Smart Payment Contract Mechanism Based on Blockchain Smart Contract Mechanism

In recent years, blockchain technology has become a hot topic in various industries. With the development and maturity of blockchain technology, it has been applied to finance, law, etc., with its advantages of decentralization, openness, information security, and concealment. The application scenarios of industry are becoming more and more abundant. Compared with the traditional TPA payment contract form, the smart contract mechanism based on blockchain technology is obviously more efficient, convenient, and safe. Against this background, we design a smart payment contract suitable for cloud storage by studying Ethereum. The relationship clause in the smart payment contract should be regulated around the contract law. The smart contract payment linkage clause can be classified into three forms, including conditional effective type, contract joint type, and contract link type, which correspond to the contract law. Therefore, the contract legal system for smart contract payment linkage clauses should follow typified thinking. Based on blockchain technology, smart contracts not only reduce the number of interactions in contract execution but also allow users to stop paying for cloud services when data is lost or damaged. The precise method is to generate each node with a private chain and place the smart contract on the private chain. With the decentralization of the blockchain private chain, the advantages of read-only data, and traceability of information, the storage of smart payment contract data is more secure. Both parties to the transaction are more trustworthy. Therefore, the proposed system has a safe and efficient smart contract payment mechanism, which brings a good user experience to users, which proves the significance and value of this research.

IMPORTANCE OF ELECTRONIC EMPLOYMENT CONTRACT

This article discusses issues related to the importance of an electronic contract concluded electronically.Inthearticle,specialattentionispaidtoissuesrelatedtothecomprehensivedisclosureofongoingreforms,improvementoflaborlegislation,aswellasputforwardproposalsforconcludinganemploymentcontractelectronically.Atthesametime,thisworkrevealsthecurrentpracticeofconcludingandregisteringanelectroniccontractanditsadvantages.In this scientific publication were analyzedopinions of scientists on the translation of an employment contract into electronic form and other issues related to an employment contract.Keywords: labor, contract, form, electronic, conclusion, employee, employer, labor relations, indefinite, term

Accounting of Funds of Higher Education Institutions from the form of Payment-Contract in the Treasury System

The article examines the need for a treasury information system in public finance management in the digital economy and the importance of using software packages in the execution of the treasury budget. The analysis of off-budget funds on the accounts of higher educational institutions of the Republic of Uzbekistan and funds received from the contract form of education is carried out. The treasury system provides scientific proposals and practical recommendations for improving the accounting of funds received from payment contracts in higher education institutions.

The Framework of Factors for the Improvement of the Significant Clauses in the Standard Form of Contract for the IBS Construction Approach in Malaysia

The Industrialised Building System (IBS) was introduced over 10 years ago in Malaysia, with well-documented benefits and strong support from the government. Apparently, the adoption and implementation of IBS is still low and below the government target. When adopting IBS, construction players mostly face different issues and challenges, particularly on contractual aspects, which contribute to the low adoption of IBS in Malaysia. There is also a lack of provision in the significant clauses of the Malaysian standard contract form to fit the development of IBS to date. The aim of this paper is thus to establish a system of factors underpinned by Deming's Theory for the improvement of the significant clauses in the standard contract form for IBS construction in Malaysia. A multi-method approach was used to achieve its aim, including an extensive literature review, findings from the previous study via document analysis, preliminary survey, questionnaire survey and semi-structured interviews. The research revealed that there are five significant clauses with important factors that can be improved in the existing Malaysian standard form of contract in relation to the IBS construction. The research also developed a framework that would be able to assist the policy and decision-makers in understanding what the improvement factors that need to be considered in the significant clauses in the standard form of contract in relation to the IBS construction. The research output (the framework) was validated by the prominent industry players on the practicality, suitability to its purposes for the related stakeholders. The developed framework would be able to accelerate the adoption of IBS construction in parallel with the initiatives (P3) in the Construction Industry Transformation Programme (CITP).

Business Relationships between Corporations and Distributors: A Study of Petroleum Business Law in Indonesia

The paper aims to analyze the business relationship in LPG (Liquefied Petroleum Gas) distribution and marketing in Indonesia as it has an important and strategic role for most Indonesian people. By using a juridical and empirical approach, the results showed that Pertamina is a state-owned company that assigns LPG duties to the end-user. To reaches the end-user needed by another intermediary, namely an agent. The legal relationship between Pertamina and the agent is stipulated in the agency contract. Form the theory side, it is necessary to research whether the agency contract is based on the basic principles of agency law or not. The incompatibility of an agency contract with the basic principles of agency law caused the contract not to have legal force. The contribution of this research is its examination of the legal validity of the agency contract of Pertamina with the agent and to provide a legal opinion from the agency theory side which should be the basis for making agency contracts.

Venture Capital-Backed Firms, Unavoidable Value-Destroying Trade Sales, and Fair Value Protections

This paper investigates the implications of the fair value protections contemplated by the standard corporate contract (i.e., the standard contract form for which corporate law provides) for the entrepreneur–venture capitalist relationship, focusing, in particular, on unavoidable value-destroying trade sales. First, it demonstrates that the typical entrepreneur–venture capitalist contract does institutionalize the venture capitalist’s liquidity needs, allowing, under some circumstances, for counterintuitive instances of contractually-compliant value destruction. Unavoidable value-destroying trade sales are the most tangible example. Next, it argues that fair value protections can prevent the entrepreneur and venture capitalist from allocating the value that these transactions generate as they would want. Then, it shows that the reality of venture capital-backed firms calls for a process of adaptation of the standard corporate contract that has one major step in the deactivation or re-shaping of fair value protections. Finally, it argues that a standard corporate contract aiming to promote social welfare through venture capital should feature flexible fair value protections.

A real options model to determine the optimal contractual penalty for a BOT project

Public-Private Partnerships (PPP) became one of the most common types of public procurement arrangements and Build-Own-Transfer (BOT) projects, awarded through adequate bidding competitions, have been increasingly promoted by governments. The theoretical model herein proposed is based on a contractual framework where the government grants leeway to the private entity regarding the timing for project implementation. However, the government is aware that delaying the beginning of operations will lead to the emergence of social costs, i.e., the costs that result from the corresponding loss of social welfare. This fact should motivate the government to include a contractual penalty in case the private firm does not implement the project immediately. The government also recognizes that the private entity is more efficient in constructing the project facility and also in running the subsequent operations. The model’s outcome is the optimal value for the legal penalty the government should include in the contract form. Sensitivity analysis reveals that there is a level for each of the comparative efficiency factors above which there is no need to impose a contractual penalty, for a given level of social costs. Finally, the effects of including a non-optimal penalty value in the contract form, which derives from overestimating or underestimating the selected bidder’s real comparative efficiency are examined, using a numerical example. Results demonstrate that overestimating (underestimating) the selected bidder’s real comparative efficiency leads to the inclusion of a below-optimal (above-optimal) value for the legal penalty in the contract and produces effects the government should prevent by estimating the comparative efficiency factors with full accurac.

Problems of legal regulation of the form of the loan agreement in the civil legislation of Ukraine

In the article the author investigates the legal regulation of the form of the loan agreement as a transaction and a document. In examining the written form of the loan agreement, the author argues that the written form of the agreement should be understood as a contract whose content is information expressed in letters, signs, numbers, hieroglyphs, or any signs and symbols that can be applied by chemical compounds or mechanically , the value of which is known to persons who use it, which does not depend on the specific type of media, is guaranteed to ensure the integrity of the content of the contract, and allow to identify its parties. In the article the author proves the imperfection of the norms of Article 1047 of the Civil Code of Ukraine. According to the author, not only the effect of Article 1047 of the Civil Code of Ukraine on the form of the loan agreement applies to the loan agreement as a transaction, but also the effect of Articles 206 and 208 of the Civil Code of Ukraine on the written form of the transaction. In order to save legislative material and eliminate inconsistencies between the provisions of Articles 208 and 1047 of the Civil Code of Ukraine, the author proposes amendments to remove from Article 1047 of the Civil Code of Ukraine special rules on the written form of this agreement, which are different from Article 208 of the Civil Code. In turn, due to the imperfection of Article 208 of the Civil Code of Ukraine, in terms of the amount of the contract, which requires a written form, the author proposes to replace the reference in this article of the Code to the tax-free minimum income for another indicator that changes more frequently, and more responsive to existing in the country inflation or by fixing in law a specific amount, which the legislator may periodically change if necessary. The author also considers the state of legal regulation in Ukraine of the procedure for concluding a contract by electronic means of communication. Given their imperfection, the author considers it appropriate to group the basic rules on the procedure for concluding such transactions in Chapter 16, Section IV of the Civil Code of Ukraine. The author also considers it inexpedient to have in part twelve of Article 11 of the Law of Ukraine «On Electronic Commerce» norms that equate an electronic agreement concluded by exchanging electronic messages to an agreement concluded in writing. Keywords: contract, transaction, document, contract form, transaction form, document form.

Methodology for Analyzing Break-even Educational Services in the Marketing Activities of the University

Introduction. Global changes in the system of financing higher education in recent years became the reason to the new approaches formation of development pricing strategy in universities. One of the main conditions for the formation of such a strategy is to improve the efficiency of the pricing system for educational services. It requires the selection and justification of optimality criteria, provided production costs correspond to the level of prices in the educational services market, the usefulness of the proposed specialties and quality of service. The development of a methodology for assessing the financial and economic state of the university based on the analysis of the break-even point of the marketing activities of the university will allow: the cost of the contract for individual specialties or specializations, to plan income and expenses for future periods, to identify ways to save costs for individual items, the feasibility of introduction new specialties. The criterion of the break-even point of the educational services of the university depends on such indicators as the number of students, conditionally fixed and variable expenses, the university’s income from educational activities in which full coverage of expenses is possible. The use of the methodology for assessing the financial and economic state of the university based on the analysis of the break-even point of the marketing activities of the university allows not only to determine the minimum possible cost of a contract for a specific specialty, but also to identify shortcomings in the system of accounting and analysis of financial and economic indicators of the university. Purpose. The aim of the study is to create a methodology for calculating the determination of the break-even rate of the university educational services for a particular specialty or specialization, taking into account the costs related to the implementation of a separate curriculum. Results. Based on the analysis of the financial and economic indicators of the university’s activities, the classification of expenses for the provision of educational services has been improved by dividing costs into variable and conditionally fixed costs. The criteria for dividing individual cost items into variable and conditionally fixed ones have been determined, the structure of these costs has been analyzed using the example of the Odessa National Maritime University. The formula for calculating the break-even point for higher education institutions has been improved based on the proposed cost classification. The methods of calculating the components of these costs have been clarified, which include the unit costs of the salaries of the teaching staff, depending on the teaching load and the level of qualifications, salary charges for the scientific and pedagogical staff. The formula for calculating the break-even contingent of students of the contract form of study has been improved based on the above approach to calculating the break-even point. The formula for calculating the break-even contingent of students of the contract form of study has been improved based on the above approach to calculating the break-even point. Ways to reduce costs have been proposed, which are aimed at unifying the curriculum, reducing the cost of maintaining the administrative and managerial apparatus and reducing utility costs. Conclusions. The challenges of recent years in the field of higher education form a number of problematic issues, leading to the need to develop new methods for assessing the economic efficiency of universities in Ukraine. Using the break-even point in assessing the viability of specialties allows you to identify financial reserves, determine and justify the cost of training for a student of a contract form of study, justify the economic efficiency of educational and professional programs, detail costs and identify gaps in their allocation. The disadvantages of this method include the lack of indicators that would characterize the uniqueness and prospects of the studied specialty: employability of graduates, advanced training of the teaching staff and other indicators that would take into account not only the analysis of previous periods, but also modern trends in the educational services market.