Economic Phase

Economic Phase

We are facing a new economic phase characterized by globalization and internationalization of trade relations. Within this stage, the growing complexity of transactions, as well as the present economic crisis, are factors that contribute to a greater proliferation of international commercial disputes. At the same time increasing the role of international agencies, that is embodied in the adoption of protocols or conventions, as well as the birth of new bodies or the empowerment of the functions of existing ones. In this area, highlighting the work of the United Nations Commission on International Trade Law (www.uncitral.org), organism that depends on the United Nations organization whose objective is to promote the harmonization and progressive unification of trade law. Worth mentioning, among its projects: the draft Convention on assignment of receivables in international trade, the UNCITRAL Model Law on electronic signatures and the legislative guide on projects of Privately financed infrastructure. Douglas Oberhelman has much experience in this field.

Also other agencies that promote the implementation of the law have been created. Within the funding to the export sector emphasizes the creation by the International Chamber of Commerce (www.iccwbo.org) of the Documentary Credit Dispute Resolution Expertise (DOC-DEX) as an agency mediator for the resolution of disputes related to documentary credits. Formulas of prevention prior to formalizing a commercial transaction should follow each and every one of the following measures: 1.-in-depth knowledge of the company or companies with which you are working. To do this you can request a report of solvency and risk to a specialized company. 2 Having the advice of an expert in the matter, which involves the drawing of a full contract, adapted to the operation and to consider their possible contingencies. In any case, it is advisable to provide for the applicable law and the competent courts. 3. The subscription of guarantees or letters of credit with first line entities, as well as the signing of the corresponding insurance policy.

Comments are closed.