XX century was marked by the rapid surge in international economic relations, which led to an increase of the world trade volume and accelerated the trade turnover between partners from different countries. …
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XX century was marked by the rapid surge in international economic relations, which led to an increase of the world trade volume and accelerated the trade turnover between partners from different countries. But amid the dynamic changes of relations in the international commercial turnover, the legal regulation of these relations did not undergo a radical transformation. Such means as collision and substantive rules of national legislation of parties in dispute or the provisions of international contracts were traditionally used. However, in recent years the existence of a certain group of relations, which regulation goes beyond the specified levels, manifested itself. These are relations developing in the process of international trade implementation. Trade has always been a key element in international relations. Due to trade, the exchange of knowledge, customs and traditions among different peoples occurred. Trade also encouraged the development of other economic activities (e.g., banking, insurance and so on.) Any actively developing phenomena require adequate regulation; otherwise, it is impossible to achieve the objectives, pursued by members of the international commercial trade. In this case, the mechanism of regulation must meet, on the one hand, the interests of the market, and, on the other - the needs of the participants of trade relations (Selden, 1995). Objective reality of today is the inability of national legislations to fully resolve the whole range of problems, arising in the process of international commercial
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In the Law of Contract, the literal approach seem to be the default position for courts in terms of interpreting contracts2. However, important changes in the English legal system has caused courts to move from the mere literal approach to a more critical purposive approach3.
The acceptance must be according to the proposal without any modification or conditions attached to it. And, if the offer is returned with a counter-proposal which the proponent rejects, is the proponent bound by the original terms and conditions should the other party accept the offer later based on the original offer?
According to the rules of engagement signed by the two parties, the seller was supposed to compensate the seller for any loss incurred, due to supply of defective goods. On the other hand, though, the seller should take necessary legal steps, in the event that the buyer decides to have all the previously purchased goods returned.
The researcher utilized information from the reputable sites of the Internet, making use of the written articles of scholars and reports of organizations dealing with the subject. The analysis method used was the historical trend analysis.
With this advent in global enterprise and necessity for contractual arbitration in commercial enterprise and disputes within that realm several aspects affect such negotiations. Those aspects include confidentiality, a central seat for international commercial arbitration and harmonisation within that consideration.
These current issues have been discussed and implemented into the structure of this literary research. Also, there are a myriad of reasons why those in a binding contract seek to come to an agreement over their concerns through arbitration. These reasons could be: confidentiality, speed, enforceability of arbitrary awards, and in how easy it is to reduce any uncertainties when making a choice of an arbitrator and a forum (Wenger 2003-2004).
This was attainable by casual dealings, with broadminded practical regulations. The Lex Mercatoria gave balanced judgement on the arguments in between the merchants, due to various reasons like for instance reasonable prices, good quality trade, and even-handedness.
Implementation of this model is expanding rapidly in both manufacturing and service sectors such as electronics, aerospace, healthcare, automotive, and furniture production as a strategy to acquire competitive edge.
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