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Journal articles on the topic 'Contracts'
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1
Kim, Deborah B., Edward D. White, Jonathan D. Ritschel, and Chad A. Millette. "Revisiting reliability of estimates at completion for department of defense contracts." Journal of Public Procurement 19, no. 3 (September 2, 2019): 186–200. http://dx.doi.org/10.1108/jopp-02-2018-0006.
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Purpose Within earned value management, the cost performance index (CPI) and the critical ratio (CR) are used to generate the estimates at completion (EACs). According to the research in the 1990s, estimating the final contract’s cost at completion (CAC) using EACCR is a quicker predictor of the actual final cost versus using EACCPI. This paper aims to investigate whether this trend stills holds for modern department of defense contracts. Design/methodology/approach Accessing the Cost Assessment Data Enterprise (CADE) database, 451 contracts consisting of 863 contract line item numbers (CLINs) were initially retrieved and analyzed in three stages. The first replicated the work conducted in 1990s. The second stage entailed calculating 95 per cent confidence intervals and hypothesis tests regarding percentage accuracy of EACs for a contract’s final CAC. Lastly, regression analysis was conducted to characterize major, moderate and minor influencers on EAC reliability. Findings For modern contracts, EACCR aligns more with EACCPI and no longer demonstrates early accuracy of a contract’s final CAC. Contract percentage completion strongly reduced the per cent error of estimating CAC, while cost-plus-fixed-fee contracts and those with no work breakdown structure greater than Level 2 negatively affected accuracy. Social implications To militate against optimism of early assessment of a contract's true cost. Originality/value This paper provides empirical evidence that EACCR behaves more like EACCPI with respect to modern contracts, suggesting that today’s contracts have relatively high SPI. Therefore, caution is warranted for program managers when estimating the CAC from contract initiation up to and slightly beyond the mid-point of completion.
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Onufreiciuc, Raluca, and Lorena-Elena Stănescu. "Regulation of the Smart Contract in (Romanian) Civil Law." European Journal of Law and Public Administration 8, no. 2 (December 20, 2021): 95–111. http://dx.doi.org/10.18662/eljpa/8.2/164.
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The research aims to organize, examine, and analyze the provisions on smart contracts available in Romanian civil law. “Smart contracts” are not smart, and are not necessarily contracts, although they can be. As self-executing computer programs, smart contracts are operational on the blockchain and unlike traditional legal contracts, once the agreement has been concluded and the smart contract is set in motion, no party can intervene and it will be executed without interruption, modification, or breach. The crucial question in the final contract law topic is what happens when the smart contract's outcomes deviate from those required by law. To answer this issue, we must first understand that whether a smart contract becomes legally enforceable is determined by several circumstances, together with the unique use case, the type of smart contract employed, and the existing legislation. The paper addresses the subject of determining and regulating smart contracts under Romanian current laws. Particular emphasis is placed on two ambiguous definitions of smart contracts: as computer code and as a civil-law contract. The authors conclude that the concept of smart contracts requires more legal regulation, particularly in terms of managing their meaning and comprehension.
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Papp, Tekla. "Legal Dogmatic Questions about the Impact of the European Union’s Digital Legislation on Hungarian Contract Law." Juridical Tribune - Review of Comparative and International Law 14, no. 1 (March 25, 2024): 47–59. http://dx.doi.org/10.62768/tbj/2024/14/1/03.
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The complexity and flexibility of contract law, and its ability to meet various social, economic and technical-technological needs, are indicated by a number of theories (approaches) that offer a new approach to the processing of contracts. Among the predominant theories one might include the following: overview of contracts from a constitutional and human rights approach2; deriving from this the contracts related to private and family life (intimate contracts)3; by connecting the concepts of contract law and property rights, exploring the specific characteristics of existing contracts4; filling the term "digital contract type" with content5; classification of different kinds of interconnection of contracts (complex contracts).6 The author dedicates the study to the topic of whether Hungarian contract law can meet the challenges created by digitalization, which have not yet been identified in all its details, and what are the critical points that require consideration and action as soon as possible. After the summary of the digital legislation of the European Union the author identifies the effects of digitalization in relation to the Hungarian contract law and the special contracts resulting from digitalization. Finally, the author makes de lege lata and de lege ferenda conclusions in light of this topic.
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Murphy, Kevin J. "Determinants of Contract Duration in Collective Bargaining Agreements." ILR Review 45, no. 2 (January 1992): 352–65. http://dx.doi.org/10.1177/001979399204500211.
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The author develops a model incorporating variables that previous studies have hypothesized as determinants of labor contract duration, then empirically tests the model using a data set containing bargaining pair—specific, industry-specific, and union-specific variables on 373 contracts signed over the period 1977–87. Three findings, all consistent with the model, are that the rate of wage change in a contract is positively related to the contract's duration; contracts containing cost-of-living adjustments (COLAs) tend to be considerably longer in duration than contracts without COLAs; and over the period studied, there was a substantial increase in average contract duration, even with controls for many economic factors.
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Janssen, André, and Mateja Djurovic. "The Formation of Blockchain-based Smart Contracts in the Light of Contract Law." European Review of Private Law 26, Issue 6 (December 1, 2018): 753–71. http://dx.doi.org/10.54648/erpl2018053.
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Abstract: This contribution examines the formation of (blockchain-based) smart contracts. The term smart contract is used to refer to software programmes which are often, but not necessarily, built on blockchain technology as a set of promises, specified in digital form, including protocols within which the parties perform on these promises. It is regularly said that smart contracts are neither legal contracts in the traditional sense nor they are smart and that the term is therefore a misnomer. The crucial question this article is trying to answer is whether the traditional common law concept of contract formation is seriously challenged by the rise of smart contracts. As such, are smart contracts marking the end of contract formation as we know it or is it just much ado about nothing? Résumé: Cette contribution examine la formation de contrats intelligents (basés sur la blockchain). Le terme de contrat intelligent est utilisé pour faire référence aux programmes de software qui sont souvent, mais pas nécessairement, conçus sur la technologie de la blockchain comme un ensemble de promesses, spécifiées sous forme digitale, comprenant des protocoles au sein desquels les parties accomplissent ces promesses.On a souvent dit que les contrats intelligents ne sont ni des contrats juridiques au sens traditionnel ni intelligents et que le terme est donc inapproprié. La question cruciale à laquelle le présent article tente de répondre est de savoir si le concept traditionnel dans la common law de la formation du contrat est sérieusement mis au défi par l’arrivée des contrats intelligents. Comme tels, les contrats intelligents marquent-ils la fin de la formation des contrats telle que nous la connaissons ou ne s’agit-il finalement que de ‘beaucoup de bruit pour rien’?
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Demark, Armando, and Josip Dešić. "PRIVIDNI UGOVORI IZMEĐU NIŠTETNOSTI I NEPOSTOJANJA." Pravni vjesnik 39, no. 3-4 (December 2023): 7–29. http://dx.doi.org/10.25234/pv/25648.
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In this paper, the authors discuss apparent contracts as regulated by Article 285 paragraph 1 of the Croatian Civil Obligations Act as a cause of either the nullity or the inexistence of the contract. In several recent decisions of the Supreme Court of the Republic of Croatia, one can notice the standpoint that apparent contracts are not null contracts, but inexistent contracts. The aforementioned standpoint resulted in the rejection of many claims for the determination of nullity of apparent contracts. Therefore, in the first part of the paper, the authors analyze the subject case-law, as well as apparent contracts in Croatian and comparative law. At the same time, inexistent contracts have been the subject of discussion exclusively from the point of view of legal theory. The second part of the paper is consequently focused on the analysis of inexistent contracts, their practical value and their comparison to null contracts. The authors also give specific attention to the difference between the moment of entering into a contract and the creation of the contract’s legal effects, as well as the need for the differentiation between legal consequences of contracts that are not formed, contracts that are not entered into, contracts that do not produce legal effects and contracts that are explicitly null. In the conclusion, the authors discuss the practical necessity of distinguishing null and inexistent contracts and propose de lege ferenda suggestions for normative improvement of the Civil Obligations Act in the part that pertains to contracts with no legal effect.
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Jeon, Wooyeol, and Kwangjin Jang. "Comparative Analysis of SCE and Contract Cost for Disaster Impact Assessment System: Focus on Classification of Project Area and Relevant Government." Journal of the Korean Society of Hazard Mitigation 21, no. 1 (February 28, 2021): 83–91. http://dx.doi.org/10.9798/kosham.2021.21.1.83.
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This study compares and analyzes the contract amount and Standard for Calculating Expenses (SCE) concerning the Disaster Impact Assessment System (DIAS) and provides the results as basic data for improving the system. The current status of low-cost contracts based on a contract price ratio of 70% or less compared to the standard cost was analyzed. A total of 640 cases with reliable data were examined. The result indicated that the ratio of low-cost contracts was more than 70% of the total: the ratio of low-cost contracts of DIR was 76.2%, DIA 100%, and SDIA 86.7%. In particular, DIA with a large project area tends to be contracted at a price lower than that of DIR or SDIA. Further, this study found that the ratio of low-cost contracts of local government was higher than that of the central government, and private ordering projects were contracted at a cost lower than that of public ordering projects. Moreover, it verified the current contract status of DIAS agency through quantitative figures, which heretofore has not been revealed. The analysis results were used as basic data for the development of causal loop diagram.
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Dagan, Hanoch. "Intimate Contracts and Choice Theory." European Review of Contract Law 18, no. 2 (June 1, 2022): 104–26. http://dx.doi.org/10.1515/ercl-2022-2040.
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Abstract Contract is one of the key tools liberal law employs in the service of its core mission of enhancing people’s autonomy, and choice theory conceptualizes this task as contract’s telos. It thus prescribes three principles – proactive facilitation, regard for the future self, and relational justice – for guiding the legal constitution of contract law in all spheres of human interaction. Spousal contracts are no exception. Thus, the law governing intimate agreements both allows people to adjust the default rules governing their marital estates and provides people off-the-shelf options for structuring their interpersonal interaction as spouses. In turn, the law of marital contracts ensures that free exit from marriage is, as it should be, immutable. Finally, relational justice guides, albeit still imperfectly, both law’s normative defaults for marital contracts and the rules that govern premarital, marital, and cohabitation agreements.
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Azab, Rania S. "Interpreting digital licensing contracts between a metaphorical and functional direction: A comparative analytical study." International Journal of ADVANCED AND APPLIED SCIENCES 8, no. 8 (August 2021): 103–12. http://dx.doi.org/10.21833/ijaas.2021.08.013.
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This study seeks to clarify the importance of explaining the type of digital license contracts to see if it can continue subjecting them to the metaphorical direction that adopts the direction of applying the traditional rules to this types of contract or must it be subject to the functional direction that adopts the necessity of establishing independent legal rules in the theory of contracts in Egypt. The problem of the user not reading the contract terms is still there. Although consumers do not read the terms of digital licensing contracts, some jurisprudence in the US often insist that it must be the exchange of consent must take place that the offeree must see the terms and conditions before assenting in some sort of this contracts, this differs from the nature of digital licensing contracts and the way they are contracted. It is right that the consumers discover in some the types of contracts do not express the consent by the traditional way in the contract but are subject to specific instructions set by the site, due to the inability to read and understand the terms of the contract, but rather that in some types of digital licensing contracts the consumers are not aware to be a party to a contract according to the traditional concept of contract theory. Legal recognition is important by the Egyptian and Arab legislations in the role of technical and digital in regulations next to the contract and the law (functional direction) which can contribute to help the user to read the terms of use, we must make use of digital technology to fulfill the function of the contract, which aims to create obligations on both parties, businesses and the user. The following questions were analyzed: Is it possible an individual can enter into a contract without realizing it on the internet? Is the individual obligated to contractual terms that he did not read and understand? How can the provisions of the traditional contract be applied to digital licensing contracts? Then I concluded the necessity of enacting new legal rules that regulate digital licensing contracts within Egyptian legislation.
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Alexandrowicz, Piotr. "Paolo Comitoli SJ on Contracts." Zeitschrift der Savigny-Stiftung für Rechtsgeschichte: Kanonistische Abteilung 107, no. 1 (June 1, 2021): 255–96. http://dx.doi.org/10.1515/zrgk-2021-0006.
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Summary Contract law in the early modern period has always been the subject of intensive research. The present article is intended as a contribution to this. It presents the contract doctrine of an Italian Jesuit, Paolo Comitoli. He was a moral theologian and author of the “Doctrina de contractu”. The paper begins with a biographical introduction and an overview of Comitoli’s writings. News about Comitoli’s life, however, is sparse and widely dispersed. The following section focuses on Comitoli’s concept of and his definition of contract. A brief explanation of Comitoli’s concept of contract attributes follows. Comitoli saw in these attributes the identity-forming characteristics of all contracts and used these elements to place the traditional problems of contract theory in a new framework.
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Marina, Kozlova. "Peculiarities of legal language in civil law contracts concluded via the Internet." SHS Web of Conferences 69 (2019): 00067. http://dx.doi.org/10.1051/shsconf/20196900067.
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Informatization of the society leads to the fact that more and more often civil contracts are concluded between contractors who are far away from each other and they communicate only via the Internet. Peculiarities of legal language in contracts are studied. Moreover, contracts concluded by accepting public offers, exchanging messages, contracts concluded while purchasing goods and services in internet shops and using internet applications are studied. It is determined that the contracts concluded via the Internet do not have a unified text, signed by the sides, they contain links to other documents and sources, contain linguistic structures, excluding the possibility to agree on the contract’s terms. The contractor offering to conclude the contract usually includes terms profitable for him - on restraining responsibility, on applicable law, on jurisdiction of disputes. Such contracts always imply that the joining side will learn the agreement’s terms, though in most cases it does not happen, and the joining side can be deceived about the agreement’s content and the contractor’s identity.
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Jovanović, Slobodan. "Negative interest rate and the possibility of terminating life insurance contract due to changed circumstances." Tokovi osiguranja 37, no. 4 (2021): 57–86. http://dx.doi.org/10.5937/tokosig2104057j.
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Although low interest rates, after the global financial crisis, were supposed to have positive effects on economic activity, such policy also had certain disadvantages that adversely affected the financial system. In this paper, the author discusses life insurance where the insured's share in the insurer's profit is contracted, the insurer's contractual protection against unfavourable interest rate trends, the possibility of terminating or amending a life insurance contract due to changed circumstances based on legal provisions and legal theory, and partly aspects of the legal nature of life insurance contracts. The author concludes that life insurance contracts have characteristics that classify them as bilateral contracts, but also because of that they do not meet the requirements to be onerous contracts (it is a legal, not economic-financial characteristic of life insurance contracts). The main obstacle for implementation of the institute of changed circumstances to life insurance contracts is their aleatory legal nature and general principles of contract law that do not take into account economic effects of that insurance line. The institutional framework, indifference of legal theory and case law regarding implementation of the institute of changed circumstances to life insurance contracts due to negative interest rates will continue to burden insurers.
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Rudiansyah, Rudiansyah, and Syaiful Anam. "Akad Tidak Bernama Dalam Hukum Kontrak Bisnis Syariah." Jurnal Keislaman 6, no. 1 (March 1, 2023): 174–89. http://dx.doi.org/10.54298/jk.v6i1.3693.
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Studying unnamed contracts is an important requirement for economic business actors, especially sharia economic actors. The rapid development of the economy and business requires business actors to study unnamed contract forms in sharia business practices in order to respond to the challenges of the times. This research will examine unnamed contracts in sharia business contract law. This type of research is library research, which is a study by examining data from various literature. The results of the study show that unnamed contracts are contracts that are not specifically regulated in fiqh books and do not have special provisions. This contract is made and determined by the parties according to their needs. The provisions that apply in this contract refer to the provisions of the general theory of the contract (naẓriyyat al-'aqd) and are guided by the principle of freedom of contract (mabda' ḥurriyat at-ta'āqud). An example of an unnamed contract is istishnā', bai al -wafa, istijrār, tahkīr, book publishing contracts, advertising contracts, auction contracts, fiduciary contracts, leasing contracts, franchising contracts, consignment contracts, lease purchase agreements and others.
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Christ, Margaret H., Karen L. Sedatole, and Kristy L. Towry. "Sticks and Carrots: The Effect of Contract Frame on Effort in Incomplete Contracts." Accounting Review 87, no. 6 (June 1, 2012): 1913–38. http://dx.doi.org/10.2308/accr-50219.
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ABSTRACT In this study, we examine the effect of incentive contract framing on agent effort in an incomplete contract setting. Prior research suggests that when governed by complete incentive contracts, agents exert greater effort under penalty contracts relative to bonus contracts. However, in an incomplete contract setting, in which the incentive contract does not govern all tasks for which the agent is responsible, the agent's trust in the principal is relevant. In this setting, we predict that bonus contracts create a more trusting environment, and this effect spills over to tasks not governed by the incentive contract, such that bonus contracts elicit greater effort on these tasks as compared to penalty contracts. We develop and experimentally validate a theoretical model of the effects of contract frame on trust and effort in this incomplete contract setting. The main intuition behind the model is that the framing of an incentive contract affects the degree to which the contract terms are interpreted by the agent as a signal of mistrust. More specifically, penalty contracts engender greater distrust than do bonus contracts and, therefore, when contracts are incomplete, penalty contracts lead to lower effort on tasks not governed by the contract than do bonus contracts.
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Saeed, Muhammad Arif, and Aas Muhammad. "AUTOMATIZATION OF INTERNATIONAL LAW IN THE FOURTH INDUSTRIAL REVOLUTION THROUGH SMART LEGAL CONTRACTS." Pakistan Journal of Social Research 04, no. 01 (March 31, 2022): 180–86. http://dx.doi.org/10.52567/pjsr.v4i1.634.
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Purpose – Smart contracts minimise transaction costs and boost efficiency. Smart contracts are costly, single-use, and inefficient. This study proposes a smart contract mechanism to address these issues. Design/methodology/approach – This study examines smart contract research history, models, and platforms to highlight their flaws. Based on typical contract content, a smart contracts model is built. Findings – This paper describes smart contract operation using several models. Decomposing smart contracts into sub-contracts facilitates global implementation. Then, smart contract benefits and deployment strategies are examined. Here's an illustration of how smart contracts will affect our lives. Originality/value – Smart contract is expanding. This article describes smart contract structure and functioning. Keywords: AI, 4th IR, Applicability, international law, Smart contracts.
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Alisa Ahmad, Azlin, Mat Noor Mat Zain, and Nur Diyana Amanina Zakaria. "A COMPARATIVE ANALYSIS OF SMART CONTRACTS AND ISLAMIC CONTRACTS." International Journal of Advanced Research 8, no. 10 (October 31, 2020): 316–25. http://dx.doi.org/10.21474/ijar01/11859.
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A smart contract is a computer protocol contract of which its innovation rooted from the traditional contract. However, Sharia-compliant transaction necessitates a contract to fulfils all pillars of Islamic contracts in order smart contract can be accepted as an innovation of Islamic contracts. Thus, this paper aims to make a comparison between Islamic contracts and smart contract on blockchain. This paper is a qualitative research by adopting content analysis method to analyze some related topics. The pillars of Islamic contract are compared with the smart contract to ensure whether the smart contract follows the guidelines of Islamic contract or vice versa. The analysis shows that smart contract does not entirely comply with the Islamic principles of a contract. Even though smart contract generally has three pillars of Islamic contract but in details, it does not comply with the Sharia principles. By comparing between the pillars of Islamic contract and smart contract on blockchain, it shows that smart contract on blockchain is not underline with the Islamic contracts pillars. Contracting parties participate in the smart contract does not recognize each other that can be lead to gharar. Meanwhile, every transaction in the smart contract allows prohibited subject matters such as illegal drugs, weapons where as it is not allowed in Islamic contracts transactions.
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Li, Hanning, Hongyun Han, and Shiyu Ying. "Reputation Effect on Contract Choice and Self-Enforcement: A Case Study of Farmland Transfer in China." Land 11, no. 8 (August 11, 2022): 1296. http://dx.doi.org/10.3390/land11081296.
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The prevailing informal contracts of farmland transfer in China are facing frequent disputes and defaults, which call for effective self-enforcement mechanisms operating through transactors’ reputations and social networks. However, the effects of reputation on contract choice and self-enforcement have not been thoroughly considered and examined by existing research in the case of farmland transfer. This study explores the reputation’s ex-ante signaling effect on farmers’ contract choices and the ex-post penalty effect on farmers’ performance in informal contracts. Based on 403 transfer contracts obtained from a field survey conducted in the Hebei province of China, we apply the multinomial logit model and Heckman probit model to perform empirical analysis. The results show that, affected by the penalty effect, farmers with good reputations are more likely to fulfill informal contracts to avoid reputation damage and the resulting loss of future trading opportunities. However, in the ex-ante stage of contract choice, a farmer’s reputation has no significant signaling effect on the formation of informal contracts. The informal contracts are chosen due to farmers’ trust in the close social network and the demand for reduced transaction costs. These findings highlight the importance of personal reputation serving as a form of relational governance in the self-enforcement of informal contracts, which provides a means of enhancing the informal contract’s effectiveness in terms of farmland transfer in the rural acquaintance society. It also provides insights into the necessity of creating a supportive environment for informal rules. Policies should encourage the building of personal reputation and establishment of good social norms to form a long-term, stable and reasonable contractual relationship for farmland transfer.
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Rovniy, V. V. "The conclusion contract’s patterns (in memory of B. L. Khaskelberg)." Siberian Law Herald 1 (2023): 44–51. http://dx.doi.org/10.26516/2071-8136.2023.1.44.
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The article is dedicated to the comprehention of the existing conclusion contract’s patterns. A number of the Civil Code of the Russian Federation’s rules, including art. 433 and art. 434 (point 1, paragraph 2), other rules concerning the process conclusion of a contract – art. 1017 (points 2, 3), art. 1234 (points 1, 2), art. 1235 (points 1, 2) – was analysed. Questions of the necessary grounds of the conclusion a contract (offer, acceptance, passing a property), the act of registration in a contract, the contract’s form are scrutinized. A number of inferences was made, in particular: a) consensual contract and real contract are two basic conclusion contract’s patterns, they can be complicated because of additional demands from the law or participants of a contract (of registration various objects – main obligatory bargain, act of passing a property or consequence of such an act, of agreed by the participants contract’s formalization); b) contract’s form has two sides, because it can be defined by the law or by an agreement, so form influences upon the concluded contract’s quality or upon the quality the process of concluding a contract; c) the rules of the art. 433 and art. 434 (point 1, paragraph 2) are universal and concern not only obligatory contracts, but disposal ones also; d) the moment of concluding a contract is defined by the basic pattern with taking into consideration complicating this pattern demands; e) the process of concluding a contract is a factual composition with various combination of elements (stages), which are accumulated gradually or in a free style. Inferences are made with taking into consideration legal amendments, illustrated by the examples of the concrete contracts.
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Carette, Nicolas. "Direct Contractual Claim of the Sub–buyer and International Sale of Goods: Applicable Law and Applicability of the CISG." European Review of Private Law 16, Issue 4 (August 1, 2008): 583–605. http://dx.doi.org/10.54648/erpl2008047.
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Abstract: The issue explored in this work is which law should be applied to determine the admissibility or possibility of and, if appropriate, the assessment of a direct contractual claim of a sub–buyer against a former seller when a sequence of contracts of sale takes place in an international context and the sequential contracts are governed by different laws. Particular attention is paid to the impact of the United Nations Convention on Contracts for the International Sale of Goods (CISG) on this question. Although this article focuses mainly on Belgian and French Law where the competence of the Belgian or French judges is presupposed, the theories described herein, and especially the proposed one, can in principle also be applied to other laws and in other jurisdictions. The admissibility and the assessment of the claim of the sub–buyer will in principle be judged exclusively according to the lex contractus (national law, not CISG) of the contract between the sued seller and his immediate buyer. However, in case the claim of the intermediary seller against the initial seller is automatically transferred to the sub–buyer according to the lex contractus of the sub–contract, the key question is to what extent the transfer can be invoked against the initial seller. Arguably, one must distinguish between two categories of cases: cases within which the law governing the initial contract recognizes the automatic transfer of the claim according to the law governing the sub–contract, on the one hand; and cases where the lex contractus of the initial contract does not recognize such a transfer. In the first category of cases, the sub–buyer can be identified with his predecessor and the assessment of his claim has to be judged as if it was the predecessor who is acting. In the second category of cases it must be verified whether or not the law governing the initial contract recognizes a more or less similar, although not automatic transfer of claims. It is proposed to refer to the regime of assignment where the lex contractus of the initial contract recognizes the (whether or not implied) assignment of the claim(s). This means an analogical application of Article 12 of the Rome Convention, where that Convention has to be applied. In any case, if the direct contractual claim of the sub–buyer is recognized, the CISG could possibly be applicable to the claim. Resumé: La question étudiée dans ce travail est celle du droit applicable pour déterminer l’admissibilité ou la possibilité de, et si opportun, l’évaluation d’une créance contractuelle directe d’un acheteur succédant contre un premier vendeur dans le cas d’une succession de contrats de vente ayant lieu dans un contexte international et où les différents contrats sont régis par différents droits. Une attention particulière est portée sur l’impact de la CVIM vis à vis de cette question. Même si cet article se concentre principalement sur les droits belge et français et que la compétence des juges français et belge est présupposée, les théories discutées, et surtout la théorie proposée, peuvent en principe également être appliquées aux autres droits et par d’autres juridictions. L’adminissibilité et l’évaluation de la créance par l’acheteur succédant seront en principe considérées exclusivement au vu de la lex contractus (droit national et non la CVIM) du contrat entre le vendeur poursuivi et l&apos
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Zainutdinova, Elizaveta V. "Legal Issues of Smart Contracts in Contract Law." Journal of Siberian Federal University. Humanities & Social Sciences 14, no. 11 (November 2021): 1626–34. http://dx.doi.org/10.17516/1997-1370-0845.
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The research is carried out on some legal issues of smart contracts and their place in Russian and other countries’ contract law. By means of contract law such issues are analysed: 1) conclusion and performance of smart contracts’ obligations; 2) practical issues arising due to smart contracts’ use; 3) contract law provisions that might be applied to smart contracts; 4) issues that are not covered by the legislation but need to be addressed. A smart contract is considered to be a contract with the specific type of performance of obligations (automated performance). Smart contract is a contract concluded with an exchange of data (type of a written form). Smart contracts are performed with the help of automated performance and previously expressed consent of parties. It is proved that smart contracts could be modified and terminated giving a mechanism for that as well as provides for measures of defence and responsibility that could be applied for obligations out of smart contracts. As the result, provisions of smart contracts that reflect smart contracts’ place and peculiarities in contract law are formulated
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Lee, Hong-Min. "A Study on Provisional Contracts in Real Estate Transactions." Korean Institute for Aggregate Buildings Law 48 (November 30, 2023): 109–40. http://dx.doi.org/10.55029/kabl.2023.48.109.
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In transaction practice, cases where a provisional contract is concluded first in the process of concluding a real estate sale or lease contract are not rare. However, not only is there no law governing provisional contracts, but also neither theories nor precedents have yet provided a consistent explanation of the concept and content of provisional contracts. Therefore, legal issues surrounding provisional contracts are still causing confusions. Diverse problems are occurring in relation to provisional contracts such as the question of when the main contract has been concluded in cases where the main contract has been concluded after the provisional contract had been concluded, whether the legal binding force of provisional contracts can be acknowledged, and whether the provisional contract deposit paid should be refunded when the provisional contract has been canceled by one party unilaterally, for example. In order to solve such problems, various opinions have been asserted such as the argument that the types in which the expression provisional contract is used should be distinguished and the legal principles appropriate for each type should be considered, the argument proposing that a standard provisional contract for concluding a provisional contract should be prepared, presented, and used, and the argument that civil law regulations should be newly established to govern provisional contracts. However, it is difficult to view that such studies have resolved all the complex issues surrounding provisional contracts.
In practice, there are various types of contracts concluded under the name of provisional contracts. Even cases acknowledged by precedents include ① cases where the provisional contract is a contract that has no difference in substance from the main contract or is a conditional contract; ② cases where the provisional contract has the nature of a reservation that imposes an obligation to conclude the main contract on one or both parties in the future; and ③ cases where the provisional contract was prepared as a basis for future negotiations and has the nature of a matter of consultation that are expected to be revised through future negotiations. These are viewed to be the difficult part of studies on provisional contracts. That is, all the various types of contracts concluded under the name of provisional contracts are recognized as a type of provisional contracts and it is sought to resolve all cases together. However, for legal relationships where the contents of the regulations can already be understood through existing explanations, such as reservations or conditional contracts, for example, it cannot be said that separate regulations are necessary just because the name provisional contract is used. That is, in order to provide effective standards for resolution of disputes related to provisional contracts, it is necessary to limit the concept of provisional contracts to a certain form. In this article, the meaning of provisional contracts in real estate transactions was understood from the perspective as such and then the legal relationship of provisional contracts was analyzed from the perspective that provisional contracts are temporary contracts concluded before the main contracts are concluded.
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Rovniy, V. V. "About the state registration of a contract and contract’s consequence." Siberian Law Herald 2022.2 (2022): 80–87. http://dx.doi.org/10.26516/2071-8136.2022.2.80.
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The article is dedicated to the wide circle of questions, connected with the state registration procedure foreseen for a number of contracts by the law. The registration objects’ pluralism and registrating bodies’ diversity are pointed to. The rule of p. 3 art. 433 Civil Code of the Russian Federation, a plenty of changes in the civil legislation in the connection with the registrating procedure in a contracts are comprehended. Particular attention is made to the consequences of registrating demand’s infringement for different registrating objects (obligatory and disposal contracts, contract’s consequences). Regulations of contemporary law, various it’s changings during the last years, existing mistakes and demerits are under analyzing. Author’s point of view to the comprehension and using the rule of p. 3 art. 433 CC RF and some other rules is formulated. A number of conclusions (for example, about the separate effect of the p. 3 art. 433 CC RF’s rule for contract’s participants and for third persons, about the fiction of contract’s registration for it’s participants) is made and argued. Made conclusions are scrutinizing on the examples of various contracts, in which the registrating procedure is used. They are obligatory contracts (selling immovable property and business, leasing immovable property, building, construction, business) and disposal ones (mortgage, cession, novation of a debt, transference an immovable property object in the confidential managing property contract, giving a right in the commercial concession and licence contracts). Besides the Civil Code’s regulations special legislation touching upon questions of rights and bargains’ registration is used.
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Gonzalez, George C., Vicky B. Hoffman, and Donald V. Moser. "Do Effort Differences between Bonus and Penalty Contracts Persist in Labor Markets?" Accounting Review 95, no. 3 (October 24, 2019): 205–22. http://dx.doi.org/10.2308/accr-52655.
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ABSTRACT Conventional economics assumes workers provide the same effort under penalty contracts and economically equivalent bonus contracts. However, prior research finds that although workers prefer bonus contracts, they provide more effort under penalty contracts. Given these findings, the prevalence of bonus contracts in practice is puzzling. If penalty contracts yield more worker effort, why would employers not use them more often? We conduct experimental labor markets to test whether the prior finding of more effort under penalty contracts than bonus contracts (i.e., the contract frame effect) persists when workers can choose their contract and know that their employer intentionally offered the contract they choose. As predicted, these features of labor markets eliminate the difference in effort between penalty and bonus contracts reported in prior studies. This finding suggests employers may use bonus contracts more often than penalty contracts because they can offer the contract most workers prefer without sacrificing worker effort.
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Alam, Azhar, Linda Islam Cahyaningrum, Nabila Rahmawati Rama, and Raisa Aribatul Hamidah. "Penyuluhan Webinar Kajian Fatwa MUI Tentang Akad Murabahah di Komunitas Pegiat Ekonomi Syariah di Surakarta." Jurnal Pengabdian UntukMu NegeRI 6, no. 2 (November 16, 2022): 86–93. http://dx.doi.org/10.37859/jpumri.v6i2.3679.
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The community of Islamic economic activists in Surakarta and surrounding areas is committed to advancing the sharia economy. They form a community to carry out discussions and outreach studies to increase Islamic economic literacy. Financial literacy in general or mainly in Islamic economics is still very low in Indonesian society, so it requires significant efforts to increase literacy through outreach activities. Murabahah contract is the most common contract widely used in Islamic economic activities by Islamic financial institutions, banking, and microfinance. This outreach activity aims to increase the knowledge of the community of Islamic economic activists in Surakarta and its surroundings regarding the study of the fatwa on murabahah contracts and current issues related to one of the muamalah contracts. Contract problems and disputes that occur in the relationship of Islamic financial institutions with customers or customers are also dominated by Murabahah contracts. Murabahah contract is also a contract with a nominal amount of transactions large enough to take the form of a sharia financing syndicate with a Murabahah contract. This counseling activity suggests that every party involved in a murabahah contract is obliged and needs to uphold what has been contracted.
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Mohammed Hourani, Yesser Abdelkarim Karim, and Mohammed Ali ZARAI. "Investment in Financial Derivatives Contracts from an Islamic Perspective." International Finance and Banking 1, no. 1 (April 17, 2014): 51. http://dx.doi.org/10.5296/ifb.v1i1.5442.
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This research aims at exploring the nature of financial derivatives (FD) and their associated activities, and thus highlight their legitimate rule from an Islamic Perspective. Although there are many kinds of financial derivatives, this research focuses on the discussion of only three basic contracts; namely options, futures and swaps contracts, because they represent financial contracts derived from financially stable instruments such as stocks and bonds. There is no doubt that the great importance of this research lies mainly in determining the nature of these contracts and knowing their legitimate rules. In dealing with this issue, the research employs a descriptive approach which relies on first clarifying the image of each contract and its contemporary concept, second explaining the contract's performance and applications in the field of financial transactions, with reference to illustrative examples, and finally discussing its legitimate rule.The research results in uncovering the legitimate ruling on financial derivatives contracts, summed up mainly in the presence of betrayal and ignorance; leading, therefore, to the prohibition of such contracts.
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Sigalov, Katharina, Xuling Ye, Markus König, Philipp Hagedorn, Florian Blum, Benedikt Severin, Michael Hettmer, Philipp Hückinghaus, Jens Wölkerling, and Dominik Groß. "Automated Payment and Contract Management in the Construction Industry by Integrating Building Information Modeling and Blockchain-Based Smart Contracts." Applied Sciences 11, no. 16 (August 20, 2021): 7653. http://dx.doi.org/10.3390/app11167653.
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Construction projects usually involve signing various contracts with specific billing procedures. In practice, dealing with complex contract structures causes significant problems, especially with regard to timely payment and guaranteed cash flow. Furthermore, a lack of transparency leads to a loss of trust. As a result, late or non-payment is a common problem in the construction industry. This paper presents the concept of implementing smart contracts for automated, transparent, and traceable payment processing for construction projects. Automated billing is achieved by combining Building Information Modeling (BIM) approaches with blockchain-based smart contracts. Thereby, parts of traditional construction contracts are transferred to a smart contract. The smart contract is set up using digital BIM-based tender documents and contains all of the relevant data for financial transactions. Once the contracted construction work has been accepted by the client, payments can be made automatically via authorized financial institutions. This paper describes the framework, referred to as BIMcontracts, the container-based data exchange, and the digital contract management workflow. It discusses the industry-specific requirements for blockchain and data storage and explains which technical and software architectural decisions were made. A case study is used to demonstrate the current implementation of the concept.
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Brunjes, Benjamin M. "Reducing risk and leveraging markets: The impact of financial structure on federal contractor performance." Journal of Strategic Contracting and Negotiation 4, no. 1-2 (March 2018): 6–29. http://dx.doi.org/10.1177/2055563619858613.
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This paper analyzes how financial controls, as established through the payment structure, are used and whether they influence federal contractor performance. These payment structures include variants on three primary types of contract: firm fixed-price, cost-reimbursement, and time-and-materials. Each of these payment structures creates different performance incentives for contractors, provides government contract managers with varying levels of information on contractor activities, and alters the dispersion of risk between the partners. The Federal Acquisition Regulation (FAR) prefers fixed-price contracts whenever possible, as they theoretically place the risk on the contractor, who is required to finish the work for the allocated price. Based on an analysis of nearly 25,000 federal definitive contracts that concluded between 2005 and 2014, findings indicate federal contracting officials tend to use payment structures in expected ways: to limit exposure to risk, leverage market forces, and reduce transaction costs when possible. Findings also show that there are important performance differences between contracts that use different financial structures, even when accounting for information asymmetries, asset specificity, and the complexity of the contracted work. Cost-reimbursement contracts are highly correlated with early contract termination.
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Nurjaman, Muhamad Izazi, Helmi Muti Sofie, and Istianah Istianah. "Transformasi Akad Natural Uncertainty Contracts: Analisis Akad Musyarakah Mutanaqishah (MMQ) di Lembaga Keuangan Syariah." TAWAZUN : Journal of Sharia Economic Law 5, no. 1 (July 1, 2022): 92. http://dx.doi.org/10.21043/tawazun.v5i1.13871.
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<p>This research is motivated by the murabahah contract which is widely used by LKS in product development due to its nature which includes natural certainty contracts. So that it provides income certainty and has a lower risk than cooperation contracts (musyarakah and mudharabah) which are natural uncertainty contracts. However, in its development there is a musyarakah mutanaqishah contract which is a hybrid contract by combining musyarakah, ijarah and buying and selling contracts. Meanwhile, ijarah and buying and selling contracts are natural certainty contracts. This research will reveal the transformation of natural uncertainty contracts on the analysis of musyarakah mutanaqishah contracts in LKS. This study uses a normative juridical approach which is described by a descriptive method of literature from primary data sources and also secondary data. The type of this research is qualitative research with data analysis techniques in the form of focusing data, presenting data and drawing conclusions. The results of this study reveal the fact that there is a transformation of musyarakah contracts, which include natural uncertainty contracts, into musyarakah mutanaqishah contracts, which are hybrid contracts with business activities using ijarah contracts and buying and selling as natural certainty contracts. So that this contract provides income certainty and has low risk and can be used as a contract choice by LKS in developing financing products.</p>
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Song, Young-Min. "Medical Contract." Wonkwang University Legal Research Institute 28 (December 31, 2022): 61–87. http://dx.doi.org/10.22397/bml.2022.28.61.
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This paper reviewed the legal nature of medical contracts and the legislative method of medical contracts by reviewing the problems arising in the process of establishing, implementing, and terminating medical contracts in relation to delegation contracts under civil law.
In general, non-typical contracts can be divided into ①completely newly created, ②similar to a typical contract, but they are deformed beyond acceptance as a typical contract, and ③the specificity of the contract needs to be discussed.
Delegation contracts and medical contracts have a common purpose of handling affairs, but there are differences in essential aspects between delegation provisions under the Civil Act for the purpose of handling property affairs and medical contracts accompanied by invasion of human life or body.
Therefore, the norms of delegation contracts are rarely actually applied to medical contracts, or there are cases where there is partial intervention in public law, but there are cases where they have theoretical continuity.
However, in the essential elements of both contracts, medical contracts have their own characteristics independent of delegation contracts. Medical contracts are not completely newly created or modified to the point that they cannot be included in a typical contract. Therefore, it should be said that it is a type that needs to be discussed in the delegation contract. In other words, it should be said that delegation contracts and medical contracts have a relative relationship between general types and special types, abstract types and specific types, or basic types and subtypes.
Even if medical contracts are subordinate to delegation contracts, the difference between delegation contracts and medical contracts should be seen as larger than non-typical contracts (franchise contracts, etc.) in the form of different office processes theoretically and practically.
Since medical contracts are basically based on the rules of human life and body invasion, they should be considered to have a significant difference from the civil law's delegation regulations governing property management. If so, it should be seen that there is a characteristic that cannot be solved by a delegation contract under civil law and a new type of typical contract under civil law.
Civil law discussions on the obligations of doctors and patients arising from medical contracts are still in a fluid state. The Civil Code established the basic framework of contracts between individuals.
It is not appropriate to incorporate medical contracts with strong public legal elements within these civil codes. As for the legislative form of medical contracts, it is considered reasonable to enact civil special law specializing in medical contracts.
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Wei, Guannan, Danning Xie, Wuqi Zhang, Yongwei Yuan, and Zhuo Zhang. "Consolidating Smart Contracts with Behavioral Contracts." Proceedings of the ACM on Programming Languages 8, PLDI (June 20, 2024): 965–89. http://dx.doi.org/10.1145/3656416.
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Ensuring the reliability of smart contracts is of vital importance due to the wide adoption of smart contract programs in decentralized financial applications. However, statically checking many rich properties of smart contract programs can be challenging. On the other hand, dynamic validation approaches have shown promise for widespread adoption in practice. Nevertheless, as part of the programming environment for smart contracts, existing dynamic validation approaches have not provided programmers with a notion to clearly articulate the interface between components, especially for addresses representing opaque contract instances. We argue that the “design-by-contract” approach should complement the development of smart contract programs. Unfortunately, there is only limited linguistic support for that in existing smart contract languages. In this paper, we design a Solidity language extension ConSol that supports behavioral contracts. ConSol provides programmers with a modular specification and monitoring system for both functional and latent address behaviors. The key capability of ConSol is to attach specifications to first-class addresses and monitor violations when invoking these addresses. We evaluate ConSol using 20 real-world cases, demonstrating its effectiveness in expressing critical conditions and preventing attacks. Additionally, we assess ConSol’s efficiency and compare gas consumption with manually inserted assertions, showing that our approach introduces only marginal gas overhead. By separating specifications and implementations using behavioral contracts, ConSol assists programmers in writing smart contract code that is more robust and readable.
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Herbots, Jacques. "Un aperçu du droit chinois des contrats." European Review of Private Law 18, Issue 5 (October 1, 2010): 915–38. http://dx.doi.org/10.54648/erpl2010070.
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Abstract: This essay presents the current situation of Contract Law in the People’s Republic of China. First, it demonstrates why, before the end of the Qing Dynasty, no Chinese statute on contracts existed. It then sketches the introduction of a Civil Code in the Kuomintang period, as well as the situation in the first decades of the People’s Republic and the genesis of the Contract Act of 15 March 1999. This Act, in anticipation of a Civil Code, encompasses common Contract Law. It consists of two parts: the provisions on contractual obligations on the one hand and those on specific contracts on the other. This essay briefly deals with a number of important notions (such as the freedom of contract, good faith, public policy, nullities, rescission, force majeure, etc.). This indicates that Contract Law in China belongs to the German Legal Family, with some inroads of international uniform law. The paper devotes some attention to the problem of translation into Chinese of Western legal notions. The Common Law has had virtually no influence on the Law of 15 March 1999. Comparative law teaches us that we therefore should be cautious with English language treatises on the Chinese Act. Finally, the paper suggests that the ideology of the Chinese Communist Party, and possibly also Confucian doctrine, may provide the law of contracts with an autonomous character. Résumé: Cet article porte sur le droit des contrats de la République Populaire de Chine, offrant tout d’abord une perspective historique précédant la genèse de la Loi sur les contrats de 1999. Sont passées en revue des notions juridiques centrales telles que la liberté contractuelle, la bonne foi, l’ordre public, les nullités, et la force majeure. L’auteur constate que le droit des contrats chinois puise son inspiration dans la tradition juridique allemande, le droit anglo-américain n’ayant que peu d’influence.
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De Jong, Arjan, and Klaas Smit. "Collaboratives to improve industrial maintenance contract relationships." Journal of Quality in Maintenance Engineering 25, no. 4 (October 2, 2019): 545–62. http://dx.doi.org/10.1108/jqme-07-2013-0050.
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Purpose The purpose of this paper is to demonstrate how collaborative contracts can improve industrial maintenance contract relationships. Design/methodology/approach The research compares performance contracts with collaborative contracts, a new contract type whereby the contract parties align their objectives. The study uses game theory and describes the contract types as mechanism designs to compare the contract types. The mechanisms are validated with case studies. The utility of the contract types is verified with Monte Carlo simulations using expert opinions. Findings The research demonstrates that, under certain conditions, collaborative contracts result in a higher utility than performance contracts for all contract parties. Practical implications The use of collaborative contracts between an operator of a technical system and a maintenance organisation reduces maintenance costs and improves the availability of the technical system, increasing the utility for all contract parties. Originality/value The collaborative contract is a new contract type for maintenance services and the research method provides a new approach to optimise industrial maintenance contract relationships.
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Abramitzky, Ran, Zephyr Frank, and Aprajit Mahajan. "Risk, Incentives, and Contracts: Partnerships in Rio de Janeiro, 1870–1891." Journal of Economic History 70, no. 3 (September 2010): 686–715. http://dx.doi.org/10.1017/s0022050710000586.
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We construct an individual-level data set of partnership contracts in late-nineteenth-century Rio de Janeiro to study the determinants of contract terms. Partners with limited liability contributed more capital and received lower draws for private expenses and lower profit shares than their unlimited partners. Unlimited partners in turn received higher-powered incentives when they contracted with limited partners than when they contracted with unlimited partners. A reform that changed the relative bargaining power further improved the terms of unlimited partners in limited firms. These findings highlight the roles of risk, incentives, and bargaining power in shaping contracts.
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Nakakubo, Hiroya. "Labor (Employment) Contracts in Japan: A Comparison with Civil and Commercial Contract." International Journal of Comparative Labour Law and Industrial Relations 17, Issue 4 (December 1, 2001): 423–40. http://dx.doi.org/10.54648/394548.
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A labor (employment) contract is used when an individual is hired by an employer. Affected by both the applicable statutory provisions and the actual employment practices, Japanese labor contracts have acquired distinctive traits. The contracts are so wildly different that it is often difficult to distinguish if the contracts are truly contracts. This article will examine the Japanese labor contract and then make comparisons of the labor contract to other contracts.
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Nugraheni, Ninis, Hening Arifanda, and Alifihan Astaftiyan. "Public Procurement Contract for Goods and Services Following the Presidential Decree Number 12 of 2020 on the Stipulation of the Coronavirus Disease (Covid-19) Pandemic as a National Disaster." PADJADJARAN Jurnal Ilmu Hukum (Journal of Law) 07, no. 02 (2020): 229–49. http://dx.doi.org/10.22304/pjih.v7n2.a5.
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The Covid-19 Pandemic affects many sectors. Therefore, the Indonesian Government passed the Presidential Regulation Number 12 of 2020 to manage the Pandemic. Unfortunately, this regulation has evoked various interpretations on the disaster contingency as a foundation to apply force majeure condition. The Government’s policies of budget refocusing and reallocation to manage the Covid-19 Pandemic have brought significant effects on goods and services procurement contracts. This condition may lead the Government into default, and it is force majeure. Therefore, the Government is discharged from any liabilities. Consequently, it may injure contractors of procurement. This study aims to investigate the actuality of such procurement contracts following the Presidential Regulation. This study is a normative law research. Based on the Presidential Regulation, the force majeure condition is likely to be applied on procurement contracts. However, the condition does not immediately nullify or terminate the contracts. They remain legally valid and binding. In case of a condition permanently prevents debtor to fulfill obligations, contract can be terminated. In case of a condition temporarily prevents the contract’s implementation, the best solution to encourage conducive business climate is renegotiation that is legalized by contract addendum.
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Nugraheni, Ninis, Hening Arifanda, and Alifihan Astaftiyan. "Public Procurement Contract for Goods and Services Following the Presidential Decree Number 12 of 2020 on the Stipulation of the Coronavirus Disease (Covid-19) Pandemic as a National Disaster." PADJADJARAN Jurnal Ilmu Hukum (Journal of Law) 07, no. 02 (2020): 229–49. http://dx.doi.org/10.22304/pjih.v7n2.a5.
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The Covid-19 Pandemic affects many sectors. Therefore, the Indonesian Government passed the Presidential Regulation Number 12 of 2020 to manage the Pandemic. Unfortunately, this regulation has evoked various interpretations on the disaster contingency as a foundation to apply force majeure condition. The Government’s policies of budget refocusing and reallocation to manage the Covid-19 Pandemic have brought significant effects on goods and services procurement contracts. This condition may lead the Government into default, and it is force majeure. Therefore, the Government is discharged from any liabilities. Consequently, it may injure contractors of procurement. This study aims to investigate the actuality of such procurement contracts following the Presidential Regulation. This study is a normative law research. Based on the Presidential Regulation, the force majeure condition is likely to be applied on procurement contracts. However, the condition does not immediately nullify or terminate the contracts. They remain legally valid and binding. In case of a condition permanently prevents debtor to fulfill obligations, contract can be terminated. In case of a condition temporarily prevents the contract’s implementation, the best solution to encourage conducive business climate is renegotiation that is legalized by contract addendum.
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Lei, Yi-feng, Jun Zhou, and Ting Zhou. "The Optimal Contract Complexity for Coordination Mechanisms of Supply Chain." Journal of Management and Humanity Research 06 (2021): 61–78. http://dx.doi.org/10.22457/jmhr.v06a042134.
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This paper considers a supply chain system which consists of a supplier and a retailer. The purpose is to investigate the impact of contract complexity on supply chain coordination under complete information. The supplier drafts contracts, which include wholesale price contracts and simple quantity discount contracts. These contracts are of different complexity. The retailer chooses one of the supplier-designed contracts to optimize its profit. This study shows that a complex contract with an infinite number of price breaks can achieve the coordination of a general supply chain. It can also arbitrarily distribute supply chain profit under mild conditions. Theoretically, this is the optimal contract. However, it is difficult to implement in practice. Complex contracts with limited price breaks can improve the performance of the decentralized supply chain system compared to simple contracts (i.e. wholesale price contracts), but neither can coordinate the general supply chain. In addition, as the complexity of the contract increases, the performance of the decentralized supply chains continues to decline. This means that the increased in contract complexity does not necessarily increase the efficiency of supply chain contracts. Our study suggest that a three-price contract (all-unit quantity discount contract with two price breaks), although theoretically suboptimal, is sufficient for a general supply chain and should be preferred in practice.
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Busni, Darti, Doli Witro, Raid Alghani, Iwan Setiawan, and Nana Herdiana Abdurrahman. "Hybrid Contracts in Leasing and Ijarah Muntahiya Bit Tamlik in Indonesia Sharia Financial Institutions." EkBis: Jurnal Ekonomi dan Bisnis 6, no. 1 (July 7, 2022): 59–73. http://dx.doi.org/10.14421/ekbis.2022.6.1.1505.
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This article discusses the implementation of the concept of hybrid contracts in the product of ijarah al muntahiya bit tamlik (IMBT) and leasing at Indonesia Islamic Financial Institutions. This article aimed to find out the implementation of hybrid contract concept in IMBT and leasing products at Indonesia Islamic Financial Institutions. This article was conducted using qualitative research method. The data in this study were obtained from library materials such as books, journals, articles, etc. Data analysis techniques used were data condensation, data presentation, and drawing conclusions. The analysis results showed that the development of contracts in Islamic financial institutions was inevitable due to the implementation of multi-contracts. The merging of two contracts is also known as (hybrid contract or al-'uqudal-murakkabah) such as ijarah al mutahiya bit tamlik (IMBT). IMBT is a combination of two inter-ijarah contracts (lease) and the sale and purchase or grant is made at the end of the lease term. The implementation and merging of two contracts (hybrid contracts) in IMBT may use several contracts, including ijarah contract, ba'i contract, wakalah contract, and hibah contract.
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Kuang, Xi (Jason), and Donald V. Moser. "Reciprocity and the Effectiveness of Optimal Agency Contracts." Accounting Review 84, no. 5 (September 1, 2009): 1671–94. http://dx.doi.org/10.2308/accr.2009.84.5.1671.
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ABSTRACT: Optimal agency contracts pay the lowest wage necessary to induce profit-maximizing effort. Employees could view such contracts as violating reciprocity because, relative to more reciprocal contracts, they offer a lower wage in exchange for higher effort. Consequently, the profit-maximizing effectiveness of optimal contracts could be impaired if employees reject them or reduce their effort. We use experimental labor markets to examine (1) how employees respond to an optimal versus a suboptimal reciprocity-based contract when each contract is the only contract available, (2) how employees respond to these contracts when firms choose which one to offer, (3) whether the firms' contract offers depend on employees' reactions to those offers, and (4) how employees and firms react to a hybrid contract that incorporates features of both contracts. We find that the optimal contract is less effective than agency analysis predicts, the reciprocity-based contract can be equally effective, and the hybrid contract dominates a market in which all three contracts are available. Implications of these results are discussed.
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Khoirul Izzah. "Gold Pawn Analysis On Islamic Banking Gold Partner Products Maslahah In Bank Jabar Banten Sharia Indramayu Branch Office." Al-Arfa: Journal of Sharia, Islamic Economics and Law 1, no. 1 (June 20, 2023): 12–21. http://dx.doi.org/10.61166/arfa.v1i1.2.
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The contract used for gold pawning on gold partner products IB maslahah at Bank Jabar Banten Syariah Indramayu Sub-Branch Office uses a multi-contract which is structured in qard contracts, rahn contracts and ijarah contracts. Adhering to the DSN fatwa No.26/DSN-MUI/III/2002 and the Civil Code (KUHPerdata) articles 1150-1160 and to the ijarah contract which functions as an ujrah (fee), where the customer agrees to the DSN fatwa No. 09/DSN-MUI/IV/2000 giving ujrah to banks for bank services in storing and maintaining customer gold . The view of muamalah fiqh in the implementation of gold pawning on gold partner products IB maslahah at Bank Jabar Banten Syariah Indramayu Sub-Branch Office regarding the contract is the gold pawning contract used in Islamic banking, especially at Bank Jabar Banten Syariah has 3 (three) contracts, namely, qard contract (cooperation contract), rahn (pawn) contract and ijarah contract (leasing), the three contracts are used in one transactions or what we call multi-contracts ( hybrit contracts). Multi-contract activities in the Islamic economy itself have opinion Which different with activity multi-contract Alone. In classical muamalah fiqh pawning gold which has an element of merging contracts between buying and selling and leasing is strictly prohibited, due to fear of elements of usury. However, contemporary muamalah fiqh expert Erwandi Tarmizi allows the existence of multiple rahn and qard contracts. in which there is an ijarah contract with conditions, Islamic banks must provide two choices to customers.
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Filatova, Nataliia. "Smart contracts from the contract law perspective: outlining new regulative strategies." International Journal of Law and Information Technology 28, no. 3 (2020): 217–42. http://dx.doi.org/10.1093/ijlit/eaaa015.
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Abstract Smart contracts nowadays start being widely used in various areas of economic and social life. In most cases smart contracts are somehow related to legal contracts: the former may constitute part of a legal contract, an entire contract, or be used to automate a contract performance. Meanwhile, a question whether modern contract law is applicable to smart contracts is rather debatable, since smart contracts initially were designed to rely only on technical rules embedded in blockchain and considered as self-sufficient instruments capable of addressing various issues which may emerge in practice. However, practice has shown that technical regulation does not often cope with the problems one may face when using smart contracts, which confirms the need for legal regulation. Although smart contracts have many technical peculiarities, they do not make application of contract law provisions totally impossible. Thus, what the modern contract law needs is a set of special rules applicable to the practice of smart contracting.
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Ingram, L. Maria, and Laura S. Jensen. "The utility of narrative voices in the federal procurement contract." Journal of Strategic Contracting and Negotiation 4, no. 1-2 (March 2018): 58–74. http://dx.doi.org/10.1177/2055563620918863.
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Federal procurement contracts incorporate multiple narrative voices representing a range of individual and organizational interests. We examine these contract voices as they act in, and speak from, a range of roles relevant to federal procurement, such as marketplace participants, taxpayer-citizens, chief adjudicator, and sovereign. Like tapestries, federal procurement contracts are made from textual threads that are woven, cut, tailored, and embellished to depict a particular cast of characters acting in accord with an underlying script. Recognizing this yields insight into the governmental values depicted within each contract’s formally structured, deliberately crafted pages.
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von Bar, Christian. "Ole Lando Memorial Lecture: Contract Law and Human Dignity. Second Ole Lando Memorial Lecture, Vienna 2020." European Review of Private Law 28, Issue 6 (December 1, 2020): 1195–206. http://dx.doi.org/10.54648/erpl2020072.
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The second Ole Lando Memorial Lecture is about the influence of theconstitutional protection of human dignity on private contract law. The paper argues that where violations of human dignity occur, it is no longer possible to distinguish between the vertical and horizontal effects of fundamental and human rights. The article demonstrates this using the example of contracts that violate dignity, in particular within the law on assisted dying. Human dignity, Contracts violating human dignity, Assisted dying Motsclés: Dignité humaine, Contrats portant atteinte à la dignité, Mort assistée Schlüsselwörter: Menschenwürde, Würdeverletzende Verträge, Sterbehilfe
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Rytelewska, Aleksandra. "Contracts in business transactions according to Polish law." Pravovedenie 65, no. 2 (2021): 166–82. http://dx.doi.org/10.21638/spbu25.2021.203.
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The article aims to familiarize the Russian reader with the issue of contracts concluded by professional entities (entrepreneurs) under the Polish legal system. Undoubtedly, the majority of all contracts concluded by private law bodies are trade contracts. It should be noted that the concept of trade contracts covers contracts in which both parties are professionals as well as those in which only one of the parties acts as an entrepreneur conducting their business. The article discusses 8 contracts as follows: contract of agency, contract of consignment, contract of carriage, contract of forwarding, bailment, contract of storage, delivery contract and leasing contract. They are a compilation of typical contracts traditionally concluded in business transactions. Their choice was determined both by the scale of their use in practice and their importance for commercial activity. At the same time, as highlighted in the paper, due to the freedom of contract principle under the Polish law of obligations, these contracts may be (and often are) used as model solutions that entrepreneurs will rely on when entering into legal relations that are not explicitly indicated in the Polish legal system (so-called unnominated contracts). In conclusion, attention is drawn to the challenges the Polish legislator faces today in the field of contract law due to contemporary economic changes. Furthermore, the threats posed by both excessively strict legislation and a lack of proper regulation are identified along with a recommended solution aimed at reconciling these diverging positions. According to this suggestion, in order to grant a normative form to unnominated contracts, commonly concluded in business transactions, concrete measures should be taken only in the form of guidelines, non-binding proposals that can be used by entrepreneurs to guarantee a minimum level of protection for parties to such contracts.
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DWIYANTI, Retno, SUWARTI SUWARTI, and Tri NAIMAH. "The Role of Organizational Culture Factors to Psychological Contracts (Transactional Contracts, Balance Contracts, and Relational Contracts)." Journal of Advanced Research in Law and Economics 9, no. 8 (December 1, 2019): 2570. http://dx.doi.org/10.14505//jarle.v9.8(38).06.
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The exchange of relationships between employees and firms is influenced by the beliefs and values that hold the human resources in carrying out its obligations and its behavior within the organization. This study aims to determine how big the relationship and the role of organizational culture to psychological contracts. Data were collected using two scales, namely organizational culture scale, and psychological contract scale. The results showed that there was a very significant relationship between organizational culture and psychological contracts, with an effective contribution of 5.047 percent. Based on the analysis of the relationship between organizational culture factors with psychological contracts can be shown the result that the organizational identity factor has a positive and very significant relationship with the psychological contract, with an effective contribution of 10.609 percent. The results also show that the organizational identity factor has a positive and very significant relationship with the transactional psychological contract. The organizational identity factor has a positive and significant relationship with the balance psychological contract. Collective commitment factor and Stability of social system have a positive and very significant relationship with balance psychological contract. Collective commitment factors have a positive and highly significant relationship with the relational psychological contract.
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Gruzdev, O. S. "Contractual Model of the Deliverable Futures Contract with the Participation of the Exchange." Russian Journal of Legal Studies 4, no. 4 (December 15, 2017): 53–57. http://dx.doi.org/10.17816/rjls18270.
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The present article analyses the contractual model of a deliverable futures contract with the participation of the exchange which under some regulations of current legislation plays the role of a trading authority. The author emphasizes that the exchange is a party to derivatives contracts and deliverable futures contracts, in particular. Furthermore, this provision is confirmed by the analysis of the intention of the deliverable futures contract’s parties. Their intention is directed at the conclusion of an agreement just with the exchange and not with other trading participants. The author analyses the structure of contractual relations arising out of a deliverable futures contract (despite the fact that this contract is an agreement with the trading authority - the exchange) and points out that this contract can be characterized as a purchase and sale agreement according to Article 454 of the Civil Code of the Russian Federation (CC of RF).
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Bräm, Christian, Marco Eilers, Peter Müller, Robin Sierra, and Alexander J. Summers. "Rich specifications for Ethereum smart contract verification." Proceedings of the ACM on Programming Languages 5, OOPSLA (October 20, 2021): 1–30. http://dx.doi.org/10.1145/3485523.
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Smart contracts are programs that execute in blockchains such as Ethereum to manipulate digital assets. Since bugs in smart contracts may lead to substantial financial losses, there is considerable interest in formally proving their correctness. However, the specification and verification of smart contracts faces challenges that rarely arise in other application domains. Smart contracts frequently interact with unverified, potentially adversarial outside code, which substantially weakens the assumptions that formal analyses can (soundly) make. Moreover, the core functionality of smart contracts is to manipulate and transfer resources; describing this functionality concisely requires dedicated specification support. Current reasoning techniques do not fully address these challenges, being restricted in their scope or expressiveness (in particular, in the presence of re-entrant calls), and offering limited means of expressing the resource transfers a contract performs. In this paper, we present a novel specification methodology tailored to the domain of smart contracts. Our specifications and associated reasoning technique are the first to enable: (1) sound and precise reasoning in the presence of unverified code and arbitrary re-entrancy, (2) modular reasoning about collaborating smart contracts, and (3) domain-specific specifications for resources and resource transfers, expressing a contract's behaviour in intuitive and concise ways and excluding typical errors by default. We have implemented our approach in 2vyper, an SMT-based automated verification tool for Ethereum smart contracts written in Vyper, and demonstrated its effectiveness for verifying strong correctness guarantees for real-world contracts.
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Popovici, Angela, and Georgeta Melnic. "Legal and accounting aspects of construction contracts." Supremacy of Law, no. 2 (June 2023): 130–40. http://dx.doi.org/10.52388/2345-1971.2022.e2.12.
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This article examines the legal and accounting aspects specific to construction contracts based on the provisions of the legislation of the Republic of Moldova, which mainly refer to: the classification and composition of construction contracts, the object of the contracts, the value of the contract, and the method of settlements. The construction contract is drawn up on the basis of the Civil Code of the Republic of Moldova, the National Accounting Standard “Construction Contracts,” and the Regulation on the contracting of public investments. In order to solve the aforementioned issues and correctly implement national regulations related to construction contracts, it is recommended to: revise the composition of construction contracts based on the advantages and disadvantages of construction contracts according to their type; specify the object of the contracts; specify the method for determining the value of the contract, taking into account possible cases of contractual price modification; establish clauses in the contracts regarding the settlement organization for the construction and installation works performed, either after the completion of all the works specified in the contract or at the completion of certain construction elements and types of works; establish clauses in the contracts allowing for modification of the initial construction contracts.
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Cannarsa, Michel. "Interpretation of Contracts and Smart Contracts: Smart Interpretation or Interpretation of Smart Contracts?" European Review of Private Law 26, Issue 6 (December 1, 2018): 773–85. http://dx.doi.org/10.54648/erpl2018054.
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Abstract: The computer language (computer code) on the basis of which smart contracts are written is different from the natural (Human) language. Computer language is a ‘dry’ language, whereas natural language is ‘wet’. In other words, it means that computer language is deterministic (just one meaning and one result are conceivable), when natural language is open to more and potential different meanings. Natural language requires therefore in itself interpretation, at least more than computer language. Computer language in theory doesn’t require and possibly doesn’t leave room for interpretation. If this assumption is accurate, what are the consequences of it (on the intention of the parties, on contract drafting, on courts’ intervention…)? Building on that assumption, this article explores, from a comparative perspective, the impact of the blockchain-based smart contract technology, especially regarding contract drafting techniques. Contract drafting style in common law (long contracts, based on a ‘if …, then ….’ approach, quite similar to the coding approach) is in part based on the idea of preventing courts’ interpretation and intervention. In civil law countries instead, contracts are generally shorter, for several reasons but partly because drafters tend to rely on more general legal concepts, external to the contract, and know that courts will play an important role, through interpretation, in disclosing the ‘true meaning’ of a contract. Coding contracts and relying on computer-code language can hence have a significant impact on the civil law approach and bring the two legal systems closer as far as contract drafting and contract interpretation are concerned.
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Ahmad, Azlin Alisa, Mat Noor Mat Zain, and Nur Diyana Amanina Zakaria. "The Position of Smart Contracts in the Light of Islamic Contract Theory." Samarah: Jurnal Hukum Keluarga dan Hukum Islam 8, no. 1 (January 27, 2024): 144. http://dx.doi.org/10.22373/sjhk.v8i1.16372.
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Smart contracts are simply programs stored in a blockchain that run under predetermined conditions; however, they are yet to be implemented commercially in the financial industry, including the Islamic financial industry. It has not been entirely implemented in the Islamic financial industry because it is unstable and there are debates regarding its conformity with Shariah principles. Since the development of the smart contract is still in the preliminary stages, its position in an Islamic contract is yet to be determined. Does a smart contract blockchain comply with Islamic contract theory? This qualitative study aims to analyse the smart contract’s position based on Islamic contract theory. Data were obtained using content analysis and interview methods, in which the semi-structured interview involved Islamic financial experts and industryplayers. Data were then analysed using the QDA Miner version 5.0.31 software. Findings indicate that a smart contract differs from other contracts because it records every transaction using hash cryptography and computer codes known as solidity. Besides that, transactions did not adhere to two principles of an Islamic contract, namely the existence of autonomy in the contracting parties and the ability to manipulate the contract. Hence, Shariah-based risks in a smart contract can be decreased by improving the Shariah compliance aspect in the transaction to solve autonomy issues and the manipulation of contracts. The study implies that a smart contract has the potential to become an innovation in the Islamicfinancial industry if it can adhere to the principles of an Islamic contract and it can be monitored by relevant authorities.