Uzbekistan has simplified the procedure for concluding contracts

On September 14 the presidential decree «On measures to radically improve contractual relations» was issued.

According to the document, from December 1, 2021, the following is canceled:
- the ban on accepting payments by commercial banks for delivered products for third parties;
- the requirement for the mandatory establishment of advance payment in contracts for the supply of goods concluded by economic entities with a state share of 50% or more;
- advance payment in contracts concluded between producers of agricultural and livestock products and procurement organizations.

Individuals are allowed to grant and repay loans to each other in foreign currency by notarizing loan agreements.

According to the decree, from January 1, 2022, the property put up for sale at an online auction during the execution of judicial acts and acts of other bodies will be transferred to the winner of the auction without arrears and with the bans lifted. It is transferred at the expense of funds received from its implementation. If there is a lack of funds to pay the debt, the payment obligations remain with its former owner-the debtor.

Along with this, the practice of approving standard contracts by normative legal acts is canceled. An exception is cases when the law explicitly provides for the approval of model contracts that are binding on the parties.

It was decided to introduce the «escrow» system when making purchases and sales through electronic trading platforms in the field of e-commerce and concluding transactions in other areas.