Conflict of Laws Rules in Relation To Private Commercial Disputes
International conventions or customs govern international sale of goods contracts, depending on the terms of the sale contract. In the absence of an international convention, domestic law applies. The ‘conflict of laws’ governs which domestic law applies under the principles of private international law. This refers to a situation where the application of respective domestic laws in a commercial dispute can produce very different outcomes.
Private law is crucial to international commercial transactions by establishing whether a contract exists; rights and obligations between parties; and the extent of liability if the contract is not performed.
Disputes between governments in relation to the design and implementation of trade measures: A key role of the WTO in international commercial law is the dispute settlement mechanism for trade disputes. The DSU provides a comprehensive set of rules and procedures to implement each party’s obligations under the WTO Agreement, either in isolation or in combination with an agreement between parties. Another important feature is the WTO TPRM which examines a member’s trading policies to determine whether they have potential adverse effects on other member states.
Read more about this topic: International Commercial Law
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