ERDEM-NEWSLETTER-2018-metin

248 NEWSLETTER 2018 themselves are outside of the scope of the relevant restriction, only if the relevant hardware or software is produced abroad. Negotiable Instruments While it has been stated that the amounts in the negotiable instru- ments issued within the scope of the contracts subjected to the pay- ment restrictions pursuant to the Communiqué shall not be determined in a foreign currency or indexed to a foreign currency, the Amending Communiqué states that there is no need to re-issue the negotiable instruments issued and entered into circulation prior to 13 September 2018. Contracts Indexed to Fuel Prices As an exemption to the regulation stipulating that contracts in- dexed to precious metals and/or commodities, the values of which are determined in foreign currencies in international markets, and/ or contracts indexed indirectly to foreign currencies, are deemed as contracts indexed to foreign currencies within the scope of Decree No. 32, service contracts regarding transportation activities may now be determined in a manner indexed to fuel prices through the Amending Communiqué. Other Amendments While it has been regulated that projects that have been executed by contractors within the scope of performance of tenders, agreements and international conventions, in which public institutions and organi- zations are parties to, and which are in a foreign currency or indexed to a foreign currency, “contractors” were not within the scope of the restriction except for immovable sales, immovable lease and employ- ment contracts; however, it has been amended, through the Amending Communiqué, that the payment obligations will not be applied regard- ing contracts “ to be executed by responsible companies and by the par - ties, with which these companies signed contracts , with third parties, or within the scope of aforesaid projects, ” together with the contracts to be executed by the contractor within the scope of these projects. Additionally, the Amending Communiqué also removed immovable