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For markets to function properly, contracts must be honoured. Development in industrial democracies has been attributed in part to a long tradition of upholding and enforcing bargains among economic agents. This highlights the importance of courts as forums where contracts and rights are upheld and enforced. In addition, markets have witnessed the increasingly frequent use of arbitration as method of solving disputes. The EBRD Legal Transition Programme aims to assist transition countries in building more judicial capacity and strengthening other contract enforcement mechanisms.
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