The Contractual Register Act (Act No. 340/2015 Coll., on Special Conditions for the Effectiveness of Certain Contracts, their Publication and the Contractual Register), which may affect the commercial agreements of many entrepreneurs, will take effect from July 1, 2016.
Entrepreneurs should bear in mind that following July 1, 2016, if they conclude a contract with any legal entity in which the state has an ownership interest or with other entities to which the Contractual Register Act applies, and the consideration is higher than CZK 50,000, that contract must be registered in the public information system. The Contractual Register should improve the transparent management of public resources.
The publication of the agreement will be a condition for its becoming effective. If an agreement is not announced in this way, it will cease to be valid three months after its conclusion. The enforcement of these penalties will be possible from July 1, 2017.