The above problem question requires examination of several legal issues ranging from formation of contracts to questions of jurisdiction and international contract terms. Having purchased the filters Vera Rose, a company which specialises in reselling mining equipment, enters into a contract to sell them to Venture Devils Inc. One of the first issues which strike the reader is the fact that goods are advertised for sale FOB Rotterdam while the contracting parties enter into a CIF contract. Taking into account the fact that rights and obligations of sellers and buyers are determined by the contract in which they enter the difference between CIF and FOB is a crucial one. In addition to the above an FOB buyer has a duty to cover the cost of freight and insurance. Obligations arising under FOB contracts can be juxtaposed with duties undertaken by the parties trading under the CIF term.
International Trade Law Essay
International Trade Law Essay - Free Essay Example | uke-banjo.info
The issue is whether Strongbow Pty Ltd can sue Korean Airline for the damage of the goods and the value of any compensation which may result from such an action. Before , The Civil Aviation Carrier's Liability Act Cth incorporated into Australian law the Convention for the Unification of Certain Rules Relating to International Carriage by Air Warsaw Convention Warsaw which established between member states a uniform liability framework for air carrier at a time when aviation was a new industry. The War In this case Korean Airlines is the contract carrier and Qantas is the actual carrier.
Law for International Trade
Arbitration offers several advantages over litigation. Typically, it is less expensive than litigation, since fewer legal professionals are required. It is also perceived to lead to a speedier resolution of disputes due to decreased formality, the removal of the need to schedule around the timetable of the formal court system, and, typically, the absence of a right of appeal Schmitthoff, These include the choice of an arbitrator with specialist knowledge of the relevant area, the scope of the arbitration, the location of arbitration and the choice of law. In addition, arbitration is a private rather than public procedure and therefore will not be subject to public record: this is likely to be advantageous if the subject matter is particularly damaging to public image of company.
On a bare reading to a lay person the phrase indicates that when it is a part of an economic treaty the parties to the treaty will treat each other on a favourable basis. However this well recognized ejusdem generis principle has a converse application. MFN is a type of protective clause found in economic treaties which obligate the signatories to the treaty to treat the recipient nation of such treatment at par and in the same manner and receive the same advantages as the "most favoured nation" by the country granting such treatment. With the onset of globalization post the World Wars and the Cold War there emerged a global economy. International trade in goods, services and capital flourished and were easily mobile across borders.