Science
Conference

Legal basis of using smart contracts in the field of construction

Nodirakhon Abdurakhmanova

Tashkent State University of Law
Science-Conference.com
Volume: 1
Issue: 1
Date: December 20, 2023
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Abstract

Smart contracts are self-executing contracts with the contract terms written into lines of code. Their use in the construction industry aims to increase accountability, transparency, and efficiency in projects. However, the legal implications and enforceability of smart contracts remains an open area. Key issues include the recognition of smart contracts as valid legal contracts, determination of applicable law and jurisdiction, and legal remedies available in case of breach. As adoption increases, construction regulations will likely evolve to directly address smart contracts. Ultimately though, understanding traditional legal principles around contract formation and enforcement remains essential to ensure the secure implementation of smart contract systems.

Keywords

smart contracts, construction law, contract law, legal tech, project delivery, distributed ledger technology

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