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 […]
National law’s influence on international commercial law stems from the fundamental principle of state sovereignty. Each country has the right to regulate commercial activities within its borders, and these regulations inevitably impact international transactions. This principle creates a challenging environment for businesses operating across national boundaries. One of the most significant ways national laws contribute […]
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 […]
In the complex and ever-evolving landscape of international trade, the concept of Lex Mercatoria, or the “Law Merchant,” plays a crucial role in facilitating smooth transactions and resolving disputes across borders. What is Lex Mercatoria? Lex Mercatoria refers to a body of commercial law that has developed over centuries through customary practices, usage, and principles […]
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 […]