The Incoterm CIP, (Carriage and Insurance Paid to), is an international trade term that states that the seller is responsible for arranging and paying for the carriage and insurance of the goods to a specified destination. Although the seller is responsible for the organization and costs of transport and insurance, it is important to note […]
In the increasingly interconnected global economy, international commercial law plays a crucial role in facilitating and regulating cross-border trade and business transactions. Among the various sources of this body of law, international treaties stand out as a fundamental pillar, providing a framework for harmonized rules and practices across different jurisdictions. International treaties, also known as […]
International custom plays a crucial role as a source of international commercial law, shaping the rules and practices that govern international transactions. This unwritten body of law, derived from consistent state practice and a sense of legal obligation, complements written treaties and domestic laws in regulating global commerce. Custom in international commercial law emerges from […]
Global trade relies heavily on the influence of international commerce organizations. These entities are instrumental in both enabling and overseeing worldwide economic exchanges. By establishing a reliable, transparent, and equitable framework, they allow nations and companies to participate in international business activities. This article explores the key functions and impact of major international commerce institutions. […]
What is Pacta Sunt Servanda ? Pacta sunt servanda (sunt servanda or pacta servanda) is a Latin phrase that translates to English as “agreements must be kept” or “promises must be kept”. In other words, when parties enter into a contract, they must respect the terms and conditions of the contract representing the expression of […]
Soft Law Soft law is all about those legal instruments that don’t carry the weight of enforcement like the traditional hard law. Unlike treaties, statutes, or conventions which have legal obligations attached to them, soft law instruments are more like suggestions or guidelines. They serve as a framework for behaviour and cooperation in areas where […]