International Trade Contracts and Regulations
Added on 2020-10-22
10 Pages3283 Words401 Views
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Law of International Trade
Table of ContentsINTRODUCTION...........................................................................................................................3LO1..................................................................................................................................................31.1 Different international sales contracts...................................................................................31.2 Different types of sales contracts and there differences.......................................................31.3 distinguish between different types of international sales contracts.....................................4LO2..................................................................................................................................................42.1 Rights and obligations under international sales contracts...................................................42.2 Reasons behind the rights and obligation to parties to the international contract.................52.3 The validity of such rights and obligation to the parties of international sales contract......5LO3..................................................................................................................................................63.1 Role of Vienna Convention while imposing rights and liabilities on buyers and sellers.....63.2 Difference between rights and liabilities of buyer and seller................................................63.3 Rational of the rights and liabilities......................................................................................73.4 Validly of rights and liabilities..............................................................................................7LO4..................................................................................................................................................84.1 Difference between trade finance and regulatory issues.......................................................84.2 Area of financial and regulatory issues.................................................................................84.3 Dispute resolution and regulatory bodies..............................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONLaws are an integral and important part of a country. Laws are formed and applied forunanimity in the practice. Among many laws, laws related to trade and commerce are also there.These laws give details about how the trade and sales shall be practised, and states the rules andregulations regarding the same. These laws also protect the interest and rights of the sellers andtraders, and also of the buyers. The laws also impose the liabilities on buyers and sellers. Underthis assignment the discussion regarding the sales contracts and the rights and obligationsimposed under the same is done. The another law which will be discussed under this assignmentis the Vienna Convention its role, rights and liabilities on both buyer and sellers and the tradeand financial issue's related to Vienna convention.LO11.1 Different international sales contractsInternation sales contract: when a home country wants to expand-its business by enteringinto the international market it can do so. For this the company has to sign a contract with thecompany of foreign country and such contract it called international sales contact. This typesODF contracts are very complex because that require a greater level of details and enquiry. Thistype of contract contains specific term and conditions that may be confusing and unfamiliar andsometimes they can be ambiguous (International sales contract, 2018). For this the internationalchamber has devised a set of contractual rules and regulations which are widely accepted asstandard rules and definitions of international sales contracts. This types of contacts are enteredby the companies willing to expand its business thorough a joint venture with a foreign compact,a partnership, or through foreign direct investments in international companies. These are longtermed business relation contracts and trade volume in such contracts is medium to big in thesize, small size contracts are generally avoided.1.2 Different types of sales contracts and there differencesThe different types of international sales contract are: Free on board contract and cost,insurance, freight contract.Free on board Contract: under this contract the seller is required to deliver the goods onboard to the ship mentioned in the contracts. The seller only bear all the expenses unto theshipment of the goods, the freight insurance and subsequent expenses are born by the buyer ofthe goods.
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