Innovating Construction Law
Page 40
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Limitations in the legal approach
Limitations in the legal approach
Advances in technology have resulted in a changing landscape for construction contracts. This presents a challenge for legal systems, which are used to acting in a responsive and reactive mode and are based on supplying answers to situations which arise. This time lag between a pressing need and the response can make the law seem out of touch with developments. The lawmakers in England and Wales have sought to remove this limitation and efforts such as the Legal Statement on Cryptoassets and Smart Contracts1 demonstrate a readiness to encourage legal developments rather than wait in the sidelines. Notwithstanding this, the statement amounts to a signal of willingness and a promise to take an open-minded approach rather than anything particularly tangible.
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