the National Development Agency (2007).
HUNGARY. Most interesting sectors in Hungary include medical and health sciences, which has a brain drain problem, information and communication technologies and economics sectors, where employment is increasing, and legal sciences sector, which offers good employment possibilities mostly because of its high social reputation.
HUNGARY. The Hungarian People's Republic does not consider itself bound by the provisions of article 11 of the Agreement concerning compulsory arbitration.
HUNGARY. (a) Hungary may maintain in force for five years from the date of its accession to the EU, its legislation contained in Act LV of 1994 on Agricultural Land as amended regarding the acquisition of secondary residences. (b) Swiss nationals who have been legally resident in Hungary at least for four years continuously shall not be subject to the provisions of (a) or to any rules and procedures other than those to which nationals of Hungary are subject. During the transitional period Hungary shall apply authorisation procedures for the acquisition of secondary resi- dences based on objective, stable, transparent and public criteria. These criteria shall be applied in a non-discrimi- natory manner and shall not differentiate between Swiss nationals residing in Hungary. (c) Hungary may maintain in force for seven years from the date of its accession to the EU, the prohibitions contained in Act LV of 1994 on Agricultural Land as amended on the acquisition of agricultural land by natural persons who are non-residents or non nationals of Hungary and by legal persons. (d) Swiss nationals who want to establish themselves as self-employed farmers and who have been legally resident and active in farming in Hungary at least for three years continuously, shall not be subject to the provisions of (c) or to any rules and procedures other than those to which nationals of Hungary are subject. (e) A general review of these transitional measures shall be held in the third year following the date of its accession to the EU. To this effect, the Commission shall submit a report to the Joint Committee. The Joint Committee may decide to shorten or terminate the transitional period indicated in (c). (f) Should Hungary apply authorisation procedures for the acquisition of agricultural land during the transitional period, they shall be based on objective, stable, transparent and public criteria. These criteria shall be applied in a non- discriminatory manner. (g) If there is sufficient evidence that, upon expiry of the transitional period, there will be serious disturbances or a threat of serious disturbances on the agricultural land market of Hungary, the Joint Committee, at the request of Hungary, shall decide upon the extension of the transitional period for up to a maximum of three years.
HUNGARY. Cases started before 1 January 2016 2017 start inventory Cases started Cases closed 2017 end inventory 25 20 15 10 5 Start inventory on 01.01.2017 Cases started Cases closed End inventory on
HUNGARY. The Government Decree 1603/2014 (XI.4.) is the decree on adopting the Hungarian National Social Inclusion Strategy II, the Framework Strategy of the policy of lifelong learning, the Strategy of the Development of Public Education, and the Medium-term strategy against leaving school without qualifications. The strategy has three main objectives: 1) promote lifelong learning, improve accessibility to training; 2) consolidate lifelong learning in the adult education and training system; 3) visibility and recognition of the value and results of learning. According to the preamble of Act LXXVII of 2013 on Adult Education, the aims of the Act are “to make Hungarian inhabitants capable of meeting the challenges of economic, cultural and technological development; enter the world of work successfully; succeed in life and have an improved living quality from adult learning, it is necessary to have better organisation in vocational, foreign language and state-supported training and improve the quality of the content and reinforce the supervision of implementation”. The term adult training refers to organising adult learning outside the school system. It includes vocational training as well as organised training aimed to form and develop competences. From September 2020, the preparation for a vocational qualification or a partial vocational qualification is a high priority in the Hungarian political agenda. The largest group f trainings are vocational qualifications that can be obtained in the framework of VET institutions or in adult training institutions. The training participant receives a certificate after completing the vocational training. This is a prerequisite for a qualifying examination that can be taken at a trainer-independent, state-accredited examination centre. After completing the qualifying examination successfully, the examinee acquires a state-recognised certificate of vocational qualification. Thus, the training institutions and the examination centres are becoming separated. Vocational institutions are qualified as accredited examination centres until 31 December 2025, according to the temporary provisions of the Act on Vocational Education and Training.
HUNGARY. Hungary is a characteristic Central-European country that joined the European Union in 2004, fifteen years after its political and economic transition from communism (state-socialism) to a liberal market-economy with a parliamentary democratic political system. Like its neighbours the country has an ageing and shrinking population, characterized by low reproduction rate, with moderate immigration and significant emigration. In 2018, the population of the country was 9,778,371. Approximately 70% of the people live in urban settings. The capital city Budapest and its agglomeration has about 30% of the total population. The concentration of population in Central- Hungary and in the Western part of the country is significantly higher than in the Eastern and Southern regions. The country’s economy can be considered stable, however much exposed to (dependent on) the Western- European, especially German economic and industrial systems. Hungary’s migration situation is predominantly determined by economic (employment-related) factors. The majority of Hungarians that have left the country since the political transition did so due to attractive employment opportunities and better living standards in Western- European countries or overseas. As for immigration the situation is similar: the main grounds for issuing visas and residence permits to foreigners have always been employment and income generation. Since the economic-political transition the Hungarian labour market has undergone a significant transformation: from virtually full employment in a centrally planned and highly inefficient production and service economy through periods of high unemployment and under-employment to pressing sectoral labour shortages more recently. Migration plays a significant role in Hungary’s recent labour market situation though it is not the only factor that shapes it.