International Commercial Law is a body of legal rules, conventions, treaties, domestic legislation and commercial customs or usages, that governs international commercial or business transactions. A transaction will qualify to be international if elements of more than one country are involved.
''
Lex mercatoria
''Lex mercatoria'' (from the Latin for "merchant law"), often referred to as "the Law Merchant" in English, is the body of commercial law used by merchants throughout Europe during the medieval period. It evolved similar to English common law as ...
'' refers to that part of international commercial law which is unwritten, including customary commercial law; customary rules of evidence and procedure; and general principles of commercial law.
International commercial contracts
International commercial contracts are sale transaction agreements made between parties from different countries.
The methods of entering the foreign market, with choice made balancing costs, control and risk, include:
#Export directly.
#Use of foreign agent to sell and distribute.
#Use of foreign distributor to on-sell to local customers.
#Manufacture products in the foreign country by either setting up business or by acquiring a foreign subsidiary.
#Licence to a local producer.
#Enter into a joint venture with a foreign entity.
#Appoint a
franchisee in the foreign country.
Incoterms 2010
While
Incoterms
The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. Incoterms define the responsiblities of exporters a ...
were first published in 1936, it has been revised every 10 years. Incoterms inform sales contract by defining respective obligations, costs, and risks involved in the delivery of goods from seller to buyer. Incoterms 2010, the 8th revision, refers to the newest collection of essential international commercial and trade terms with 11 rules. Incoterm 2010 was effective on and from January 1, 2011. The terms were devised in recognition of non-uniform standard trade usages between various States. When incorporated into a sale contract, the Incoterm code provides a detailed interpretation of rights and obligations between parties.
Any given Incoterm, in most jurisdictions, will not be incorporated into a contract without express or implied reference to it being an Incoterm. They are standardised and published, available for incorporation into international sale contracts at the parties’ discretion. Parties should specifically refer to the Incoterms in the sale contract to indicate incorporation. The
International Chamber of Commerce
The International Chamber of Commerce (ICC; French: ''Chambre de commerce internationale'') is the largest, most representative business organization in the world. Its over 45 million members in over 100 countries have interests spanning every sec ...
(ICC) is responsible for revising Incoterms periodically to reflect changing practices in international trade.
The Incoterms are classified in 4 different classes:
* Ex (ExW);
* Free (FOB, FAS, FCA);
* Cost (CPT, CIP, CFR, CIF);
* Delivery (DAP, DAT, DDP).
The 11 terms can also be classified into two different categories depending on its contents:
* Rules for any modes of transport: ExW, FCA, CPT, CIP, DAT, DAP, DDP;
* Rules for sea and inland waterway transport: FAS, FOB, CFR, CIF.
See also
*
International law
International law (also known as public international law and the law of nations) is the set of rules, norms, and standards generally recognized as binding between states. It establishes normative guidelines and a common conceptual framework for ...
*
International trade law
*
Public international law
*
Law of the Sea
*
United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmoni ...
*
UNIDROIT
*
United Nations Commission on International Trade Law
*
CIS G
*
Lex Mercatoria
''Lex mercatoria'' (from the Latin for "merchant law"), often referred to as "the Law Merchant" in English, is the body of commercial law used by merchants throughout Europe during the medieval period. It evolved similar to English common law as ...
References
Further reading
*Carr, Indira; ''Principles of International Trade Law'' (2nd ed, 1999)
*Davies, Iwan; (ed), ''Issues in International Commercial Law'' (1st ed, 2005)
*Fazio, Silvia; ''The Harmonisation of International Commercial Law'' (1st ed, 2007)
*Gilligan, Colin and Hird, Marin; ''International Marketing: Strategy and Management'' (1st ed, 1986)
*Goode Ray ''et al.''; ''Transnational Commercial Law – International Instruments and Commentary'' (1st, 2004)
*Hoyle, Mark S. W.; ''The Law of International Trade'' (2nd ed, 1985)
*Inns of Court School of Law, ''Law of International Trade in Practice'' (1st ed, 1998)
*Huber, Dr Peter; ‘Some Introductory Remarks on the CISG’ (2006), 6, ''Internationales Handelsrecht'' 228, 228-238
*Mo, John S.; ''International Commercial Law'' (3rd ed, 2003)
*Moens, Gabriel and Gillies, Peter; ''International Trade and Business: Law, Policy and Ethics ''(2nd ed, 2006)
*Pryles, Michael; Waincymer, Jeff and Davis, Martin; ''International Trade Law'' (2nd ed, 2004)
*Todd, Paul; ''Cases and Materials on International Trade Law'' (1st ed, 2003)
*van Houtte, Hans ; ''The Law of International Trade'' (1st ed, 1995)
*Ziegel, Jacob S. and Lerner, Shalom (eds), ''New Developments in International Commercial and Consumer Law ''(1st ed, 1998)
*Thorpe, CP. "Commercial Contracts A Practical Guide to Deals Contracts Agreements and Promises" 1st ed 1996
External links
UNCITRAL websiteTrans-Lex, a research and codification platform for transnational commercial law / lex mercatoria
{{DEFAULTSORT:Commercial law