Harmonization of Commercial Law - Essay Example

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“Much of the effort directed at unifying [national laws that affect international commercial transactions] is unnecessary, and some produces rules that hinder rather than promote international business. These deficiencies are due. to inherent limitations in the process that generates international agreements for national implementation…
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Harmonization of Commercial Law
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Download file to see previous pages 1. Preamble Law is vital to dealing with any disputes that arise out of human interaction. Over the centuries, laws have been developed to facilitate human activities in myriad spheres including business and commercial transactions. In the earliest days such laws were generally confined to regional borders and other such boundaries where a single government had enough authority to enforce such laws. However, increasing human interaction necessitated the expansion of trade to beyond frontiers where any one government operated thus leading to a certain liquidity in international business and commerce. On the one hand such liquidity has helped businesses to grow and expand into newer markets and on the other hand these interactions have resulted in disputes that are not covered by the regular cover of law. The historical evolution of laws in various nations and cultures has meant that laws are differentiated around the world. Hence, national laws may not be able to provide legal cover in transnational and international commercial interactions. In order to deal with this problem there has been talk and action to develop a harmonised set of laws that govern international commercial transactions. ...
In order to boost enforceability there has been a teeming move to harmonise such laws so that each nation or other such territorial or other such distinction has uniform laws. This approach to commercial international law has resulted in yet more unique circumstances than ever before. Nations and other such entities have begun framing laws to govern international commercial transactions which are merely similar in nature. It has been argued that these laws are more of a problem in themselves rather than a solution to the predicament at hand. The laws dealing commercial international transactions are seen to be inherently flawed in the manner that they are drafted and enforced in leading to more problems than before. In order to deal with this dilemma it has been suggested that the more appropriate approach would be to devise methods that would encourage states to draft and enforce private dispute laws in the context of international commercial transactions. The current approach relies heavily on delineating various rights, roles and responsibilities of parties involved in international commercial transactions rather than dealing with dispute resolution upfront. It has been suggested that international commercial law can be simplified if the enforcing government concentrates on dispute resolution than delineating rights because it would allow involved parties to make better contractual choices. This text will attempt to analyse this claim in relation to international commercial law by looking at how harmonisation is supposed to function in principle and how it is actually being used. The shortcomings in current law harmonisation techniques will be looked into fully including drafting and enforcing laws. This will be taken further into ...Download file to see next pagesRead More
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