Dollar and Dollar-Equivalent Contracts

Porfio_Rubirosa · #1 03-21-2003, 08:29 PM

Is it legal to sell services provided completely within the DR to Dominican businesses for US dollars? Alternatively, is it legal for a service contract to state a rate in pesos but allow that rate to increase in proportion to any decrease in the value of the peso? Finally, if such dollar or dollar-equivalent contracts are legal, would they be generally accepted by Dominican businesses?

Fabio J. Guzman · #2 03-25-2003, 02:31 PM

Contracts in dollars, or in any other currency, are perfectly legal in the Dominican Republic after the enactment of the new Monetary and Financial Code (Law 183-02).

Interesting that you go by the alias of Porfirio Rubirosa. Porfirio Rubirosa Ariza was from my hometown of San Francisco de Macoris. He was my mother's cousin.