Details

Technical Note

Educator Copy

Some Legal Aspects of International Sales

Sharif H


INDUSTRY : N/A

AREA : Business Government/International Economy

ORGANIZATION : N/A

LENGTH : 12

LUMS No : 16-005-88-2

PUBLICATION YEAR : 1988

DESCRIPTION

KEYWORDS:

Legal Aspects,International Sales,Business Government,International Economy


DESCRIPTION:

International sales transactions present special difficulties of a legal nature both for the seller and the buyer: a. Both parties may be unfamiliar with each other’s standing. The seller will not be fully aware of the buyer’s creditworthiness, while the buyer will not know of the seller’s reliability. b. Some aspects of the contract may be governed by the laws of the other party’s country unless effectively excluded by the terms of the contract. c. Claims against the other party may have to be pursued in a different country thus leading to legal uncertainties and increased litigation costs. d. Either party may be adversely affected by political instability or fluctuations in exchange rates. e. Import and export licences will usually be needed. Quotas may be imposed. f. Different modes of transportation from the seller’s premises to the buyer’s designated delivery point entail ancillary contracts of transportation, warehousing, and insurance. In addition, customs clearance at both ends will be necessary.


LEARNING OBJECTIVES:

N/A


SUBJECTS COVERED:

Business Government, International Economy