Global practice of civil legislation will be adopted in Kazakhstan
Atameken received the concept of the draft Law of the Republic of Kazakhstan, developed by the Ministry of Justice
"On introducing amendments and addenda to some legislative acts of the Republic of Kazakhstan on the improvement of civil legislation and the improvement of conditions for business activities based on the implementation of the principles and provisions of British and European law."
The content of the Concept is very interesting, the developer, on the basis of studying international experience, proposes to improve civil legislation by implementing the experience of such countries as Germany, Great Britain, Russia and Canada.
So, what is offered in the Concept:
1. The prohibition of conflicting behavior as a form of abuse of the rights (the principle of “venire contra factum proprium”; the English legal concept of estoppel).
2. Addition of the Civil Code of the Republic of Kazakhstan with a clause on the invariability of obligations “Clausula rebus sic stantibus” (English institute of contract frustration).
3. Resolution of issues related to losses, damages upon termination of the contract (abstract losses), unreasonable income of the offender and the amount of lost profits.
4. Improving the rules on the contractual penalty.
5. Introduction to the civil law regulation of the clause common in contractual practice for damages, losses - “indemnity clause”.
6. Subscriber and agency contracts.
7. Escrow agreement and escrow agreement agreement.
As part of the improvement of investment legislation, it is proposed to improve the normative consolidation of the concepts “investor”, “investment”, “investment activity” and “investment disputes”; regulation of foreign direct investment on the basis of international treaties; guarantees for investors, recognition and enforcement of foreign arbitral awards
According to the developer, the main goal of the Concept is to improve the Kazakhstan legal system in order to increase its competitiveness and investment attractiveness and create a favorable business environment.
We offer to familiarize yourself with the Concept, and if you have any suggestions and (or) comments on the Concept, we ask you to send information to the email. Address: a.abdullina@atameken.kz.
The text of the Concept can be foundhere.
Note: November 30 of this year. The concept will be submitted to a meeting of the Interdepartmental Commission on Legislative Activity at the Ministry of Justice.
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