Legal professionals share their struggles about the ubiquitous area of contract law
Indemnities and smart contracts are dominating the Australian contract law landscape in 2018.
An ongoing survey conducted by Australasian Lawyer is uncovering the main concerns of lawyers when it comes to contract law.
So far the responses have been mixed, with indemnities taking the lead.
One respondent to the Australasian Lawyer Contract Law Survey said that indemnities, warranties, and insurance have taken up most of their time and energy this year. More specifically, the general counsel said that they find the interplay between the three, as well as limitations of liability, was most challenging.
Another legal counsel identified indemnities as both taking up most of their time and was the most challenging issue they’ve faced in their practice so far this year.
Another said that understanding the concept of smart contracts took up most of their time, while another identified the federalised law on standard contract terms.
Other time-consuming issues identified by respondents include capital gains tax, goods and services tax, and privacy clauses.
Legal professionals expect that most challenges they will encounter going forward stem from indemnities and exclusion clauses, followed closely by avoidance of contractual obligations.
Thoughts can still be shared on the Australasian Lawyer Contract Law Survey. A bottle of Moët & Chandon champagne will go to one lucky respondent of the online survey.
