The Legal Nature of Smart Contracts

The article discusses about the smart contract, its concept and legal nature, as well as the place of smart contracts in the Technology Law, which means a discussion on the important issues covered by this topic. At the same time, smart contracts are com- pared to the usual standard contract, where their pros and cons are discussed. The importance and necessity of both types of contracts in relation to the current reality will also be discussed. At the same time, the article discusses about the revolutions – from where they begin and how long the world has passed before today's reality, why blockchain is considered as the fourth-generation revolution and how important it is to develop and implement it. The article also discusses about the types of contracts, which means how a standard contract can be divided, in the other words, we talk about consensual and real contracts. The definitions of each of them and their need related to the smart contracts are analyzed in the article. Therefore, we use the relevant chapters and articles of civil law to be able to explain what is meant and to what extent it is possible to follow the same norms in the case of the smart contract.

When to Lock the Volatile Input Price? Procurement of Commodity Components Under Different Pricing Schemes

Problem definition: We study a two-stage supply chain, where the supplier procures a key component to manufacture a product and the buyer orders from the supplier to meet a price-sensitive demand. As the input price is volatile, the two parties enter into either a standard contract, where the buyer orders just before the supplier starts production, or a time-flexible contract, where the buyer can lock a wholesale price in advance. Moreover, we consider three selling-price schemes: Market Driven, Cost Plus, and Profit Max. Academic/practical relevance: This problem is motivated by real practices in the cloud industry. Our model and optimization approach can address similar problems in other industries as well. Methodology: We assume that the input price follows a geometric Brownian motion. To determine the optimal ordering time, we propose an optimization approach that is different from the classic approach by Dixit et al. ( 1994 ) and Li and Kouvelis ( 1999 ). Our approach leads to deeper analytical results and more transparent ordering policy. Through a numerical experimentation, we compare profitability of different parties under different contracts, pricing schemes, and market conditions. Results: The buyer’s ordering policy is determined by a threshold policy based on the current time and input price; the optimal threshold depends on not only the drift and volatility of the input price but also, their relative magnitude. The supplier’s optimal procurement time should be determined by analyzing a trade-off between the holding cost of storing the components and the future input-price movement. Managerial implications: Under the Profit-Max and the Cost-Plus pricing schemes, the time-flexible contract is a Pareto improvement compared with the standard contract, whereas under the Market-Driven pricing scheme, the supplier may be better off under the standard contract. Moreover, although the most favorable scenario for the buyer is under the Profit-Max pricing scheme, the most favorable scenario for the supplier oftentimes is under the Cost-Plus pricing scheme. Furthermore, this study provides valuable insights into impacts of various characteristics of the component market, such as the trend and volatility of the input price, on the expected profit of the supply chain and its split between the two parties.

Legal Protection of Contract Workers in the Work Agreement in Jayagiri Hotel

The development of the tourism industry in Bali causes the high competitiveness of classy hotels such as the Jayagiri Hotel and has an impact on the income aspect of the hotel business, in this case the company's income and leads to legal protection of the rights and obligations given to its workers. This study aims to examine the contractual relationship between contract workers in a work agreement at Jayagiri Hotel and to examine the legal protection can be given for contracts made by the parties and obstacles are experienced by workers in obtaining their rights and obligations. The method used in this study is normative and empirical research method. The results of this study showed that the employment agreement between contract workers and the Hotel has not yet provided a good working relationship so that the application of Law No. 13 of 2003 concerning Employment has not been accommodated. This is due to the entry into force of the standard contract agreement in Jayagiri Hotel which has not provided a balanced position in the same position between workers and employers. Employers as employers always have a higher bargaining position than workers, so the formulation of work agreements in Law No. 13 of 2003 concerning Employment has not been properly accommodated to protect workers' rights and cannot yet prosper workers in accordance with the mandate of the Act.

EP.TU.79Assessed and Discharged - An Audit of Discharge Summaries Completion During On-Calls

Aim Effective health care provision is heavily dependent on timely, reliable transfer of patient information. Failure of this communication between professionals could result in redundancy of tests, delay in treatment, which may in turn endanger patient safety. The NHS Standard Contract requirements state discharge summaries should be completed within 24 hours of hospital assessment and discharge. Discharge summaries for patients who were reviewed but not admitted have been observed to be poorly completed during on-calls and this audit aims to clarify this. Method On-Call Patient Lists between 1 December to 14 December 2020 were studied retrospectively. Patients who were assessed by the on-call surgical team but not admitted were included in the audit. Patients referred to other specialties were excluded. Hospital electronic system was reviewed for electronic records from the encounter including clinical note or discharge summary. Results In total, 47 patients were identified during the 2 week- period. 40/47 patients were referred from AE and 9 of these patients were discharged from AE directly. 3 of the patients had a clinical note or discharge summary completed on the hospital electronic system. Overall, 18 of the 47 (38.3%) patients had a clinical note or discharge summary on the electronic system, with 6 (12.8%) of them being recorded as discharge summaries. Conclusion The overall completion of discharge summaries for this group of patients was poor. Awareness of this failing and the importance of professional communication should be highlighted with the juniors during surgical meeting to improve compliance.

402 Assessed and Discharged - An Audit of Discharge Summaries Completion During On-Calls

Aim Effective health care provision is heavily dependent on timely, reliable transfer of patient information. Failure of this communication between professionals could result in redundancy of tests, delay in treatment, which may in turn endanger patient safety. The NHS Standard Contract requirements state discharge summaries should be completed within 24 hours of hospital assessment and discharge. Discharge summaries for patients who were reviewed but not admitted have been observed to be poorly completed and this audit aims to clarify this. Method On-Call Patient Lists between 1 December to 14 December 2020 were studied retrospectively. Patients who were assessed by the on-call surgical team but not admitted were included in the audit. Patients referred to other specialties were excluded. Hospital electronic system was reviewed for electronic records frim the encounter including clinical note or discharge summary. Results In total, 47 patients were identified during the 2 week- period. 40/47 patients were referred from AE and 9 of these patients were discharged from AE directly. 3 of the patients had a clinical note or discharge summary completed on the hospital electronic system. Overall, 18 of the 47 (38.3%) patients had a clinical note or discharge summary on the electronic system, with 6 (12.8%) of them being recorded as discharge summaries. Conclusions The overall completion of discharge summaries for this group of patients was poor. Awareness of this failing and the importance of professional communication should be highlighted with the juniors during surgical meeting to improve compliance before re-audit.

New Clause in Bank Credit Agreement in Relation to Consumer Protection Act

The importance of banking institutions’ existence in one side provide very high risk for banks and in the other side provide profit for public as fund user’s clients. Standard contract circulating in public seen from viewpoint of many parties is still detrimental with clauses presence in the contract. The content of standard contract in general is biased because it tends to benefit the contract maker. The standard contract if seen from the legal side is still being debated in terms of principles and validity requirement of an agreement. The inclusion of this clause shows the strength of creditor’s position which actually already strong despite without the inclusion of this clause. In banking practice, it is found in credit granting by bank the inclusion of unilateral terms which states that “the bank at any time is allowed to change the interest rate beforehand” in the contract that has been standardized previously by the bank. Credit agreement in standard form which is being made unilaterally by the bank until present is still becoming a special legal issue in agreement field of civil law. In addition, viewed from the side of the agreement it is also against consumer protection law as set in Consumer Protection Act. Problem formulation of this thesis is divided into namely regarding the existence of standard clause in bank agreement if associated with Article 18 of Consumer Protection Act and legal consequence of standard clause in credit agreement associated with consumer protection. The research in this thesis is Juridical empirical. The author is guided by laws and regulations related with public fact, that is first problem formulation is analyzed from balancing principle and next the second problem formulation is from consumer protection theory.

Standard Contract on Banking Sector: Regulation and Description in Internal Banking Regulations

This study aims to determine the regulations regarding standard contracts in the banking sector after the existence of the authority of the Otoritas Jasa keuangan, to find out the legal consequences of violations of the provisions of standard contracts carried out by banking financial services and to determine efforts to prevent violations of standard contracts by banking financial services. This is normative legal research with with statutory approach and a conceptual approach. The results show that the regulation regarding the standard contract after the existence of the OJK as a financial service consumer protection agency is regulated through the Financial Services Authority Regulation (POJK) No.1/POJK.07/2013 concerning Consumer Protection in the Financial Services Sector and in the Financial Services Authority Circular Letter (SEOJK) No. 13 /SEOJK.07 / 2014 regarding the Standard contract. The legal consequences of violating the provisions of the standard contract are not regulated in the POJK and the SEOJK. When it compared with the provisions of article 18 paragraph (3) of the Consumer Protection Law which explicitly states that violations of article 18 paragraphs (1) and (2) result in standard clauses being null and void, POJK and SEOJK only require financial service actors to make action plan, hence it is deemed to have no clear legal consequences. One of the efforts that must be made by banking financial service actors to prevent violations of the provisions of the standard contract is by making standard contract regulations independently and elaborating them in the internal banking regulations.

LAYANAN PEMBIAYAAN BERBASIS TEKNOLOGI INFORMASI BERDASARKAN PRINSIP SYARIAH: TINJAUAN FATWA DSN NOMOR 117/DSN-MUI/II/2018

The development of information technology not only covers social, political and cultural but also affects the economy. One that is being widely discussed is Fintech. This article aims to analyze fintech on PT. iGrow Resources Indonesia towards fatwa DSN number 117 / DSN-MUI / II / 2018 about information technology-based financing services based on sharia principles. This research is a library research using a descriptive analysis approach. PT. iGrow is not directly participate in the lending and borrowing process but provides a digital technology-based platform to facilitate the lending-borrowing process. The development of technology and information, especially Peer to Peer (P2P) Lending, has made innovation in fintech-based financial services more practical and modern. The concept of adapting to technological developments combined with the financial sector by iGrow which was development step that is very aware of the needs of fintech for the business world. Regarding the extent to which the Islamic principles applied in PT. iGrow, can be seen in the discussion of the agreement. It is concluded that the standard contract is not in accordance with sharia principles based on the DSN fatwa number 117 / DSN-MUI / II / 2018 concerning information technology-based financing services based on sharia principles.Keywords: Contract, Fintech, iGrow, Sharia, AbstrakPerkembangan teknologi informasi tidak hanya mencakup kehidupan sosial, politik, dan budaya tetapi juga berpengaruh terhadap perekonomian. Salah satu yang sedang ramai diperbincangkan adalah Fintech. Artikel ini bertujuan untuk menganalisa fintech di PT. iGrow Resources Indonesia berdasarkan fatwa DSN nomor 117/DSN-MUI/II/2018 tentang layanan pembiyaan berbasis teknologi informasi berdasarkan prinsip syariah. Penelitian ini merupakan penelitian kepustakaan (library research) dengan menggunakan pendekatan deskriptif analisis. PT. iGrow tidak turun langsung dalam proses pinjam meminjam tetapi menyediakan platform berbasis teknologi digital dalam memfasilitasi proses pinjam-meminjam. Perkembangan teknologi dan informasi khususnya Peer to Peer (P2P) Lending telah menciptakan inovasi layanan keuangan berbasis fintech menjadi semakin praktis dan modern. Konsep adaptasi perkembangan teknologi yang dipadukan dengan bidang financial oleh iGrow merupakan langkah pengembangan bisnis yang sangat menyadari kebutuhan fintech bagi dunia bisnis. Terkait sejauh mana prinsip syariah yang diterapkan dalam PT. iGrow, dapat dilihat pada pembahasan akad dalam kontrak. Disimpulkan bahwa kontrak baku belum sesuai dengan prinsip syariah berdasarkan fatwa DSN nomor 117/DSN-MUI/II/2018 tentang layanan pembiyaan berbasis teknologi informasi berdasarkan prinsip syariah. Kata Kunci: Fintech, iGrow, Kontrak, Syariah

CURRENT PROBLEMS OF AGRICULTURAL LAND RENTAL

The article highlights one of the current problems in land relations. With the opening of the land market, this problem has become even more relevant, as the owner of the land today in the person of the landlord - is a subject not protected by the state. Some of the most important aspects of the landlord-tenant relationship will be covered in the next article. Keywords: standard contract, lease agreement, landlord, tenant, rights of the landlord, obligations of the tenant.

How American Adults Obtain Work Skills: Results of a New National Survey

Employer-provided training is an important determinant of economic outcomes, yet our understanding of its extent and distribution is well out of date—with the most recent national survey being from 2008. This article updates our understanding of employer-provided training through a 2020 nationally representative survey of 3,648 working civilian adults between the ages of 24 and 64. Results show that while employer-provided training is reasonably extensive, considerable disparities occur along the lines of race, ethnicity, and educational attainment. Additionally, the author contributes to the literature by making clear distinctions among types of employment—standard, contract (those employed by a contract company but working onsite at another firm), and freelancer (those with no employer per se). Contract workers receive considerably less employer training than do employees who work under standard arrangements. Findings are robust to a range of job skill measures as well as skill specificity. The author also examines the relationship between employer-provided training and whether people seek out training on their own and shows that the inequalities in access to employer-provided training are accentuated with self-directed training.