Dvorkovich put pen to paper during a visit to the Hungarian capital where he met with the organisers of the tournament.

Hungarian Chess Federation President Laszlo Szabo and Attila Mihok, executive director of the National Sports Agency of Hungary, also signed the official documentation in the presence of Evgeny Stanislavov, ambassador extraordinary and plenipotentiary of the Russian Federation in Hungary.

Dvorkovich said the COVID-19 pandemic had "created obstacles" for organising chess tournaments but is confident the event will be staged at the "highest level".

"Hungary has incredible chess traditions, with great players like Lajos Portisch, Zoltán Ribli, Polgar sisters [Judit, Susan and Sofia], and many others, a very active chess federation, and the support of national authorities and a beautiful city of Budapest," said Dvorkovich.

"That is what makes it a perfect place for this most important team event."

Legal support for the preparation and term negotiations of the contract was provided by KIAP, the official legal partner of the FIDE, added the International Federation.

Budapest was awarded the hosting rights for the 2024 Chess Olympiad at the FIDE General Assembly last December.

The tournament is scheduled to run from September 10 to 23 at the renovated Hungexpo exhibition and conference venue.

According to the FIDE, the budget for the competition has been set at  €16.6 million (£15.1 million/$20 million).

The FIDE held a one-off online Chess Olympiad in 2020 and moved the event, which was due to be staged in Russian capital Moscow, to 2021.

The worldwide governing body is looking for a host for 2022 after Belarus was stripped of the tournament for breaching its financial obligations.