Global M&A trends and risks
Powerful new forces shaping in the M&A landscape
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Global | Publication | November 2016
There is much excitement globally about smart contracts and distributed ledger technologies that support them. Properly funded technology vendors and consortia have emerged which are now able to give tangible expression to that sense of excitement in the form of new and innovative smart contract and distributed ledger products and services.
It has become apparent to us, however, that when industry stakeholders (both buyers of the new technologies and vendors) speak of smart contracts, they can mean very different things. As any contracts lawyer will tell you, words matter. Consistency of language is vital if clear lines of communication are to be achieved in a rapidly evolving industry. What do we mean by a smart contract? Is it smart? Is it a contract? Do lawyers and technologists understand each other when they use these terms?
Recognising the imperative for clarity on these issues, R3 and Norton Rose Fulbright offer this White Paper as a step forward in forging a consensus of understanding between industry stakeholders, lawyers and technologists in relation to smart contracts.
The White Paper considers whether a smart contract can constitute a legally binding contract under the law of a number of key jurisdictions. It also examines the practicalities of enforceability and provides some suggestions for dispute resolution within a smart contract context.
The government recently announced the removal of the controversial “sunset clause” from the Retained EU Law (Revocation and Reform) Bill (the Bill). This means that the automatic revocation at the end of 2023 for all remaining retained EU law (REUL) will not occur.
Nina Varumo is a freelance portrait and documentary photographer based in Stockholm. A recent project of hers Kvinnor till sjöss (‘Women at sea’) is on ongoing photo series highlighting the working life of female seafarers in order to change the stereotypical image of what and who is a seafarer.
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