Brief overview of Contract law in Uzbekistan:
Contract law of the Republic of Uzbekistan is codified and the main legislation that governs contract law in the Republic of Uzbekistan consists of the following two legislative acts.
- The Civil Code;
- The Contracts Law.
Although judicial precedent in the Republic of Uzbekistan is not considered to be a formal source of law, contract law in Uzbekistan, its principles and regulations to some extent are similar to the English contract law .
The Civil Code of the Republic of Uzbekistan provides for the notions of a contract, principles of “offer” and “acceptance”, “consideration”, as well as regulates main rules applied to conclusion of contracts, including forms of contracts, annulment of contracts, legal consequences of annulment, sanctions on the parties that breached contract terms. It also provides basic rules for certain types of contracts, such as sale-purchase agreements, lease agreements, transportation agreements, loan agreements and others.
The Contracts Law contains general rules of the order of concluding contracts, order of amending and canceling contracts and is more specific on sanctions (that could, however, be contractually altered) imposed upon the parties to the contract with respect to certain types of breaches.
Contract Law practice provides an overview of Contract Law of Uzbekistan, including issues on agency, commodity exchange operations, contractual penalties, damages, import-export operations, gambling, indemnities, liabilities, netting and set-offs, public procurements (bids), trust management, templates of contracts and agreements, forms of advises on related matters.