17:53 - 31.03.2023

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March 31, Fineko/abc.az. If a transaction is concluded using electronic information systems in compliance with the relevant requirements, it will be considered a written transaction.

ABC.AZ reports that this is reflected in the amendment to the Civil Code signed by President Ilham Aliyev.

Under law, if a transaction is concluded using electronic information systems in compliance with the relevant requirements, it will be considered a written transaction.

Unless the Code and the contract provide for a different procedure, the amount that the creditor can demand is limited due to the fact that the debtor delays the payment of the amount of money. In this case, no more than 5% per annum of the overdue amount is charged for the overdue time.

Taking into account the need to settle a number of requirements imposed on the transaction, including the contract, as well as a number of provisions relating to the performance of obligations, not only by the contract, but also by the code, the law and other regulatory legal acts, amendments to the relevant articles on this are proposed.