Contractual relations to be dramatically improved
Tashkent, Uzbekistan (UzDaily.com) - A presidential decree "On measures to radically improve contractual relations" was adopted.
According to the Decree, from 1 December 2021, the following will be canceled:
a ban on the acceptance by commercial banks of payments for delivered products (work performed, services rendered) at the expense of third parties;
requirements for the mandatory establishment of prepayment in contracts for the supply of goods (performance of work, provision of services) concluded by economic entities with a state share of 50 percent or more;
requirements for the mandatory establishment of an advance in contracts concluded between producers of agricultural and livestock products and procurement organizations.
Individuals are allowed mutual lending and repayment of funds in foreign currency by notarization of loan agreements.
From 1 January 2022:
property put up for sale at an electronic online auction for the sale of property in pursuance of judicial acts and documents of other authorities is transferred to the winner of the auction at the expense of the proceeds from its sale, without debts and with the removal of bans;
a party to a contract that has accepted from the other party full or partial fulfillment of obligations under the contract or has otherwise confirmed the validity of the contract is not entitled to further demand that this contract be declared invalid.
additional anti-corruption conditions must be prescribed in contracts concluded in connection with public procurement;
In the event that entrepreneurs fail to pay debts on tax and customs payments, tax or customs authorities send an order to the bank to freeze funds in the payer's accounts in an amount equal to the amount of the debt, and then collect them after thirty calendar days, notifying the payer about this.
Contracts developed by natural monopolies for utilities, energy, communication services, passenger and freight transportation are coordinated with the antimonopoly authority.
According to the Decree, an "escrow" system will be introduced when buying and selling products and making other transactions through electronic trading platforms.
From the 2022/2023 academic year, contracts for studying at the university will be concluded in electronic form.
According to the Decree, also:
additional anti-corruption conditions are being developed, which are of a recommendatory nature, for use by business entities when concluding contracts;
examples of contracts will be posted on the special information portal “yurxizmat.uz”.