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The advancement in technology has greatly changed the manner in which businesses are conducted in the 21st century. For instance, the improvement in infrastructure has necessitated efficiency in communications as well as the transport sector. Consequently, this has facilitated the expansion of businesses globally. On the other hand, the globalization of businesses has called for formulation of international trade regulations to help in the management of international trade. For this reason, the existence of International business laws is imperative as international trade encounters various challenges that result from the diverse business cultures, varied legal environments as well as foreign languages. Thus, any firm that intends to venture into international trade or engage in any form of cross border trade should ensure that it has a very clear contract to safeguard the investors’ money.
For example, a company that engages in selling goods and aspiring to engage in cross border trade is mainly required to focus on responsibilities involving delivery. This is often established using international recognized Incoterms. In addition, there are other legal issues that such a company needs to look into. For instance, as a legal advisor in a company manufacturing vacuum cleaners in USA that is interested in venturing into business in Thailand, I would ensure that I negotiate appropriate terms and provisions in the contract in order to guarantee that the interests of the directors are addressed.
To start with, I would ensure that the company gets an appropriate contract. I would also make sure that the company adapts the Incoterms terms of trading which are a recognized set of trading terms that are often employed in contracts of deliveries. The key issues that I would consider in the contract would include: specifying that the company will only supply vacuum cleaners in Thailand and also take note of any legal or technical rules that the product requires comply with. Similarly, I would also ensure that the contract clearly denotes the price at which the Thailand government will be buying the vacuum cleaners at and also indicate the currency that will be used in the buying process as well as the rate of exchange. The contract should also state clearly the payment method/s that will be used. The method of delivery should also be stipulated in the contract. In the case of the trading terms, I should ensure that I engage Incoterms to specify the party that will be responsible for the shipping costs, duties in addition to customer-related formalities. This is because Incoterm is a famous body that is highly experienced in this process. The contract should indicate the bearer of the risks as well as the risks involved at every stage of the entire process. This is because it is of great essence to indicate the party that should cater for the insurance charges in case of any damages. I would also ensure that the contract clearly indicates the protocols that should be followed in case the mistake of one party makes the other to incur any losses. Lastly, the contract should indicate the location where a case should be heard in case of any legal proceedings. If the company is planning to venture in Thailand as a foreign direct investment, I would ensure that the contract stipulates a longer lease period. This will enable the company to recover the money invested in the venture and at the same time make profits.
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