Japan is in the process of carrying out its first comprehensive reform of contract law (and the relevant general rules) (the Reform) since the enactment of the Civil Code in 1896. As it covers a broad range of legal topics, the Reform will affect many types of contracts such as share purchase agreements, construction contracts, loan agreements and general terms and conditions of transactions with consumers (e.g. terms of accounts). The Reform will have a far-reaching impact on the Japanese legal and business community, from lawyers and in-house lawyers to business persons involved with contracts and legal matters.
This client briefing provides an overview of the upcoming Reform, outlining the envisaged timeline for those changes and highlighting some major areas which will be affected by the Reform.