Equa Blog

 A smart contract is an automatable and enforceable agreement. Automatable by computer, although some parts may require human input and control. Enforceable either by legal enforcement of rights and obligations or via tamper-proof execution of computer code[1]. Smart Contracts can be understood as a dimension of automatic contracts. What this means is that, unlike a traditional contract, wherein the discharge of rights and liabilities of a party depends upon the performance of either party, in a smart contract, the performance of the party is done automatically based on a computer program. This makes smart contracts more sophisticated than traditional automated and self-executed transactions insofar as they are independent and autonomous[2]. By implementing blockchain technology, the ownership and characteristics of any asset or data, such as Intangible properties, rights, personal data, certificates, licenses, wills, and business balances can be digitalized and represented by a comput

Both ADR and ODR have commonalities , they are both seeded in collaborative dispute resolution mechanisms , both require  equal participation of mediators and arbitrators and their interaction with the parties. ● Confidentiality is the touchstone of both ADR & ODR. ● Rules of evidence as imbibed in Evidence Act,1872 do not apply. Online dispute resolution (ODR) is a branch of dispute resolution which uses technology to facilitate the resolution of disputes between parties. It primarily involves negotiation, mediation or arbitration, or combination of all three. In this respect it is often seen as being the online equivalent of alternative dispute resolution (ADR). However, ODR can also augment these traditional means of resolving disputes by applying innovative techniques and online technologies to the process. Alternative dispute resolution - An independent third party mediates a dispute between a business and a consumer ● Dispute resolved by mediation provider. ● Online d

Here one contracting party (who has suffered no loss) can recover damages from its defaulting contractual counterparty in respect of loss that has been suffered by a third party who is not party to the contract. ● A ‘legal black hole’ presents itself when a party other than contracting parties suffers loss due to the lack of an enforceable remedy. The lack of contractually enforceable remedy is due to the nonexistence of contractual relationship between the third party and the contracting party responsible for damage caused to it , in such cases the contracting party having a legal relationship with the third party will have to adopt remedial measures to cover the losses suffered by such party and claim the same from the defaulting party on his own behalf. [Most Honourable Alexander George Gordon, Marquess of Aberdeen and Temair v Messrs Turcan Connell 2008 [CSOH] ] ● In Palmali Shipping SA v. Litasco SA, [2020] EWHC 2581, Lord Foxton J bifurcated the principle of transferrable los

  Th e arbitration agreement is the formal expression of the parties’ common intention to settle the disputes arising out of the contract through arbitration and is the primary source of the power of the arbitral tribunal. All international commercial contracts generally encompass the following phrase ‘ all disputes arising out of or in connection with this contract ’ to empower the parties to the contract a reference of the dispute to arbitration. Based on the law governing the arbitration agreement containing the above-mentioned phrase, the arbitral tribunal may construe the agreement liberally or strictly to either include or exclude the dispute of adaptation of the contract from the scope of the arbitration agreement. In order to determine the scope of the arbitration agreement, the arbitral tribunal while interpreting the agreement first applies the general principles applicable to contractual interpretation. [1] In the context of change in circumstances requiring adaptation

Online Dispute Resolution (ODR) “refers to a wide class of alternate dispute resolution processes that take advantage of the availability and increasing development of internet technology.” It is a set of DR processes that allow for the resolution of disputes via online mechanisms such as the Internet or some form of technology that allows for virtual communication without requiring the parties to be in a room together. Although almost all ODR processes tend to be ones that allow for written submissions only, there is a broad spectrum of ODR services that range from online arbitration to fully automated online ‘blind bidding’ negotiation services, and chat based mediation programs. The selection of the appropriate ODR format may depend on the nature of dispute and the parties involved. ODR processes should also be convenient for the users and not cause any undue accessibility concerns. CHARACTERISTICS OF ONLINE DISPUTE RESOLUTION ODR may be: 1. Voluntary: Most ODR processes allow the