File #2849: "2020_Book_ModernLawOfInternationalTrade.pdf"
Text
1|Preface|6
1|Contents|8
1|About the Author|16
1|List of Cases|17
1|1 Nature and Scope of the Law of International Trade|25
2|1.1 Characteristics and Sources|25
2|1.2 Modern Law and Lex Mercatoria|26
2|1.3 International Trade: Distinctive Features|28
3|1.3.1 Nature of Trade Transactions|28
3|1.3.2 International and Domestic Trade Distinguished|30
3|1.3.3 Criteria of Internationality|32
2|1.4 International Trade and Investment Distinguished|36
2|1.5 Regulating Inter-state Trade Relations|37
2|1.6 Scheme of the Study|40
2|References|41
1|Part IInternational Harmonization|44
1|2 International Unification of Trade Laws|45
2|2.1 Desirability of Uniform Regulation of International Contracts|45
2|2.2 Concept and Methods of Unification|49
3|2.2.1 Unification and Harmonization Distinguished|49
3|2.2.2 International and Regional Harmonization|53
2|2.3 Unification of Private International Law|54
3|2.3.1 Reducing Conflicts Through Unification|54
3|2.3.2 European Union Initiatives|55
3|2.3.3 Hague Conference on Private International Law|56
2|2.4 Toward Unification of Substantive Laws|57
3|2.4.1 Unification Efforts by UNIDROIT|57
3|2.4.2 Unification Efforts by UNCITRAL|62
3|2.4.3 Soft-Law Instruments: Codes of Practice and Restatements of Law|64
3|2.4.4 Role of Non-Governmental Organizations: International Chamber of Commerce|67
2|References|69
1|3 Standard Trade Terms|72
2|3.1 Unification Through Trade Practices|72
2|3.2 Common Trade Terms|73
3|3.2.1 EXW “Ex Works”|73
3|3.2.2 FAS “Free Alongside Ship”|74
3|3.2.3 “Ex Ship”|74
3|3.2.4 FOB “Free on Board”|75
3|3.2.5 CIF Cost, Insurance, and Freight|82
2|3.3 Incoterms|97
2|References|99
1|Part IIContract of Sale|100
1|4 Nature and Formation of Contract|101
2|4.1 Growth of Modern Contract Law|101
2|4.2 Theories of Contract|105
3|4.2.1 Will Theory|105
3|4.2.2 Injurious Reliance Theory|106
2|4.3 Common Law Conception of Contract|107
3|4.3.1 Contracts as Agreement|107
3|4.3.2 Intention to Create Contract|109
3|4.3.3 Necessity of Consideration|110
3|4.3.4 No General Requirement About Form|110
2|4.4 Civil Law Approaches|112
2|4.5 Codification of English Contract Law|112
2|4.6 Standardized Contracts|113
2|4.7 Global Contract Law?|114
2|4.8 Toward European Contract Law|114
2|4.9 Formation of Contract|115
3|4.9.1 Offer (or Proposal)|115
3|4.9.2 Acceptance|118
3|4.9.3 Consideration|123
2|References|126
1|5 International Sale in Indian and English Law I: General Aspects|128
2|5.1 Statutes Governing Contract of Sale|128
3|5.1.1 General|128
3|5.1.2 Sale of Goods Act, 1930|129
3|5.1.3 Sale of Goods Act, 1979|129
3|5.1.4 Rules of Construction|131
2|5.2 Nature of “Contract of Sale”|132
3|5.2.1 General|132
3|5.2.2 Contract of Sale as (Present) “Sale” and “Agreement to Sell”|133
3|5.2.3 Agreement to Sell Is Mere a Contract|134
2|5.3 Sale of Goods Distinguished from Other Related Transactions|135
3|5.3.1 General|135
3|5.3.2 Bailment and Pledge|136
3|5.3.3 Mortgage|137
3|5.3.4 Exchange or Barter|138
3|5.3.5 Contract for Supply of Services|140
3|5.3.6 Work and Materials Contract|143
3|5.3.7 Hire-Purchase Agreement|145
2|5.4 Subject-Matter of Contract of Sale|146
3|5.4.1 Meaning of Goods|146
3|5.4.2 Existing or Future Goods|148
3|5.4.3 Specific, Unascertained, and Ascertained Goods|149
2|References|151
1|6 International Sale in Indian and English Law II: Rights and Duties, Passing of Risks and Remedies|152
2|6.1 Rights and Duties of Seller and Buyer|152
3|6.1.1 Nature of Contract Terms|152
3|6.1.2 Classification of Terms|154
3|6.1.3 Reform of the Statute Law|158
3|6.1.4 Seller’s Duties: Implied Terms as to Title, Description, and Quality|159
3|6.1.5 Exclusion of Implied Terms|171
3|6.1.6 Buyer’s Duties|171
2|6.2 Passing of Property and Risks|172
3|6.2.1 General|172
3|6.2.2 Passing of Property|173
3|6.2.3 Passing of Risks|176
2|6.3 Remedies of Seller and Buyer|178
3|6.3.1 Remedies Under General Law of Contract|178
3|6.3.2 Remedies Under Law of Sale of Goods|187
2|References|197
1|7 UN Convention on Contracts for the International Sale of Goods|199
2|7.1 Toward Uniform Regulation of International Sales Contracts|199
2|7.2 Reconciling Divergent Approaches|200
2|7.3 Interpretation of the Convention|201
2|7.4 Scheme of Convention|202
2|7.5 Scope of Application|203
3|7.5.1 Automatic Application of the Convention|203
3|7.5.2 Notion of Internationality|204
3|7.5.3 Coverage of the Convention|204
2|7.6 Formation of Contract of Sale|206
2|7.7 Performance Obligations|208
3|7.7.1 Obligations of Seller|208
3|7.7.2 Obligations of Buyer|210
2|7.8 Remedies|212
3|7.8.1 Remedies in General|212
3|7.8.2 Specific Performance|212
3|7.8.3 Avoidance for Fundamental Breach of Contract|213
3|7.8.4 Fixing Additional Time|214
3|7.8.5 Anticipatory Breach of Contract|215
3|7.8.6 Damages|215
3|7.8.7 Reduction of Price|216
3|7.8.8 Seller’s Right of Cure|216
2|References|217
1|8 Harmonization Through International Restatements|218
2|8.1 Non-state Law|218
2|8.2 UNIDROIT Principles|219
3|8.2.1 UNIDROIT Principles as a Restatement of General Contract Law|219
3|8.2.2 Non-Mandatory Nature of “Principles”|220
3|8.2.3 Interpretation of “Principles”|220
3|8.2.4 Scheme of the “Principles”|221
3|8.2.5 Scope of Application|221
3|8.2.6 Formation of Contract|222
3|8.2.7 Validity and Enforcement|223
3|8.2.8 Third Parties’ Rights|224
3|8.2.9 Performance Obligations|225
3|8.2.10 Remedies|226
2|8.3 Hague Principles on Choice of Law in International Commercial Contracts|231
3|8.3.1 Hague Principles as Restatement of General Principles Concerning Choice of Law|231
3|8.3.2 Applicability of “The Hague Principles”|231
3|8.3.3 Criteria of Internationality|232
3|8.3.4 Principle of Party Autonomy|233
3|8.3.5 Overriding Mandatory Principles and Public Order”|233
3|8.3.6 Choice of Law: Express and Implied Choice|234
3|8.3.7 No Requirements as to Form: Validity of the Choice of Law Clauses|235
3|8.3.8 Scope of the Chosen Law|235
2|References|236
1|Part IIIElectronic Commerce|237
1|9 Harmonization of Laws Concerning Electronic Communications in International Contracts|238
2|9.1 UNCITRAL Model Law on Electronic Commerce|238
3|9.1.1 General|238
3|9.1.2 Electronic Commerce in General|239
3|9.1.3 E-Commerce in Specific Areas|243
2|9.2 UNCITRAL Model Law on Electronic Signatures|244
3|9.2.1 General|244
3|9.2.2 Scope of Application|245
3|9.2.3 Electronic Signature|245
3|9.2.4 Reliability Requirements|246
3|9.2.5 Functional Equivalence Principle|246
3|9.2.6 Obligations of the Parties|246
2|9.3 2005 United Nations Convention on the Use of Electronic Communications in International Contracts|247
3|9.3.1 General|247
3|9.3.2 Scope of Application|248
3|9.3.3 Functional Equivalence Principle|249
3|9.3.4 Dispatch and Receipt of Electronic Communications|249
2|9.4 General Usage for International Digitally Ensured Commerce (GUIDEC)|249
2|References|250
1|Part IVContracts of Carriage of Goods|252
1|10 Maritime Carriage|253
2|10.1 Key Terms|253
2|10.2 International Liability Regime|262
3|10.2.1 Standardization of Sea-Carriers’ Liability: Attempts to Balancing Ship-Owner and Cargo Interests|262
3|10.2.2 “Hague Rules”: Brief Overview|263
3|10.2.3 “Hague-Visby Rules”|263
3|10.2.4 UN Convention on the Carriage of Goods by Sea (the “Hamburg Rules”)|266
3|10.2.5 2008 UN Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea (the “Rotterdam Rules”)|267
2|References|270
1|11 Carriage of Goods by Air|272
2|11.1 Key Terms|272
2|11.2 International Liability Regime|273
3|11.2.1 Warsaw System and Background|273
3|11.2.2 Warsaw System as Amended|274
3|11.2.3 Montreal Convention|277
2|References|279
1|12 Carriage of Goods by Rail and Road|280
2|12.1 Key Terms|280
2|12.2 Liability Regime|281
3|12.2.1 Carriage by Rail: 1980 Convention concerning International Carriage by Rail (COTIF)|281
3|12.2.2 Uniform Rules Concerning the Contract for the International Carriage of Goods (CIM Rules)|282
3|12.2.3 Carriage of Goods by Road: 1956 Convention for the Contract for the International Carriage of Goods by Road (CMR)|284
3|12.2.4 Liability of Carrier under Multimodal Transport: The United Nations Convention on International Multimodal Transport of Goods (MT Convention)|285
2|References|286
1|Part VInsurance and Finance|287
1|13 Contracts of Marine Insurance|288
2|13.1 Nature of Marine Insurance Contract|288
3|13.1.1 Contract of Marine Insurance as a Contract of Indemnity|288
3|13.1.2 Insurable Interests|290
3|13.1.3 Parties to Insurance Contract and Formalities|291
2|13.2 Duty of Utmost Good Faith|292
3|13.2.1 Duty to Disclose All Material Facts: Doctrine of “Materiality”|292
3|13.2.2 Duty Not to Make Any Misrepresentations|294
2|13.3 Terms of Marine Insurance Contract|294
3|13.3.1 Warranty in Marine Insurance|294
3|13.3.2 Warranty Distinguished from Representation|295
3|13.3.3 Express and Implied Warranties|296
3|13.3.4 Implied Warranties|296
3|13.3.5 Warranty of Legality|298
2|13.4 Subrogation and Contribution|299
2|13.5 Types of Marine Policies|300
2|13.6 Losses|300
3|13.6.1 Actual (Total or Partial) Loss|300
3|13.6.2 Constructive (Total) Loss|301
2|References|301
1|14 Export Finance|303
2|14.1 Direct Payment Methods|303
2|14.2 Bill of Exchange|304
3|14.2.1 Nature of Bills of Exchange: Essential Characteristics|304
3|14.2.2 1988 UN Convention on International Bills of Exchange and International Promissory Notes|307
3|14.2.3 New Developments: UNCITRAL’s Draft Convention on International Cheques|309
2|14.3 Collection Arrangements and ICC Uniform Rules for Collections (URC)|309
2|14.4 Documentary Credit System: Letters of Credit|310
3|14.4.1 Nature and Characteristics|310
3|14.4.2 Kinds of Letters of Credit|311
3|14.4.3 Fundamental Principles|312
2|14.5 Stand-by Credit or Demand Guarantees|313
3|14.5.1 General|313
3|14.5.2 1995 UNCITRAL Convention on Independent Guarantees and Stand-by Letters of Credit|313
2|14.6 Other Export Financing Techniques|314
3|14.6.1 Factoring Contracts and 1988 UNIDROIT Convention on International Factoring|314
3|14.6.2 Forfaiting|316
2|References|316
1|Part VITrade Dispute Resolution|318
1|15 International Cooperation in Dispute Settlement|319
2|15.1 General|319
2|15.2 Jurisdiction in Private, Commercial Litigations|319
3|15.2.1 Traditional Principles|319
3|15.2.2 Lugano Convention|321
3|15.2.3 EC Regulations on Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters (The Brussels I Regulation and Regulation 1215/2012)|321
3|15.2.4 (Hague) Convention on Choice of Court Agreement|322
2|15.3 Choice of Law|323
3|15.3.1 General|323
3|15.3.2 Rule of Party Autonomy|324
3|15.3.3 Hague Principles on Choice of Law for International Commercial Contracts|329
2|15.4 Enforcement of Foreign Judgments and Arbitral Awards|329
3|15.4.1 Enforcement of Foreign Judgments|329
3|15.4.2 Enforcement of Foreign Arbitral Awards|333
3|15.4.3 Enforcement of Arbitral Awards Under the UK and Indian Law|335
2|15.5 Alternative Dispute Resolution (ADR) Procedures|336
3|15.5.1 Mediation and Conciliation in General|336
3|15.5.2 1980 UNCITRAL Conciliation Rules|336
2|15.6 Arbitration|337
3|15.6.1 General Characteristics|337
3|15.6.2 Institutional and Ad Hoc Arbitration|338
3|15.6.3 International Court of Arbitration|339
3|15.6.4 Substantive Law Applicable to the Dispute: The “Applicable Law”|339
3|15.6.5 UNCITRAL Model Laws on Commercial Arbitration: Overview|340
2|References|341
1|Contents|8
1|About the Author|16
1|List of Cases|17
1|1 Nature and Scope of the Law of International Trade|25
2|1.1 Characteristics and Sources|25
2|1.2 Modern Law and Lex Mercatoria|26
2|1.3 International Trade: Distinctive Features|28
3|1.3.1 Nature of Trade Transactions|28
3|1.3.2 International and Domestic Trade Distinguished|30
3|1.3.3 Criteria of Internationality|32
2|1.4 International Trade and Investment Distinguished|36
2|1.5 Regulating Inter-state Trade Relations|37
2|1.6 Scheme of the Study|40
2|References|41
1|Part IInternational Harmonization|44
1|2 International Unification of Trade Laws|45
2|2.1 Desirability of Uniform Regulation of International Contracts|45
2|2.2 Concept and Methods of Unification|49
3|2.2.1 Unification and Harmonization Distinguished|49
3|2.2.2 International and Regional Harmonization|53
2|2.3 Unification of Private International Law|54
3|2.3.1 Reducing Conflicts Through Unification|54
3|2.3.2 European Union Initiatives|55
3|2.3.3 Hague Conference on Private International Law|56
2|2.4 Toward Unification of Substantive Laws|57
3|2.4.1 Unification Efforts by UNIDROIT|57
3|2.4.2 Unification Efforts by UNCITRAL|62
3|2.4.3 Soft-Law Instruments: Codes of Practice and Restatements of Law|64
3|2.4.4 Role of Non-Governmental Organizations: International Chamber of Commerce|67
2|References|69
1|3 Standard Trade Terms|72
2|3.1 Unification Through Trade Practices|72
2|3.2 Common Trade Terms|73
3|3.2.1 EXW “Ex Works”|73
3|3.2.2 FAS “Free Alongside Ship”|74
3|3.2.3 “Ex Ship”|74
3|3.2.4 FOB “Free on Board”|75
3|3.2.5 CIF Cost, Insurance, and Freight|82
2|3.3 Incoterms|97
2|References|99
1|Part IIContract of Sale|100
1|4 Nature and Formation of Contract|101
2|4.1 Growth of Modern Contract Law|101
2|4.2 Theories of Contract|105
3|4.2.1 Will Theory|105
3|4.2.2 Injurious Reliance Theory|106
2|4.3 Common Law Conception of Contract|107
3|4.3.1 Contracts as Agreement|107
3|4.3.2 Intention to Create Contract|109
3|4.3.3 Necessity of Consideration|110
3|4.3.4 No General Requirement About Form|110
2|4.4 Civil Law Approaches|112
2|4.5 Codification of English Contract Law|112
2|4.6 Standardized Contracts|113
2|4.7 Global Contract Law?|114
2|4.8 Toward European Contract Law|114
2|4.9 Formation of Contract|115
3|4.9.1 Offer (or Proposal)|115
3|4.9.2 Acceptance|118
3|4.9.3 Consideration|123
2|References|126
1|5 International Sale in Indian and English Law I: General Aspects|128
2|5.1 Statutes Governing Contract of Sale|128
3|5.1.1 General|128
3|5.1.2 Sale of Goods Act, 1930|129
3|5.1.3 Sale of Goods Act, 1979|129
3|5.1.4 Rules of Construction|131
2|5.2 Nature of “Contract of Sale”|132
3|5.2.1 General|132
3|5.2.2 Contract of Sale as (Present) “Sale” and “Agreement to Sell”|133
3|5.2.3 Agreement to Sell Is Mere a Contract|134
2|5.3 Sale of Goods Distinguished from Other Related Transactions|135
3|5.3.1 General|135
3|5.3.2 Bailment and Pledge|136
3|5.3.3 Mortgage|137
3|5.3.4 Exchange or Barter|138
3|5.3.5 Contract for Supply of Services|140
3|5.3.6 Work and Materials Contract|143
3|5.3.7 Hire-Purchase Agreement|145
2|5.4 Subject-Matter of Contract of Sale|146
3|5.4.1 Meaning of Goods|146
3|5.4.2 Existing or Future Goods|148
3|5.4.3 Specific, Unascertained, and Ascertained Goods|149
2|References|151
1|6 International Sale in Indian and English Law II: Rights and Duties, Passing of Risks and Remedies|152
2|6.1 Rights and Duties of Seller and Buyer|152
3|6.1.1 Nature of Contract Terms|152
3|6.1.2 Classification of Terms|154
3|6.1.3 Reform of the Statute Law|158
3|6.1.4 Seller’s Duties: Implied Terms as to Title, Description, and Quality|159
3|6.1.5 Exclusion of Implied Terms|171
3|6.1.6 Buyer’s Duties|171
2|6.2 Passing of Property and Risks|172
3|6.2.1 General|172
3|6.2.2 Passing of Property|173
3|6.2.3 Passing of Risks|176
2|6.3 Remedies of Seller and Buyer|178
3|6.3.1 Remedies Under General Law of Contract|178
3|6.3.2 Remedies Under Law of Sale of Goods|187
2|References|197
1|7 UN Convention on Contracts for the International Sale of Goods|199
2|7.1 Toward Uniform Regulation of International Sales Contracts|199
2|7.2 Reconciling Divergent Approaches|200
2|7.3 Interpretation of the Convention|201
2|7.4 Scheme of Convention|202
2|7.5 Scope of Application|203
3|7.5.1 Automatic Application of the Convention|203
3|7.5.2 Notion of Internationality|204
3|7.5.3 Coverage of the Convention|204
2|7.6 Formation of Contract of Sale|206
2|7.7 Performance Obligations|208
3|7.7.1 Obligations of Seller|208
3|7.7.2 Obligations of Buyer|210
2|7.8 Remedies|212
3|7.8.1 Remedies in General|212
3|7.8.2 Specific Performance|212
3|7.8.3 Avoidance for Fundamental Breach of Contract|213
3|7.8.4 Fixing Additional Time|214
3|7.8.5 Anticipatory Breach of Contract|215
3|7.8.6 Damages|215
3|7.8.7 Reduction of Price|216
3|7.8.8 Seller’s Right of Cure|216
2|References|217
1|8 Harmonization Through International Restatements|218
2|8.1 Non-state Law|218
2|8.2 UNIDROIT Principles|219
3|8.2.1 UNIDROIT Principles as a Restatement of General Contract Law|219
3|8.2.2 Non-Mandatory Nature of “Principles”|220
3|8.2.3 Interpretation of “Principles”|220
3|8.2.4 Scheme of the “Principles”|221
3|8.2.5 Scope of Application|221
3|8.2.6 Formation of Contract|222
3|8.2.7 Validity and Enforcement|223
3|8.2.8 Third Parties’ Rights|224
3|8.2.9 Performance Obligations|225
3|8.2.10 Remedies|226
2|8.3 Hague Principles on Choice of Law in International Commercial Contracts|231
3|8.3.1 Hague Principles as Restatement of General Principles Concerning Choice of Law|231
3|8.3.2 Applicability of “The Hague Principles”|231
3|8.3.3 Criteria of Internationality|232
3|8.3.4 Principle of Party Autonomy|233
3|8.3.5 Overriding Mandatory Principles and Public Order”|233
3|8.3.6 Choice of Law: Express and Implied Choice|234
3|8.3.7 No Requirements as to Form: Validity of the Choice of Law Clauses|235
3|8.3.8 Scope of the Chosen Law|235
2|References|236
1|Part IIIElectronic Commerce|237
1|9 Harmonization of Laws Concerning Electronic Communications in International Contracts|238
2|9.1 UNCITRAL Model Law on Electronic Commerce|238
3|9.1.1 General|238
3|9.1.2 Electronic Commerce in General|239
3|9.1.3 E-Commerce in Specific Areas|243
2|9.2 UNCITRAL Model Law on Electronic Signatures|244
3|9.2.1 General|244
3|9.2.2 Scope of Application|245
3|9.2.3 Electronic Signature|245
3|9.2.4 Reliability Requirements|246
3|9.2.5 Functional Equivalence Principle|246
3|9.2.6 Obligations of the Parties|246
2|9.3 2005 United Nations Convention on the Use of Electronic Communications in International Contracts|247
3|9.3.1 General|247
3|9.3.2 Scope of Application|248
3|9.3.3 Functional Equivalence Principle|249
3|9.3.4 Dispatch and Receipt of Electronic Communications|249
2|9.4 General Usage for International Digitally Ensured Commerce (GUIDEC)|249
2|References|250
1|Part IVContracts of Carriage of Goods|252
1|10 Maritime Carriage|253
2|10.1 Key Terms|253
2|10.2 International Liability Regime|262
3|10.2.1 Standardization of Sea-Carriers’ Liability: Attempts to Balancing Ship-Owner and Cargo Interests|262
3|10.2.2 “Hague Rules”: Brief Overview|263
3|10.2.3 “Hague-Visby Rules”|263
3|10.2.4 UN Convention on the Carriage of Goods by Sea (the “Hamburg Rules”)|266
3|10.2.5 2008 UN Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea (the “Rotterdam Rules”)|267
2|References|270
1|11 Carriage of Goods by Air|272
2|11.1 Key Terms|272
2|11.2 International Liability Regime|273
3|11.2.1 Warsaw System and Background|273
3|11.2.2 Warsaw System as Amended|274
3|11.2.3 Montreal Convention|277
2|References|279
1|12 Carriage of Goods by Rail and Road|280
2|12.1 Key Terms|280
2|12.2 Liability Regime|281
3|12.2.1 Carriage by Rail: 1980 Convention concerning International Carriage by Rail (COTIF)|281
3|12.2.2 Uniform Rules Concerning the Contract for the International Carriage of Goods (CIM Rules)|282
3|12.2.3 Carriage of Goods by Road: 1956 Convention for the Contract for the International Carriage of Goods by Road (CMR)|284
3|12.2.4 Liability of Carrier under Multimodal Transport: The United Nations Convention on International Multimodal Transport of Goods (MT Convention)|285
2|References|286
1|Part VInsurance and Finance|287
1|13 Contracts of Marine Insurance|288
2|13.1 Nature of Marine Insurance Contract|288
3|13.1.1 Contract of Marine Insurance as a Contract of Indemnity|288
3|13.1.2 Insurable Interests|290
3|13.1.3 Parties to Insurance Contract and Formalities|291
2|13.2 Duty of Utmost Good Faith|292
3|13.2.1 Duty to Disclose All Material Facts: Doctrine of “Materiality”|292
3|13.2.2 Duty Not to Make Any Misrepresentations|294
2|13.3 Terms of Marine Insurance Contract|294
3|13.3.1 Warranty in Marine Insurance|294
3|13.3.2 Warranty Distinguished from Representation|295
3|13.3.3 Express and Implied Warranties|296
3|13.3.4 Implied Warranties|296
3|13.3.5 Warranty of Legality|298
2|13.4 Subrogation and Contribution|299
2|13.5 Types of Marine Policies|300
2|13.6 Losses|300
3|13.6.1 Actual (Total or Partial) Loss|300
3|13.6.2 Constructive (Total) Loss|301
2|References|301
1|14 Export Finance|303
2|14.1 Direct Payment Methods|303
2|14.2 Bill of Exchange|304
3|14.2.1 Nature of Bills of Exchange: Essential Characteristics|304
3|14.2.2 1988 UN Convention on International Bills of Exchange and International Promissory Notes|307
3|14.2.3 New Developments: UNCITRAL’s Draft Convention on International Cheques|309
2|14.3 Collection Arrangements and ICC Uniform Rules for Collections (URC)|309
2|14.4 Documentary Credit System: Letters of Credit|310
3|14.4.1 Nature and Characteristics|310
3|14.4.2 Kinds of Letters of Credit|311
3|14.4.3 Fundamental Principles|312
2|14.5 Stand-by Credit or Demand Guarantees|313
3|14.5.1 General|313
3|14.5.2 1995 UNCITRAL Convention on Independent Guarantees and Stand-by Letters of Credit|313
2|14.6 Other Export Financing Techniques|314
3|14.6.1 Factoring Contracts and 1988 UNIDROIT Convention on International Factoring|314
3|14.6.2 Forfaiting|316
2|References|316
1|Part VITrade Dispute Resolution|318
1|15 International Cooperation in Dispute Settlement|319
2|15.1 General|319
2|15.2 Jurisdiction in Private, Commercial Litigations|319
3|15.2.1 Traditional Principles|319
3|15.2.2 Lugano Convention|321
3|15.2.3 EC Regulations on Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters (The Brussels I Regulation and Regulation 1215/2012)|321
3|15.2.4 (Hague) Convention on Choice of Court Agreement|322
2|15.3 Choice of Law|323
3|15.3.1 General|323
3|15.3.2 Rule of Party Autonomy|324
3|15.3.3 Hague Principles on Choice of Law for International Commercial Contracts|329
2|15.4 Enforcement of Foreign Judgments and Arbitral Awards|329
3|15.4.1 Enforcement of Foreign Judgments|329
3|15.4.2 Enforcement of Foreign Arbitral Awards|333
3|15.4.3 Enforcement of Arbitral Awards Under the UK and Indian Law|335
2|15.5 Alternative Dispute Resolution (ADR) Procedures|336
3|15.5.1 Mediation and Conciliation in General|336
3|15.5.2 1980 UNCITRAL Conciliation Rules|336
2|15.6 Arbitration|337
3|15.6.1 General Characteristics|337
3|15.6.2 Institutional and Ad Hoc Arbitration|338
3|15.6.3 International Court of Arbitration|339
3|15.6.4 Substantive Law Applicable to the Dispute: The “Applicable Law”|339
3|15.6.5 UNCITRAL Model Laws on Commercial Arbitration: Overview|340
2|References|341