Uzbekistan Sets To Improve Contracting Processes

On September 14, 2021, the President of Uzbekistan signed the Decree No. УП-6313 "[o]n fundamental improvements in contractual relations" (the "Decree"). According to the Decree:

1. Starting from 1 December 2021, certain matters will be released from regulatory control allowing parties freedom of contract, as the Decree abolished:
   
   • the previous ban imposed on commercial banks restricting processing of payments for delivered goods, works, and services rendered to third parties (i.e. parties that are not suppliers of goods, works and/or services);
   • mandatory advance payments in contracts for the supply of goods, works, and services entered into by companies with a state ownership of more than 50%; and