instructions for legislation dealing with electronic commerce transactions.

The sector is seen as important for the Island's future. Ahmed ElAmin reports.

In a effort to fast track Bermuda on the electronic commerce superhighway, Government has put up for bid the drafting of legislation dealing with the sector.

The firm or person chosen for the job will assist the Ministry of Finance in the preparation of the necessary legal framework to foster electronic commerce in Bermuda.

An advertisement for applications appeared in the media recently. Usually the Attorney General's Chambers deals with drafting legislation.

It's understood the draft legislation will then be turned over the Attorney General's Chambers which will then amend as necessary to fit into Bermuda's existing legal framework.

The deadline for submissions is March 5. It is planned that the legislation will then be submitted to Parliament by June. Finance Minister Eugene Cox was away from the Island yesterday and was not available for comment.

The consultant hired for the job will be responsible for drafting instructions for legislation dealing with electronic commerce transactions, and supplying technical advice on encryption, import, communications, and data protection.

The successful bidder will also give advice about whether to implement mandatory resolution of any disputes occurring in the sector. Advising Government on intellectual property laws relating to electronic data, software and creative ideas will also be part of the job description.

Bermuda has to move fast to capitalise on the growth of electronic commerce through the Internet, Logic Communications president Peter Durhager said yesterday.

Ireland, Singapore, and the Cayman Islands are currently focussing efforts on attracting electronic commerce businesses to their jurisdictions. Business through the Internet is growing at an exponential rate and Government needs to put in place the public policy and regulations needed.

"Bermuda needs to be on the offensive, not defensive,'' he said in a speech to the Hamilton Rotary Club yesterday.

Companies are looking around to capitalise on where best to do business and can locate their Internet-based transactions anywhere in the world.

"As major jurisdictions identify the outflow of trade, they will be forced to become more competitive and often will have more resources than us,'' he said.

"Accordingly, we will have to be innovative in our service offerings, in our legislation, in our light but effective regulatory perspective -- and above all, in our competitive drive to stay ahead of the pack, much like the developments positively impacting the growth of the reinsurance sector.'' He said Government's timetable for introducing the new legislation was aggressive and recognised the importance of electronic commerce for Bermuda.

"The results of this process will be a new piece of legislation to govern electronic transactions, covering the recognition of electronic contacts, intellectual property, copyright and a host of other key elements in building and establishing Bermuda's stake in the global digital economy,'' he said.

The legislation will serve to make Bermuda a more competitive jurisdiction.

"There seems to be a strong consensus in both the public and private sectors -- with the former Government, the new Government and private sector pushing in the same direction,'' Mr. Durhager said. "Given that both political parties are supporting this in a fairly major way, I can't see any delays resulting from political obstruction...there seems to be a real recognition of the competitive imperative to move forward with momentum.''