Flashcards
IBT
Flashcards do conjunto (60)
- 1Degrees of penetration into a foreign market1. simple export-import market
2. establish an agent abroad
3. contract manufacturing
4. Foreign Direct Investment (FDI)
5. Multinational enterprise - 2Anti Competition efforts: Anti dumping dutiesimported goods are sold at a lower price than i the exporters home market
- 3Anti- competition efforts: countervailing dutiesForeign country subsidizes its exports even if the sale price is the same in both countries
- 4Counsel in International business: competencedomestic context: knowledge of subject matter
international context: cultural, language, customs - 5Counsel in International Business: EthicsUS ethics rules do not necessarily apply abroad.
- attorneys in other countries are not subject to US ethics
- Bribery not necessarily an ethical issue in other countries - 6Basic company structure:CEO-> Presidents of different divisions->VP and general counsel-> in house legal department
* for some issues, companies will farm out to private companies - 7IMF:Established to create restrictions on regulations of currency and foreign exchange control
- 8GATTinitially a treaty
- WTO created to administer the GATT
- if signed, try and lower tariffs among countries - 9World Bank-Est. 1944 to aid in the reconstruction of Europe
- provides loans in support of economic development worldwide - 10Four principle channels of economic exchange1. trade and goods
2. trade and services
3. Foreign Direct Investment
4. transfer of knowledge and technology - 11Modern forms of international business: trade and goods- traditional measure of trade and competitiveness
- traditionally developed countries controlled trade and goods
- US Market share export of goods has gone down recently
- share increases in developing countries - 12Modern forms of international business: trade and services- harder to measure
- growing, companies are stating to move many department and service abroad because of increase in trade and services
- GATS- general agreement on trade and services - 13Modern forms of international business: Foreign Direct Investment (FDI)- requires the creation or acquisition of a business entity in another country
- 14Modern forms of international business: transfer of knowledge and technologyarea of biggest disagreement between developed nations and developing nations
- 15Role of Multinational enterprise-when a company creates or buys a business in multiple countries
- role in world affairs:
over 1/3 of world trade involves MNE
some MNE are more wealthy than entire countries - 16Globalizationthe relatively free movement of goods, services, capital, technology and people all over the world
- MNE a driving force behind globalization - 17issues of developed versus underdeveloped nations- reparations and compensations: developing nations would argue that developed nations are responsible for them being underdeveloped
- exemptions from legal requirements:
developed nations made their money when there were not any legal requirements
IP laws: developed nations are further ahead because there were not laws to stop them from copying things - 18private lawthe law governing legal relations between private individuals and firms
Hallmark: parties have the power to alter rights and obligations - 19Public lawthe law dealing with public rights
- securities law
- tax law
- international customs law
-Hallmark: parties do not have the power to alter rights and obligations - 20Public international lawthe law governing the relations between nation states
- created by treaties and customary international law
- little effect on IBT
- form of implied consent - 21private international lawchoice of law rules in an international context
- the use of domestic choice of law rules to determine which country's laws will apply to the transaction
(look at 23 for restatement factors) - 22Lex mercatoria- international common law system
- only applied to business transactions
- unwritten form of international common law
- present: hybrid connection between public international law and private international law - 23sources of law for international business transaction-treaties
- model laws and codes
- model contracts
-restatements - 24UNCITRAL- part of the UN
- 60 member countries
- UN's commission on international trade law
- core legal body of the UN that deals with trade and commerce
** most important role: creates treaties that have the force of law on any nations that has adopted the treaty
- drafts model laws
- arbitration rules - 25CISGissued by UNCITRAL
- the convention of contracts on the international sale of goods
- if signed, replaces domestic law
- only applies to the sale of goods- NOT services - 26UNIDROIT- adopted a non-binding model law
- Principles:
- a restatement of the law
- not binding
- influential
-acts like a gap filler, interpretive tool - 27ICC: international chamber of commerce- private non-profit
- created by business groups
-INCOTERMS - 28Sources of international business law that effects international business transactionspublic international law
regional supranational law
uniform codes
domestic law - 29Regional supranational lawtreaties or regulations
directive: requirement that member countries ensure that their own laws conform to - 30uniform codesNo inherent legal force
only become effective when adopted by parties as part of their contracts
- INCOTERMS
- CIF, FOB
- UCP - 31Domestic lawif the other three do not apply and parties do not decide which country's law should apply-- do private international law analysis
- parties can decide which country's laws would apply at the time of the contracts conception - 32exclusionnot included at all in a treaty
- look to principles and/ or do private international law analysis - 33gaptreaties that apply, but there is a small aspect that is not covered
- can turn to UNIDROIT principles to fill gap - 34role of international law in the USstate law is trumped by treaty or customary international law
- 35WTOpurpose: administer WTO agreements
- tasks: forum negotiations, administer dispute settlement, administer trade policy review mechanism, cooperate with IF and the world bank
- to governmental bodies: ministerial conference, general council, - 364 principle agreements ad administered by the WTOGATT
GATS
TRIPS
DSU - 37GATTlowers tariffs to a level that is listed on a schedule of tariffs
- exceptions to imposing higher tariffs:
- developing nations
- emergency - 38GATSgeneral agreement on trade and services
- 39TRIPStrade related intellectual property rights
- 40DSUdispute settlement understanding
- 41Customs unions and free trade agreemetns-NAFTA
-European Union
- ASEAN and APEC
- Free trade in the Americas
- GSP
- OECD - 42institutions in the USCIT: Court of international trade
Court of Appeals for the federal court
US customs and border patrol
commerce department
ITA: international trade agreement
ITC: can impose duties for dumping
USTR: has the power to trigger dispute settlement proceedings against foreign nations on behalf of US business
issues with involving USTR: escalates dispute, company no longer has control - 43Documentary Sales transactions contracts:sales contract
letter of credit
bill of lading and contract of affreightment - 44Sales contractbuyer is making an offer and a seller is accepting that offer
Steps:
- letter/ email sent requesting info on product
- proforma invoice can be sent to the company inquiring about cost
- buy chooses whether to accept or decline
- proforma invoice is NOT an offer
- Offer comes WITH purchase order
- Sellers final acknowledgment is the acceptance - 45Letter of Credit- method of payment
allows seller to obtain payment from buyers bank upon presentation of certain documents including:
- BOL, commercial invoice, insurance certificate, - 46Letter of Credit setup- buyer goes to bank in home country
- requests letter of credit for seller and bank issues - 47issuing bankbank that issues the letter of credit, typically in buyers home country
- 48confirming bankbank that confirms the letter of credit is valid and gives the money to the seller, and then gets the money from the issuing bank.
- typically in sellers home country - 49Bill of lading and contract of affreightmentContract of affreightment: shipping contract
BOL: title to the goods being shipped
- issued by the boating company
- can be stamped with "clean on board" or "received for shipment" - 50non-negotiable BOLreceipt- not ownership of the goods
"straight BOL" or "white bill of lading"
states who the carrier is delivering the goods to - 51negotiable bill of lading-MUST use negotiable bill of lading in document sales transaction
- "yellow BOL"
- specifically filled out to order of shipper - 52"clean on board"goods have been looked at after being loaded on to the ship and it does not look like anything was damaged in the loading process
- 53"received for shipment"products could have been damaged while being placed on the boat
- goods aren't checked after being loaded - 54COGSACarriage of Goods by Sea Act
- applies when shipping to or from the US
- limits liability to $500 per package
- should buy insurance beyond the $50 depending on the goods - 55INCOTERMS- EXW
F terms: risk of loss passes from seller to buyer when they cross the rail of the ship
-FOB
- FCA
C terms: seller has to pay for the carriage but the seller doesn't assume the risk the point of shipment
-CFR
-CIF
- D terms: seller agrees o bear all risks and all costs of shipment of goods - 56EXWthe sellers only duty is to make the goods available at their place of business
- 57FOBfree on board
- to correctly use, FOB followed by the name of the port of shipment - 58CFRcost and freight
- 59CIFcost and insurance and freight
- seller is paying for the insurance as well - 60FCAfree carrier
Informações
- Descrição
- Law FlashCards sobre IBT, criado por Nedia Zayani em 19-06-2017.
- Criado por
- Nedia Zayani
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