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Legal basis: the Chinese people's *** and National Code Article 502 The contract established in accordance with the law, effective from the time of formation, but unless otherwise provided by law or otherwise agreed by the parties.
In accordance with the provisions of laws and administrative regulations, the contract should be approved and other formalities, in accordance with its provisions. Failure to apply for approval and other formalities affect the entry into force of the contract, does not affect the contract to fulfill the obligation to apply for approval and other provisions of the contract and the effectiveness of the relevant provisions. If the party who should apply for approval fails to fulfill its obligations, the other party may request it to bear the responsibility of violating such obligations.
In accordance with the provisions of laws and administrative regulations, the change, transfer and dissolution of the contract shall be subject to approval and other formalities, the provisions of the preceding paragraph shall apply.