Legal framework of modern commercial contracts in te legislation of Bosnia and Herzegovina - de lege lata and de lege ferenda

TitleLegal framework of modern commercial contracts in te legislation of Bosnia and Herzegovina - de lege lata and de lege ferenda
Publication TypeConference Paper
Year of Publication2016
AuthorsSudžuka, E
Conference NameX European Conference on Social and Behavioral Sciences,
Date PublishedMay 2016
Abstract

This paper analyzes the provisions of applicable Laws on Obligations in Bosnia and Herzegovina as well as Draft Law on Obligations and impact of  European Contract law to the reforms of domestic Contract law. This reform process in Bosnia and Herzegovina is desirable, it is started in 2003, but it's not completed yet. Significant integration and unification is reached in the area of Contract Law in European Union. The unification of the European Contract Law started in 1976 at the initiative of a Danish Professor Ole Lando who suggested the creation of the draft of the future European unified Commercial Code. The result of his idea is a creation of the Principles of European Contract Law (PECL) by the Commission of European Contract Law (CECL). Contemporary trade business operations are specific by innovations characterized by introduction of new participants in the market, emergence and development of new models of doing business and new business-legal constructions that eventually become new nominate agreements. That is the main reason why domestic contract law should be reformed and new types of modern forms of commercial contracts should be introduced as it is already done in most contemporary legal systems, especially referring to European Union Member States.