The Digitalization of Contracts in International Trade and Finance: Comparative Law Perspectives on Smart Contracts

2021 ◽  
pp. 131-155
Author(s):  
Cristina Poncibò
Keyword(s):  
International Trade ◽  
Comparative Law ◽  
Smart Contracts

Feasibility of ‘Covering Values’ in Transnational Commercial Law: Article 79 of the cisg and the ‘Impediment’

2016 ◽  
Vol 5 (2) ◽  
pp. 183-207
Author(s):  
Akshay Shreedhar
Keyword(s):  
International Trade ◽  
Comparative Law ◽  
Commercial Law ◽  
Legal Norms ◽  
Common Values ◽  
Cross Border ◽  
Neutral Term ◽  
Force Majeure ◽  
The World ◽  
Different Cultures

The coming together of the world, through globalization, international trade and cross border sales has led to an inevitable interaction between different cultures and different laws. Transnational commercial law has seen numerous instruments created to impose a ‘neutral’ set of norms on two contracting parties. The process of formation of such instruments is most certainly an exercise in comparative law influenced by the notions of pluralism, whereby different legal norms are compared. As such, this comparison, like most comparisons in comparative law, endeavours to find common values in varying concepts. Yet, it ignores the fundamental flaws inherent in such a comparison. The resulting ‘covering value’ is seemingly neutral, and yet travels beyond its intended scope. This paper will present an example of the classic ‘force majeure’ defence to contractual breaches, in transnational commercial law, and how its neutral term ‘impediment’ is evidence of the practical non feasibility of ‘covering values’.

Part III Innovation and Trade-Finance Challengers, 15 Islamic Trade Law and the Smart Contract Revolution

2021 ◽  
Author(s):  
Ercanbrack Jonathan
Keyword(s):  
Islamic Law ◽  
Comparative Law ◽  
Islamic Finance ◽  
Smart Contracts ◽  
Commercial Law ◽  
Trade Finance ◽  
Trade Law ◽  
Islamic Tradition ◽  
History Of ◽  
Basic Calculus

The history of Islam is inextricably connected to a celebrated history of trade and commerce which distinguishes it amongst monotheistic faiths. The modern incarnation of Islamic trade finance, however, bears only rudimentary similarity to the trade practices of old. Modern Islamic trade finance is devised to replicate conventional trade practices so that the barter-like immediacy of the Islamic contract of sale has been replaced with promissory attributes (wa’d). Yet Islamic law (sharia) has shown itself to be fully capable of adapting to modern trade practices so long as its major principles remain intact. The introduction of blockchain and smart contracts for Islamic trade finance does not change this basic calculus and yet these technologies promise to revolutionise Islamic trade practices in a way that compels the industry to operate in closer keeping with its commercial principles. Paradoxically, these technologies require substantive changes in the way in which Islamic trade finance is practiced, helping the industry to overcome its attachment to legal artifice (hiyal). Using comparative law methodology, this chapter briefly examines a short history of trade and commerce in the Islamic tradition, followed by the development of modern Islamic finance. It addresses the principles of Islamic commercial law as the basis for understanding the murabaha contract for trade finance, followed by an analysis of the legal and sharia-related issues that English courts have dealt with in the practice of Islamic trade finance. Finally, the chapter considers the transformative capacity of blockchain and smart contracts for Islamic trade finance, highlighting prominent legal and sharia-related issues that compel the industry to transform its trade practices markedly.

scholarly journals Blockhain technologies using in international trade contractual relations

2020 ◽  
pp. 16-20
Author(s):  
Kseniia KOVTUNENKO ◽  
Oleksandr BUT-HUSAIM
Keyword(s):  
International Trade ◽  
Cash Flow ◽  
Document Management ◽  
Smart Contracts ◽  
Main Method ◽  
Letter Of Credit ◽  
Business Operations ◽  
Smart Contract ◽  
Logistics Services ◽  
Contractual Relations

The article shows the features of innovative technologies in the development of document management of international trade. Blockchain is defined as the most stable, transparent and secure system. It allows businesses to accelerate the workflow and business operations associated with signing a contract, making payments and transferring information about the supply of goods or services to logistics services. We suggest using a smart contract as the main technology that can improve the system of building contractual relations between the parties to international trade. The article identifies the main problems on the way to using technology, as well as the benefits of using smart contracts. The study shows the ways of implementing technology in a business. The smart contact technology allows you to simplify the process of using a letter of credit as the main method of payment in international trade, as well as monitor cash flow, the circulation of documents and goods.

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