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With a case study explain the compliances of the international trade laws.

Background

The following content is with the context of a hypothetical shipping Company Marine Groups Limited which does its business through the waterways is more focussed on implementing the various strategies as well the application of the law of trade with respect to the module of scenarios regarding the import and exports along with the procurement of the demonstration of the working practise of the law of trade. The law of trade pertained overseas concerns with allocating the resources of economy among the overseas country. And a further evaluation of the critical contract laws is done in accordance to the chosen Company of Marine Groups Limited being hypothetical in nature. Further the specific involvement of capital providers such as bank along with financial security providers such as insurance companies are also concerned for procuring the business and also putting relations with the carriers of the import or export materials. Further, some recommendations are implemented for the procuring the enhancement of the mentioned shipping Company and a final conclusion is given dictating the overall analysis o the content.

Picture 1: Shipping direction

Background

The content of the following topic is on the focus of the hypothetical shipping Company Marine Groups Limited, that is situated in Denmark, which is mainly targeted for the export of concrete pipes to mainly the western countries as well as the Asian countries, where the need of construction materials are at high stake. By procuring the surplus exportation, the shipping Company profits for the importation of surplus of other nations. The shipping Company features the transportation companies along with ports, depots of truck and airports through the network spread worldwide. The trade of the export or import of the Marine Groups Limited Company is affected by the policies established by the government followed by the limiting of import quotas and the procurement of goods that that are unable to be supported by the producers in domestic field. The shipping Company solely does the shipment through the sea ways and doesn’t prefer the roadways or the airways. The Company is not linked with any activities of the European Union. The Company also earns the capital from the national bank of the state and secures the travel by complying with the national insurance Company in case of any accidents during the mid way shipping journey along with for the workers.

Picture 1: concrete pipes

Product name

Size (foot)

Numbers

Number of product in each container

Weight (tonnes)

Price(million)

Concrete pipes

12”

500

50

2841

20

15”

250

23

3627

31

18”

425

35

3648

33

24”

400

31

3827

37

Table 1: product details for shipment

Compliance with the Marine insurance MIA 1906

The hypothetical shipping Company is with the bonding of the indemnity contract with the insurer in favour of the marine losses regarding the incidents of the marine adventure, that refers to the ship exposure towards the perils of maritime that is the reason for danger towards the concerned goods and the profit along with the liabilities that are achieved form the third parties.

The Company is in compliance with the mentioned policy. The position of the ship with reference to none of the excuses under the law if deviated from the policy voyage that is being contemplated, the discharge of the insurer from the concerned liabilities are taken into consideration as well as the compliance of the ship that might regain her route before confronting any loss.

Comparison between the bank services and the related insurances

National bank

Federal bank

  • Acceptation of demand deposits
  • Foreign investment allowed up to 100 percent
  • Facility of insurance deposit
  • Transaction services
  • Reserve ratios maintenance
  • Doesn’t accept demand deposits
  • Foreign investment allowed up to 74 percent
  • Available facility of insurance deposit
  • Transaction services
  • No maintenance in reserve ratios

Compliance with the Marine insurance MIA 1906

As suggested by Young (2016), the policy provides the compensation in case of the loss or damage that occurs under the attributes of explosive situations, sinking of the vessel or being capsized, overturning of the vessel, getting collided with an external object other that the water body and the loss of package which are lot overboard or being suffered accidental drops during loading or unloading of goods. According to Antras and Foley (2015), if there are any sort of changes in the departure and destination in the policy documents then the risks won't be punched in and it would be covered in the conditional premiums and subjective arrangements.

In case of any sort of non-compliance of policies mentioned above, the Company can face severe losses on the lost or damaged products and may subject to downfall of the overall revenues generated on the context of business profitability. Further in absence of any insurable interest for the concerned Company, the Company would be devoid of the benefits obtained from the safe arrival of the goods, followed by the prejudices of the delays or the damages of arrived goods. Further, the Company would be incurred for the liabilities in case of loss or theft or any sort of delay of the goods.

The Marine Groups Limited shipping Company is in compliance with the Free On Boards contract. As opined by Winter (2016), in case of the Free On Board contract, it is the buyer who is held responsible for the nomination of ship and the made payments regarding the other factors of the shipping procedures, while also having the power to have the seller for working on same on his behalf. The Free On Board contract is divided into three main categories, the strict contract, the classic contract and the extended or additional services.

The strict contract under the Free On Board contract refers to the buyers’ nomination for the vessel to be concerned for shipping and the whole contract of carriage is made by the buyer itself. Here the buyer is termed as the legal shipper. In contrast to the strict contracts, the classic contract also comprises and appreciates the buyer in the nomination of the vessel for shipment but the contract of carriage is made by the seller itself. As opined by Mansfield and Reinhardt (2015), in this type of contract the seller is referred to as the party under whom the contract carriage stays until the lading bill is drawn out in the name of the buyer. And the final contract is referred as the services that are either extended or are in additional under the Free On Board contract. The whole procedure stays in the hand of the seller. The nomination of the shipping vessels is done by the seller itself followed by the procurement of the contracts of carriages. Further, the bill of lading is taken out by the seller itself by their own names.

On this context the concerned shipping Company Marine Groups Limited is with the compliance of the classic contracts of the Free On Board contracts. Here the nomination stays in the hands of the buyer that can put the satisfaction for the buyer for their choice of shipment. Further the contract carriage is to be made by the Company that lets the Company to comply the carriage aspects regarding the shipping’s in order to maintain the demands of the buyer. In words of Brack (2017), putting the bill of lading by the seller’s name assures the seller of the genuinity as well as the congenity of the contract.

Comparison between the bank services and the related insurances

The Company is also having compliances with the Cost, Insurance and Freight contracts which states that it is not undertaken by the seller for the goods that are actually to arrive but in reference to such matters, the possession of documents stays in the hands of buyer and is conferred the right for the collection of the goods or claiming to the insurers. Under such conditions the legality of the contract will get lost if in case of war and under such circumstances the seller won't be tending the documents that are valid.

The shipping Company Marine Groups Limited is with compliance of the bill of lading that functions as the contract for the available carriage followed by the procured receipt of the goods that are shipped or to be shipped and the ownership titles. The receipt ensures the quantity or weight of the goods that are to be shipped followed by the identification marks that are to be readily apparent and the available condition that are forged to undergo the determination procedures by either of unclean or clean bill of lading.

In any sort of non-compliance of the above mentioned trade law by the shipping Company Marine Groups Limited; the organisation is subjected to face the export consequences of the product against the buyer. Neglecting the FOB contracts modules can result in the negotiation of the carriage aspects. Further the negotiation of bill of lading would deprive the Marine Groups Limited shipping Company of the product details that are to be shipped and can lead to business issues that can be fatal for the business profitability of the concerned shipping Company.

The contract of international sales deals with two terms namely the implied term and the other one being express term. The terms that very specifically mentioned inside the contract are the express terms while the implied terms are mainly related to the sales of goods act of 1979.

The terms that are implied bulkily are subjected to correspond for the quality of the sample and are free from any sort of defect that results in the unsatisfactory quality that are not supposed to be apparent for the procurement of a reasonable examination conducted in favour of the sample. There would be no availability to the sellers in case of any defence with reference to the implied terms that are having easy correspondence with the sample. With the context of the following terms, the shipping Company Marine Groups Limited complies with the above content. The Company focuses on the sample provided in reference to the original product as the sample reflects the productivity of the original product in front of the buyers, as an unsuitable sample can produce denials of buyer to inculcate the product and on such conditions implements the business failure of the Company.

The risks that are pertaining in the shipment process for the concerned Marine Groups Limited shipping Company are way more disruptive. The presence of unreliable carriers who takes less cares about the responsibility for the destroyed products or follows endurance of the approval prior to the carriers that are subcontracted. Further risks are concerned in case of thefts of the cargo in which the small products stay mostly in the target. Hence the risk of warehousing is one of the major concerns where the transportation component results in the risk in case of improper storing aspects as well as mishandling of the products.

Compliance with the Free On Board contract

The risks are confined under the seller until the concerned property is transferred towards the buyer. In case of the property being transferred to the buyer, the transferred goods goes under the buyer’s risk considering the delivery either made or failed. The cost insurance and freight risks along with the property are transferred to some extent after the accomplishment of the shipment when the documents are taken for concern and are to be paid up for the consequences.

The Company is in compliance with the acceptation and rejection consisting the two rights in reference to the Cost, Insurance and freight buyers. According to Álvarez (2018), the non-compliance of the shipment to face delays for delivering the products is considered to be a breach in shipping management and thus procuring losses in the business. The subject of acceptance is also to be concerned by the shipping Company Marine Groups Limited. if the buyer is subjected to comply the usage of the concerned product for a definite amount of time and then rejecting it at the time of contract can result in an  unreasonable inconsistency with still the ownership to be in the seller’s side.

In case if any dispute is found during the pursuit of the trade processes regarding the laws on international basis, there are various processes that can be undertaken by the Marine Groups Limited shipping Company against the occurring consequences.

The Company can imply the processes that are consensual in nature in favour of negotiating the occurred issue. In case of non-functioning of the consensual processes, the procedures of litigation as well as arbitrations that are known as the process of adjudications in combination featuring a jury, judge or an arbitrator for the determination of the outcome. As opined by Kohl (2016), the process is solely dependent on the defendant who is to be sued along with the confirming of the residence of the concerned along with the featured laws and regulations that are applied in that particular location. Further the service can be more affected by the disruption of services that deals with personal affairs, the courier or the post on the top of the class present, the ignoring of business and residence and negotiating the lawyer and electronic mails.

In case of the fictitious Company Marine Groups Limited taken into consideration, there are various recommendation that are to be commended for the welfare of the concerned fictitious organization. The Company should ensure that the compliance with the trade laws for commencing the shipment procedures is being well maintained. The laws must comply with the shipping aspects and in reference to such the Company must imply regulations to meet the corresponding demand. Further the government can implement various policies regarding the shipment procedures to ensure that the Company can withstand the market aspects as well as the procurement of the political affairs. The Company should focus on featuring a good business plan and can beacon the respected guidelines that can enhance the decisions that are favourable for the business. The plan of the business should focus on the overview followed by the skills of competition and the respective ranges of prices available. Further the business plan can value the proposition as well as the compliance of marketing and financial aspects regarding the market threats. The provision of the development of brands that are based on corporate aspects by the shipping Company can also influence the marketing demands of the Company on a global scale.

Recommendations

Conclusion

Form the above content, it can be concluded that the fictitious Company Marine Groups Limited puts its focus on procuring the shipping business through the waterways and is procuring the shipment of the concrete pipes to he western and the Asian countries where the construction procedures are always at stake. A rationale or background revising the aspects of the Company along with the outcomes and its customer factors are taken into consideration. Further the conclusions can be drawn out on the trade laws that the Company can follow to upheaval for the policies of running the shipment Company. The implementations of the various trade laws are done in favour of the shipping Company as well as the consequences of ignoring those laws are depicted in a clear tone. Further the risks are analysed in favour of the concerned shipping Company and the various litigations in favour of the risk. The risks are analyzed on the basis of various factors such as the unreliability of carriers along with the theft issues along with the conflicts between the buyer and seller modules. Following the risks, the concerned recommendations are established that are in accordance for procuring a stable shipment business. It included the trade laws compliances along with the application of policies on various factors in favour of the shipping Company and in accordance to such, the maintaining of the political affairs that are having relation with business aspects of the shipping Company.

Feenstra, R.C., (2015). Advanced international trade: theory and evidence. Princeton university press.

Pauwelyn, J.H., Guzman, A. and Hillman, J.A., (2016). International trade law. Wolters Kluwer Law & Business.

References

Books

Carr, I. and Sundaram, J., (2016). International Trade Law Statutes and Conventions 2016-2018. Routledge.

Chow, D.C. and Schoenbaum, T.J., (2017). International Trade Law: Problems, Cases, and Materials. Wolters Kluwer Law & Business.

Redfern, A., (2015). Redfern and Hunter: Law and Practice of International Commercial Arbitration. Oxford University Press.

Journals

Allee, T. and Elsig, M., (2016). Why do some international institutions contain strong dispute settlement provisions? New evidence from preferential trade agreements. The Review of International Organizations, 11(1), pp.89-120.

Álvarez, I.C., Barbero, J., Rodríguez-Pose, A. and Zofío, J.L., (2018). Does institutional quality matter for trade? Institutional conditions in a sectoral trade framework. World Development, 103, pp.72-87.

Antras, P. and Foley, C.F., (2015). Poultry in motion: a study of international trade finance practices. Journal of Political Economy, 123(4), pp.853-901.

Berthou, A. and Vicard, V., (2015). Firms' export dynamics: Experience versus size. The World Economy, 38(7), pp.1130-1158.

Brack, D., (2017). Combatting international environmental crime. Green Criminology, 12, p.335.

Brown, L.K. and Troutt, E., (2018). A re-analysis of the trade and welfare effects of export subsidies. Applied Economics Letters, 25(6), pp.420-424.

Garcia, F.J., Ciko, L., Gaurav, A. and Hough, K., (2015). Reforming the International Investment Regime: Lessons from International Trade Law. Journal of International Economic Law, 18(4), pp.861-892.

Kohl, T., Brakman, S. and Garretsen, H., (2016). Do trade agreements stimulate international trade differently? Evidence from 296 trade agreements. The World Economy, 39(1), pp.97-131.

Mansfield, E.D. and Reinhardt, E., (2015). International institutions and the volatility of international trade. In THE POLITICAL ECONOMY OF INTERNATIONAL TRADE (pp. 65-96).

Verschuuren, J., (2016). Stimulating Climate Smart Agriculture within the Boundaries of International Trade Law. Carbon & Climate Law Review, pp.177-186.

Vigni, P., (2015). Handbook on the Law of Cultural Heritage and International Trade edited by James Nafziger and Robert Paterson [Edward Elgar Publishing, 2014, 650pp, ISBN 978-1-78100-733-4,£ 180.00,(h/bk)]. International & Comparative Law Quarterly, 64(3), pp.735-737.

Weiss, E.B. and Slobodian, L., (2014). Virtual water, water scarcity, and international trade law. Journal of International Economic Law, 17(4), pp.717-737.

Winter, G., (2016). Cultivation restrictions for genetically modified plants: On variety of risk governance in european and international trade law. European Journal of Risk Regulation, 7(1), pp.120-143.

Wu, M., (2017). China's Export Restrictions and the Limits of WTO Law. World Trade Review, 16(4), pp.673-691.

Young, M.A., (2016). International trade law compatibility of market-related measures to combat illegal, unreported and unregulated (IUU) fishing. Marine Policy, 69, pp.209-219.

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[Accessed 25 July 2024].

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My Assignment Help. Marine Groups Limited: A Hypothetical Shipping Company For Exporting Concrete Pipes, Essay. [Internet]. My Assignment Help. 2020 [cited 25 July 2024]. Available from: https://myassignmenthelp.com/free-samples/m34c12-international-trade-and-economic-law/a-case-study-on-compliances-of-the-international-trade-laws.html.

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