19. Bills of exchange

2020 ◽  
pp. 618-674
Author(s):  
D Fox ◽  
RJC Munday ◽  
B Soyer ◽  
AM Tettenborn ◽  
PG Turner
Keyword(s):  
International Trade ◽  
Good Faith ◽  
Method Of Payment ◽  
Definition Of ◽  
Bill Of Exchange

This chapter focuses on bills of exchange, especially in the context of international trade. It first provides an overview of how bills of exchange are used as a method of payment before discussing the relevant provisions of the Bills of Exchange Act 1882. It then considers the definition of a bill of exchange, how a bill of exchange is transferred, and persons entitled to the benefit of the obligation on the bill. It also examines the general principles governing liability on the bill of exchange as well as the enforcement and discharge of the bill. Finally, it looks at mistaken payment, focusing on cases where the payment was received in good faith and in ignorance of the mistake.

19. Bills of exchange

2017 ◽  
Author(s):  
MA Clarke ◽  
RJA Hooley ◽  
RJC Munday ◽  
LS Sealy ◽  
AM Tettenborn ◽  
...  
Keyword(s):  
International Trade ◽  
Good Faith ◽  
Method Of Payment ◽  
Definition Of ◽  
Bill Of Exchange

This chapter focuses on the use of bills of exchange as a mode of payment in commercial transactions, especially in the area of international trade. It first provides an overview of how bills of exchange are used as method of payment before discussing the relevant provisions of the Bills of Exchange Act 1882. It then considers the definition of a bill of exchange, how a bill of exchange is transferred, and persons entitled to the benefit of the obligation on the bill. It also examines the general principles governing liability on the bill of exchange as well as the enforcement and discharge of the bill. Finally, it looks at mistaken payment, focusing on cases where the payment was received in good faith and in ignorance of the mistake.

18. Negotiable instruments

2020 ◽  
pp. 603-617
Author(s):  
D Fox ◽  
RJC Munday ◽  
B Soyer ◽  
AM Tettenborn ◽  
PG Turner
Keyword(s):  
International Trade ◽  
Commercial Law ◽  
Treasury Bills ◽  
Commercial World ◽  
Different Types ◽  
The Law ◽  
Method Of Payment ◽  
Definition Of ◽  
Bank Notes

This chapter introduces negotiable instruments as a method of payment in commercial transactions. The law governing negotiable instruments merits consideration for two reasons. First, negotiable instruments are still used as a method of making payment in the commercial world, especially in certain areas of international trade. Secondly, the law relating to negotiable instruments encapsulates many of the fundamental principles and concepts of commercial law in general. This chapter first considers the definition of a negotiable instrument, as well as the concepts of ‘instrument’ and ‘negotiability’, before explaining how instruments come to be negotiable. It also discusses different types of negotiable instrument such as bills of exchange, cheques, promissory notes, bank notes, treasury bills, share warrants, and certificates of deposit. Finally, it describes the advantages of a negotiable instrument as a mode of payment.

18. Negotiable instruments

2017 ◽  
Author(s):  
MA Clarke ◽  
RJA Hooley ◽  
RJC Munday ◽  
LS Sealy ◽  
AM Tettenborn ◽  
...  
Keyword(s):  
International Trade ◽  
Commercial Law ◽  
Treasury Bills ◽  
Commercial World ◽  
Different Types ◽  
The Law ◽  
Method Of Payment ◽  
Definition Of ◽  
Bank Notes

This chapter focuses on the use of negotiable instruments as a method of payment in commercial transactions. The law governing negotiable instruments merits consideration for two reasons. First, negotiable instruments are still used as a method of making payment in the commercial world, especially in the area of international trade. Second, the law relating to negotiable instruments encapsulates many of the fundamental principles and concepts of commercial law in general. This chapter first considers the definition of a negotiable instrument, as well as the concepts of ‘instrument’ and ‘negotiability’, before explaining how instruments come to be negotiable. It also discusses different types of negotiable instrument such as bills of exchange, cheques, promissory notes, bank notes, treasury bills, share warrants, and certificates of deposit. Finally, it describes the advantages of a negotiable instrument as a mode of payment.

PRINCIPLE OF AUTONOMY IN LETTER OF CREDIT: MALAYSIAN PRACTICE

2012 ◽  
Vol 19 (2) ◽  
Author(s):  
Rosmawani Che Hashim ◽  
Ahmad Azam Othman ◽  
Akhtarzaite Abdul Aziz
Keyword(s):  
International Trade ◽  
Significant Role ◽  
Case Law ◽  
Huge Amount ◽  
Letter Of Credit ◽  
Relevant Case ◽  
Method Of Payment ◽  
Almost All

The term letter of credit (LC) is not uncommon in international trade as it is the most frequently used method of payment by seller and buyer in their sales contract. LC serves its significant role by facilitating payment between buyer and seller from different countries, who are always prejudiced towards each other on the issue of payment, especially when the deal involves a huge amount of money. By using LC, the seller and buyer will be represented by their own bankers whose function, among others is to issue an LC for the buyer and pay on presentation of seller’s documents which strictly comply to LC requirements. It is well-known that LC is governed by the principle of autonomy or also referred to as the principle of independence1 which indicates LC, being a contract of payment is totally separate from the underlying sales contract. Banks are concerned with documents only and not with the goods. LC transaction can be governed by the Uniform Custom and Practice for Documentary Credit, known as the UCP through express incorporation which provides the rules relating to LC matters and is adopted in almost all LC transactions. This paper discusses the nature, background and significance of principle of autonomy in LC transaction. In elaborating the provisions on the principle of autonomy in the UCP 600, comparisons between relevant articles in the UCP 500 are highlighted. The discussion also focuses on relevant case law and on the application of the autonomy principle in conventional and Islamic LC. The paper concludes with the finding that Malaysian bankers fully subscribe to the principle of autonomy as outlined by the UCP 600.

scholarly journals GOOD FAITH IN FRANCHISE CONTRACT

2020 ◽  
Vol 5 (19) ◽  
pp. 118-127
Author(s):  
Nurli Yaacob ◽  
Nasri Naiimi
Keyword(s):  
Common Law ◽  
Good Faith ◽  
Relational Contracts ◽  
Law System ◽  
Freedom Of Contract ◽  
Term Contract ◽  
The Common ◽  
Definition Of ◽  
The Right

Good faith has been defined as justice, fairness, reasonableness, decency, taking no chances, and so on. The concept of good faith has long been rooted in contract law under the jurisdiction of Civil law, although the definition of it is still debated until today. However, the view of the Common Law tradition does not recognize the concept of good faith as long as the contract is entered into with the freedom of contract and both parties abide by the terms of the contract. Given that a franchise contract involves a long-term contract and always been developed, it is impossible to define both rights and responsibilities base on express terms only. As such, the franchise contract gives the franchisor the right to exercise its discretion in executing the contract. It is in this context that the element of good faith is very important to ensure that the franchisor does not take advantage of the franchisee and that the business continues to prosper. Therefore, the objective of this article is to discuss the concept of good faith in a franchise contract. The findings show that the common law system that initially rejected the application of the concept of good faith also changed its approach and began to recognize the concept of good faith as it is very important for relational contracts such as franchise contracts.

scholarly journals Features of formation and use of Incoterms rules in different editions

2020 ◽  
pp. 43-48
Author(s):  
Liubov HANAS ◽  
Andrii TODOSHCHUK
Keyword(s):  
International Trade ◽  
Irreversible Process ◽  
Actual Problem ◽  
Chamber Of Commerce ◽  
Domestic Trade ◽  
Eighth Edition ◽  
Definition Of ◽  
International Chamber Of Commerce ◽  
Group D ◽  
Made In

Introduction. The globalization of the world space is an irreversible process and it requires clear generalizations and systematization. In the trade sphere, these are the rules of Incoterms. The study of these rules is quite an actual problem today, considering that nine interpretations have been formed, the last of which took place this year. The purpose of the paper is to analyze the editions of Incoterms, which are published by the International Chamber of Commerce in order to unify the rules of international trade. Results. As of January 1, 2020, nine editions of the rules of international and domestic trade were formed – Incoterms: 1936, 1953, 1967, 1974, 1980, 1990, 2000, 2010 and 2020. The first systematization of the rules of international trade had six conditions (FAS, FOB, CNF, CIF, EXS, EXQ), which directly related to sea or river transport. The next edition took place only 17 years later. This edition adds three terms of delivery, that did not apply to water transport (FOT, FOR and DCP). The third edition was made in 1967, as a result DAF and DDP terms were added. The fourth edition was published in 1974. This led to the inclusion of a new term FOB Airport – «Free on Board Airport». In 1980, the term FRC (Free Carrier… Named at Point) was introduced. All versions of the rules before 1990 were based on the introduction of additional terms that would be convenient to use in international trade. And in 1990, the International Chamber of Commerce updated the list of Incoterms by eliminating inapplicable and introducing new terms. A new version of the rules was published in 2000, however, neither the quantity nor the names of the terms of delivery have changed. The interpretation of certain terms has changed. The eighth edition was made in 2010, but came into force on January 1, 2011. This interpretation presents eleven conditions of Incoterms. The eighth edition introduced significant changes into the group “D”. The ninth version of the terms of international deliveries came into force on January 1, 2020, indicating the main changes related to product insurance, replacement of delivery from the group “D”, changes in the order of items within the definition of obligations of buyer and seller, etc. Conclusions. The Incoterms rules do not replace the contract between the buyer and the seller, they only define the main obligations, risks and costs, unless otherwise agreed by the parties of the contract. Incoterms are extremely important in the unification of international trade and they will change in the process of international trade in case of occurrence of such a need.

Due Diligence in International Trade Law

2020 ◽  
pp. 312-328
Author(s):  
Markus Krajewski
Keyword(s):  
Sustainable Development ◽  
Human Rights ◽  
International Trade ◽  
Trade Agreements ◽  
Good Faith ◽  
Due Diligence ◽  
Trade Regime ◽  
International Trade Agreements ◽  
Trade Law ◽  
International Trade Law

This chapter assesses and analyses elements of due diligence in existing international trade agreements. It highlights due diligence obligations in this field, such as obligations to cooperate, to negotiate in good faith, or to notify about measures which could be harmful to other countries. The chapter also discusses elements applicable to the negotiation and implementation of trade agreements, especially with regard to the requirements of human rights and sustainable development impact assessments. The chapter argues that, even though due diligence is not a term of art in international trade law, it could be seen as a cornerstone of the international trade regime.

22. Breach of Contract and Termination

Contract Law ◽  
2018 ◽  
Author(s):  
Ewan McKendrick
Keyword(s):  
Contract Law ◽  
Good Faith ◽  
Vienna Convention ◽  
European Contract ◽  
Breach Of Contract ◽  
Anticipatory Breach ◽  
The Status ◽  
Anticipatory Breach Of Contract ◽  
Definition Of ◽  
The Right

This chapter begins with a definition of ‘breach of contract’ and then outlines the circumstances in which a breach of contract gives to the innocent party a right to terminate further performance of the contract. These include breach of a condition and breach of an intermediate term where the consequences of the breach are sufficiently serious. The chapter also considers the problems that can arise in deciding the status of a term which has not been classified by the parties as a condition, a warranty, or an intermediate term. It examines termination clauses and the significance attached to the good faith of the party who is alleged to have repudiated the contract. The chapter includes a brief comparison of English law with the Vienna Convention and with the Principles of European Contract Law, and also addresses the question of whether an innocent party is obligated to exercise its right to terminate further performance of the contract, and considers the loss of the right to terminate. It concludes with a discussion of the law of anticipatory breach of contract.

scholarly journals The Single Window Concept in International Trade, Transport and Seaports

Pomorstvo ◽  
2019 ◽  
Vol 33 (2) ◽  
pp. 130-139 ◽  
Author(s):  
Edvard Tijan ◽  
Marija Jović ◽  
Mladen Jardas ◽  
Marko Gulić
Keyword(s):  
International Trade ◽  
Best Practices ◽  
Data Exchange ◽  
Transport Sector ◽  
Maritime Transport ◽  
Electronic Data ◽  
Trade Facilitation ◽  
Definition Of

This paper presents a review of electronic data exchange and Single Window concept in international trade, transport and seaports. The theoretic framework of international trade, trade facilitation, Single Window, transport sector, maritime transport and seaports is provided, as well as the definition of electronic data exchange and standards for data exchange. The time and cost (excluding tariffs) associated with documentary compliance procedure (exporting and importing a shipment of goods) are shown in order to better understand the complexity and the importance of simplifying administrative processes. The importance of stakeholder connectivity in the transport sector (with special emphasis on seaports) is demonstrated, and factors which affect the successful electronic data exchange in seaports are shown. The advantages of smoother electronic data exchange are provided through the analysis of several Single Window examples, which present regional best practices.

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