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Research Article | Open Access
Volume 14 2022 | None
Real Estate Smart Contracts and Legal Intricacies in India
Dr Vikrant Sopan Yadav
Pages: 109-114
Abstract
Smart contract, also known as self-executory contracts are gaining popularity across different sectors due to its faster execution and enforcement with added cyber security feature. It is self-executory as its enforcement is automated triggered with or without human input. This research is qualitative investigation into legal issues associated with use of smart contracts in Indian real estate sector. Author has done a literature review of existing laws in India affording legal recognition to smart contracts. Doctrinal analysis on pros and cons of smart contract in real estate, is also substantiated with secondary data of a real estate entity from UK which had surveyed 544 respondents from real estate sector upon benefits of smart contracts. Author has also analyzed some legal issues associated with enforcement of smart contracts and proposed some suggestion to avoid the same. Some of the prominent suggestions proposed under the research includes, incorporation of force majeure clause in contract, identifying liquidated damages, notice and opportunity to represent before initiating action for breach etc.
Keywords
Smart contract, Real estate, Construction, Legal Issues, Technology
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