Smart contracts have not been defined, so liability is still unclear. (See a white paper from ThaiSmartContract here.) (For standard contracts see relevant law at Thailand Law Online here.)
As a benchmark, it is imperative to note that Thailand places much significance on the Freedom to Contract, thereby paying much heed to the contract as-is, and the intentions of the parties in making the same. Notwithstanding, the Thai legal regime has clear rules and limitations in enjoying the said freedom, often leading to the counter-effect of a term or condition (or in a worst case scenario, the entire contract) – un-enforceability. (From Bangkok Legal here.)
Smart contracts are still an evolving situation in Thailand, combining new crypto regulations into an existing patchwork. “However, there are still some legal challenges if smart-contract cases go to court, since the current judicial system is still used to traditional paper-based contracts. Judges may not be familiar with digital or online contracts at this stage. But regulators, especially the Bank of Thailand and the Securities and Exchange Commission, are now better prepared for the digital contracts, since they already have special teams taking charge of these matters.” Sathapon Patanakuha, co-founder of Smart Contract Thailand, a firm specializing in smart contracts (from NationMultimedia here).
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