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1 – 10 of over 40000
Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…

4264

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 20 March 2009

Geraint Howells, Hans‐W. Micklitz and Thomas Wilhelmsson

The purpose of this paper is to examine the concept of unfair commercial practices in advertising and marketing law.

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Abstract

Purpose

The purpose of this paper is to examine the concept of unfair commercial practices in advertising and marketing law.

Design/methodology/approach

The differences addressed in the paper relate to the role or tasks of consumer law in regulating the marketplace.

Findings

A comparison of the UK, German and Nordic approaches reveal interesting differences at least in nuances in the approach to omission of information as an unfair commercial practice.

Originality/value

The paper provides useful analysis of the deeper understandings behind unfair commercial practices law.

Details

International Journal of Law and Management, vol. 51 no. 2
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 9 September 2014

Norman Mugarura

This paper aims to address issues of law and policy, the potential pitfalls such as fraud, conflict of law and documents discrepancies that are often encountered by the…

1140

Abstract

Purpose

This paper aims to address issues of law and policy, the potential pitfalls such as fraud, conflict of law and documents discrepancies that are often encountered by the parties in usage and practice of the Letter of Credit (LC). The article has gleaned other forms of payment mechanisms in international commercial trade to demonstrate that despite the upsurge in international payment instruments, the LC has remained a viable commercial product. This article aims to provide an in-depth analysis of the law governing the LC and why it has remained resilient and a viable commercial product for many years.

Design/methodology/approach

The author has utilized the current version of UCP 600 (2007) and the legislation such as Brussels Convention (2000) in Europe, litigated cases and secondary data sources in writing the paper. The data generated were then evaluated taking into account the most recent legal and policy changes regarding the usage and practice of the LC in international commercial transactions. The paper straddles many issues but evaluated in a distinctive way to underscore the purpose for writing it.

Findings

The findings of the paper have demonstrated that despite a myriad of payment mechanisms as a result of innovation in international trade, the LC is still a viable commercial product. Parties will need to be knowledgeable and skilled enough to keep abreast of dynamic changes on law and policy relating to usage and practice of LCs. Short of that parties could be vulnerable to risk exigencies inherent in international trade they sought to eliminate by subscribing to the LC.

Research limitations/implications

The limitations lie in realm that the paper was largely library-based and the author did not carry out extensive corroborative research studies on issues it was written on. Thus, any future work on the LC will try to corroborate issues of policy and practice and how they are internalized in commercial practice.

Practical implications

The paper has articulated the governing law of the LC and the context in which it is harnessed in commercial practice. It has articulated potential risk areas that the parties ought to watch out for before and during the process of harnessing the LC as a payment mechanism. The paper has demonstrated that risks inherent in international trade are now higher than in past decades because of globalization and its attendant fluid environment. The paper is relevant to banks, regulators, governments and also students because it internalizes most recent changes in the usage and practice of the LCs in international trade.

Social implications

International trade affects local businesses, banks, ordinary people, national governments and it has far reaching implications for societies as whole. The LC is utilized to mitigate, if not eliminate, potential risks in international trade transactions, and it has far reaching social implications for economies to be overlooked.

Originality/value

The article has gleaned other forms of payment mechanisms in international commercial trade to tease out that despite the upsurge in international payment mechanisms, the LC has remained a viable commercial product. This article is a MUST read because it internalizes recent changes in the usage and practice of documentary credit which have not been addressed in its context. Even though the article has been undertaken by analysis of secondary and primary data sources, the author has done so in a distinctive way to underscore the most recent changes to the usage and practice of the LC and the purpose it was written.

Details

Journal of International Trade Law and Policy, vol. 13 no. 3
Type: Research Article
ISSN: 1477-0024

Keywords

Article
Publication date: 19 June 2009

Muhammad Abu Sadah

The purpose of this paper is to focus on the regional perceptions of the Middle East region in relation to international commercial arbitration and show how these…

Abstract

Purpose

The purpose of this paper is to focus on the regional perceptions of the Middle East region in relation to international commercial arbitration and show how these perceptions influence the attempts to harmonise the modern international law in the Middle East region.

Design/methodology/approach

Legal positivism as a general philosophy, mainly influenced by John Austin, is used as an analytical tool in order to identify the general trends from Western and Middle East cultural perspectives that relate to international commercial arbitration.

Findings

The paper shows how the Middle East region has different social and legal values between the West and the Middle East region in respect to the primarily three general and important features of the law – namely, normative, institutionalised, and coercive. Positivism legal theory shows that such success in the context of western European commercial law is inappropriate in the Middle East where different cultural norms make its wholesale and unqualified transferability problematic, notwithstanding its acceptance in highly generalised terms.

Practical implications

The paper generates a proposition that reforms are more likely to succeed if adjustments to the cultural environment are made. Thus, it supports the argument that regional values can add to the global activities of the harmonisation process of international commercial arbitration law.

Originality/value

The paper provides a clear understanding of the guidelines for the reform and development of Middle East international commercial arbitration. Legal culture should be taken into consideration if a successful reform is to be achieved.

Details

Journal of International Trade Law and Policy, vol. 8 no. 2
Type: Research Article
ISSN: 1477-0024

Keywords

Article
Publication date: 22 June 2010

Muhammad Abu Sadah

The purpose of this paper is to examine the main contract principles which govern the international arbitration contract with special emphasis to examine contract…

1056

Abstract

Purpose

The purpose of this paper is to examine the main contract principles which govern the international arbitration contract with special emphasis to examine contract principle found of the Middle East, how international principles of contract are perceived in the region, and whether there are any dominant contract principles.

Design/methodology/approach

A general exploratory research procedure used to give a better grasp of various aspects of socio‐legal approaches. The paper seeks to create knowledge that can be used to retrieve some pressing social and organisational understanding in the said region. The first part of the paper examines the role of ethics and tradition in understanding Middle Eastern contract principles. The second part examines the impact of Islamic Law on commercial contract principles. The third section analyses the regional perception of international contract principles. Finally, the paper addresses some contemporary issues of international contracts in the Middle East.

Findings

The paper showed that the legal perceptions of international contract principles reflect regional legal thinking which has been influenced by a mixed understanding of regional traditions, Islamic contract law principles as well as Western contract principles when these principles match regional legal culture. Overall, it showed that still under such mixed understanding, there are strong regional legal traditions and these are found in Islamic contract principles and affects commercial contract experiences. In general, a significant difference still exists between modern international contract principles and those in the Middle East.

Practical implications

The paper generates a knowledge that mixed understanding in regard to international contract arbitration principles due historical and cultural reasoning. Arab States does not share common understanding of international contract principles. Thus, it is very superfluous to propose the argument that there is sole Middle Eastern regional perception which dominates every Arab State. Therefore, special understandings and considerations should be given to every international arbitration contract from certain Arab State entity to another.

Originality/value

The paper provides a clear understanding of the guidelines for international commercial arbitration contract in the Middle East. Legal culture should be taken into consideration if a successful contract implementation has to be achieved.

Details

Journal of International Trade Law and Policy, vol. 9 no. 2
Type: Research Article
ISSN: 1477-0024

Keywords

Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…

61831

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 9 May 2016

Norman Mugarura

The purpose of this paper is to articulate the law relating to syndicated loan agreements and what legal experts and parties need to safeguard against inherent pitfalls in…

Abstract

Purpose

The purpose of this paper is to articulate the law relating to syndicated loan agreements and what legal experts and parties need to safeguard against inherent pitfalls in its usage and practice. The research design of this paper has two strands: an examination of generic issues relating syndicated loan agreements and the process; and the mechanisms for transferring proprietary rights and interests should parties want to do so.

Design/methodology/approach

The paper was written on the basis of evaluating primary and secondary data sources to gain insights into commercial experiences of harnessing syndicated loan facilities as an alternative form of raising finance for development projects. It has examined case law which reflects the law and practice of syndicated loan markets both in common and civil law jurisdictions. Particular attention has been paid to the credibility of source materials and its relevance to usage and practice of syndicated loan agreements. The core element of this methodology has been an evaluation of generic issues which underpin syndicated loan agreements, analysis of academic literature and evaluation of cases and policy documents. The paper has drawn examples in both common and civil jurisdictions to gain insights into the law which governs syndicated loan markets and its practical application. There has been an uptake in syndicated loan markets not only in United Kingdom but also globally. While there has been a growing body of literature on syndicated loan markets, mechanisms for transferring proprietary rights and interests of contractual parties have not been given proportionate attention. The paper addresses a gap in the law of syndicated loan markets and the varied ways in which they are harnessed in international commercial practice. It addresses existing gaps in the law and practice of syndicated loans, not only in the UK but also in other jurisdictions where examples have been drawn. The research design of this paper has two strands: an examination of generic issues relating loans and the process in which they are constituted as financial products; and the mechanisms for transferring proprietary rights and interests.

Findings

The findings underscore the fact that much as syndicated loans offer huge advantages to commercial parties, there are also intricacies which parties need to keep in mind and guard against. Like in other forms of commercial agreements, parties to a syndicated loan agreement have the power to nominate the governing law not necessarily from jurisdictions where they do business but as they may see fit. In practice, effective contractual terms in syndicated loans are to be applied slightly differently to other form of commercial agreements in English contract law. For example, representation and warranties are grouped together and constitute statements by the borrower, which the lender considers should be true at the inception of the loan agreement. As a syndicated loan involves the participation of many banks (obviously some foreign banks), there is the potential for conflict of laws. As such, arranging a syndicated loan should be governed by the relating to international commercial contracts to address the challenge posed by conflict of laws. This is essential to ensure proprietary transfer of rights in the asset are properly constituted and effective. The loan should be carefully structured to reflect important technical issues which relate to duties and obligation of contractual parties.

Research limitations/implications

This was largely a theoretical paper undertaken on the basis of evaluating primary and secondary data sources, some of which were not able to corroborate. It would have been better to corroborate some of the data sources used with financial institutions (which specialise in syndicate loans and related products) to mitigate the potential for bias the data used were generated.

Practical implications

It is important that legal practitioners and policy markers have access to requisite data on different types of loan markets not only in the UK but also other jurisdictions. One of the most important implication is that unlike bond markets (which are sought in response to an uptake in market risks), the foregoing environment tends to negatively correlate in syndicated loan markets. Lending institutions such as banks tend to be cautious when there are instabilities in the market as demonstrated in the aftermath of the recent global financial crisis (2010-2014). There is a converse relationship between loan markets and syndicated loans, which is explained by the fact that the higher the risks, the more cautious lenders (financial institutions) tend to be to safeguard against uncertainties of ending in an environment which is not conducive for business. Bonds on the other hand are sought as security by credit markets against inherent risks especially in times of economic uncertainties. This is why in the aftermath of the recent global financial crisis, banks were anxious and unwilling to lend not only to each other but also to small business for fear and to curtail potential market risks. It needs to be noted that just like in other forms of international commercial agreements, parties in syndicated loan agreements have autonomy to nominate the governing law of the agreement, not necessarily from jurisdictions where parties do business. Where parties have not nominated the governing law clause of syndicated loan contracts, rules of private international law such as characteristic performance of the contract will apply.

Social implications

There is a growing body of literature on syndicated loan markets, but one wonders why mechanisms for transferring proprietary rights and interests of contractual parties have not been written about as much. It is an important area but has somehow been overlooked by scholars on this subject. If the borrowers’ fails to keep up their repayments (default), it will have an adverse on loan markets and the economic stability which will in turn affects businesses, people and national governments.

Originality/value

The paper was written on the basis of evaluating primary and secondary data sources to gain insights into commercial experiences of harnessing syndicated loan facilities as an alternative form of raising finance for development projects. It has examined case law which reflects the law and practice of syndicated loan markets both in common and civil law jurisdictions. Particular attention has been paid to the credibility of source materials and its relevance to usage and practice of syndicated loan agreements. The core element of this methodology has been an evaluation of generic issues which underpin syndicated loan agreements, analysis of academic literature and evaluation of cases and policy documents. The paper has drawn examples in both common and civil jurisdictions to gain insights into the law which governs syndicated loan markets and its practical application.

Details

Journal of Financial Regulation and Compliance, vol. 24 no. 2
Type: Research Article
ISSN: 1358-1988

Keywords

Book part
Publication date: 10 May 2017

Stan Apps and Tova Cooper

This paper argues that Charles Reznikoff’s autobiography, Family Chronicle: An Odyssey from Russia to America, presents Jewish law as an ethical alternative to U.S. law

Abstract

This paper argues that Charles Reznikoff’s autobiography, Family Chronicle: An Odyssey from Russia to America, presents Jewish law as an ethical alternative to U.S. law. The autobiography illustrates how Jewish law refuses to let social and economic hierarchies compromise its emphasis on truth-finding and the speedy resolution of legal troubles. Family Chronicle tragically portrays the Reznikoff family’s inability to exert equal bargaining power with its landlords, something commercial lease law assumes they can do. Reznikoff’s autobiography suggests that the United States can better realize its democratic principles by revising commercial lease law to reflect the tenant-centered approach of residential lease law.

Details

Studies in Law, Politics, and Society
Type: Book
ISBN: 978-1-78714-344-9

Keywords

Article
Publication date: 18 July 2008

David Chaikin

The purpose of this paper is to analyze the relationship between commercial corruption and money laundering. The challenge of corruption in the private sector and its…

3964

Abstract

Purpose

The purpose of this paper is to analyze the relationship between commercial corruption and money laundering. The challenge of corruption in the private sector and its relationship with money laundering are neglected subjects. Corruption and money laundering often occur together with the presence of one reinforcing the other. Corruption generates billions of dollars of funds that will need to be concealed through the money laundering process. At the same time, corruption contributes to money laundering activity through payment of bribes to persons who are responsible for the operation of anti‐money laundering (AML) systems.

Design/methodology/approach

Primary legal documentation, such as the United Nations Convention Against Corruption, the Financial Action Task Force's Recommendations on Money Laundering, and National Legislation, as well as Unpublished Government Commissioned Reports, are analysed in order to assess the links between corruption and money laundering.

Findings

Commercial corruption poses a threat to the integrity of the AML system, especially at the placement stage of the money laundering cycle. Private sector reporting entities may be bribed to actively collude in money laundering, refrain from lodging suspicious transaction reports, or tip off clients that they may be subject to a government investigation. The recursive links between corruption and money laundering suggest that policies which are addressed to fighting both corruption and money laundering may have a mutually reinforcing effect.

Research limitations/implications

There is a lack of empirical data concerning private corruption that suggests significant underreporting of this type of crime.

Practical implications

This paper is addressed to policy makers who are concerned with corporate governance and the impact of corruption on AML systems. Future research would deal with the enforcement aspects of anti‐corruption laws.

Originality/value

The paper analyses commercial corruption for the purpose of understanding the corruption/money laundering nexus.

Details

Journal of Financial Crime, vol. 15 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 1 October 2002

Georgios I. Zekos

Presents an updated version of a paper given by the author at an international conference in Athens 2000. Briefly outlines the development of the internet and e‐commerce…

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Abstract

Presents an updated version of a paper given by the author at an international conference in Athens 2000. Briefly outlines the development of the internet and e‐commerce and the effect of globalization. Considers the potential for the EU to standardize rules and advance its economic integration agenda. Looks at present EU laws in this area. Covers the unicitral model law on electronic commerce, its merits and its problems. Discusses personal jurisdiction under traditional rules and cyberspace transactions. Concludes that existing legislation must be re‐evaluated in the light of technological advances, the need for a more mobile kind of legal person and the worldwide nature of transactions across territorial boundaries, paperless contracts and digital signatures and the use of self‐regulation are also covered.

Details

Managerial Law, vol. 44 no. 5
Type: Research Article
ISSN: 0309-0558

Keywords

1 – 10 of over 40000