Contracts are an important part of our day to day life. For business, contracts are its soul. Enforceable contracts are a way to a good economy.
Contracts are an important part of our day to day life. For business, contracts are its soul.Enforceable contracts are a way to a good economy.
In the ranking by World Bank, India is at 63rd position with 71.0 EODB scores. It's to sustained business reforms over the past years. India put in place 4 in introducing new business reforms. It is the world's 10 improvers for 3 consecutive years. In the last two years, India has 59 regulatory reforms. This is 1/5th of total reforms in the world.
However, it's still low than the target set by the government, i.e. 50th position as set by the Department of promotion of industry and internal trade (DPIIT). Also, India's ranking in enforcing contract remains the same, i.e. 163rd, as of last year.
EASE OF DOING BUSINESS RANKING-
EODB is the ranking of the economy of a particular country in the world. Every year World Bank releases this ranking.
The reasoning behind showing this ranking is to make business more effective. And also to make developing countries grow faster.
There are 10 parameters for this-
1. Starting business
2. Dealing with construction permits
3. Getting electricity
4. Registering property
5. Getting credit
6. Protecting minority investors
7. Paying taxes
8. Trading across borders
9. Enforcing contracts
10. Resolving insolvency
In all these parameters, India ranks lowest in Enforcing Contracts ranking.
According to data, it takes 1,445 days for a company to resolve a commercial dispute. It is almost three times the average OECD high-income economies.
There are certain obligations on both the parties which need to be performed to enforce a contract. However, if not fulfilled, it results in the breach of contract.Whenever a contract is breached, damages are the general rule. However, it does not serve the purpose of the contract.
Effective contract enforcement is important to the economic growth of the country. In India, the Indian Contracts Act, 1872 and Specific Relief Act, 1963 are main Acts governing the contract enforcement.
The Contract Act basically provides general principles. And the Specific Relief Act provides for enforcement of contract as relief in certain conditions.
BEFORE 2018 AMENDMENT-
In an event whereactual damage for not performing the contract cannot be measured, or monetarycompensation is not adequate, one can ask the court for specific relief in theform of contract enforcement. These conditions must be satisfied for relief-
AFTER AMENDMENT IN2018 TO SPECIFIC RELIEF ACT-
The following arechanges to made to Specific Relief Act in respect of contract enforcement-
Provides for disposal ofsuits within 12 months. The time period will be counted
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