International trade and transportation law Essay

International trade and transportation law - Essay Example   Generally, the bills of lading used on international shipments include ocean bills of lading for cargo transported by ocean and air waybills for cargo transported by air. Some bills of lading are negotiable where as some are not. The difficulties of non negotiable bill of lading was explained by Chana (1999). He also discussed about the comparison of bills of lading in China, Hongkong and United States of America (Chanb, 1998). The status of bills of lading in China was also explained by Chen (1999). The letter of guarantee provided by the bank or any financial institution will be vital in some cases of bills of lading. For example in case of an Australian context i.e. Pacific Carriers Ltd. v. Banque Nationale de Paris, the bank who had given the letter of guarantee was held responsible for loss of goods (Derrington and White, 2002). Even though letters of indemnity are a common practice, in some of the ceses, they were criticized by the courts for violation of the facts (United Baltic Corp. v. Dundee Perth & London Shipping Co., 1928). By performing all the above mentioned functions, bill of lading contributes significantly to International trade of goods. With the bill of lading showing that a contract of carriage exists and that the goods have been received by the carrier, a buyer and his bank are assured that the delivery of goods according to the contract of sale is under progress. Similarly an exporter, holding a bill of lading as title to the goods, may, by choosing when to pass the bill to the buyer, decides when the latter takes delivery of the goods. Thus the bill of lading becomes an essential element in controlling payment procedures in international trade. Most important thing is that the extent of protection provided by bill of lading is quite enormous (Jan Ramberg, 1979). The standard format for documentary credit transactions in international trade is ‘The Uniform Customs and Practice for Documentary Credits’, or UCP 500 which will ensure

Punitive Law Essay Example | Topics and Well Written Essays - 750 words

Punitive Law - Essay Example There are three fundamental ways in which punitive damages promote justice. Firstly, punitive damages discourage an individual, agency or a company from cutting the corners or displaying gross negligence. Punitive damages provide the concerned parties with adequate incentives that they may utilize to produce such goods and services that are safe for their clients. When the vendors know that there is a possibility of implication of large monetary penalties against the production of defective goods and services, they tend to improve the quality of their work and thus, promote public safety. Secondly, punitive damages encapsulate a very important punishment function. Punitive damages tend to hold the individuals, agencies or companies accountable for their acts when they cause harm to individuals in the society either by gross negligence or intentionally. Punishment is essential in order to forbid people from committing the same crime in the future. Where there is accountability, there is responsibility and peace. Punitive damages impose larger awards upon the guilty in order to make them take the charge seriously and amend their ways accordingly. Thirdly, punitive damages assume a compensatory function. They play a big role in compensating for the intangible harms. Punitive damages are estimated with a view to providing the incentives that are required to commence the civil suits that are desirable for the society. In the circumstances when compensatory damages are not enough a reward for the promotion of commencement of legal action by the sufferer, and yet there is great need of admonishing the behavior of the defendant, incentives do the job well. Punitive damages serve the purpose by becoming the source of required incentive for the initiation of the action. Justice is thus, indirectly promoted as the people working against the public good are affected. Punitive damages not only encourage civil suits, but also promote socially desirable safety levels, and thu s promote justice. This claim is grounded in the perception that levels of safety are not adequately generated by basing the safety decisions’ cost-benefit analysis upon the price needed to compensate the sufferer. Payment of punitive damages and the costs associated with the compensation of the sufferer gives rise to a cost-benefit analysis that is conducive for the generation of adequate levels of safety for the sufferer. Quite often, it so happens that the benefit given to the defendant as a result of the loss-causing incident does not weight equal to the harm that the plaintiff has caused. Therefore, if increase in the levels of safety has to be the reference for the establishment of justice, punitive damages play a big role in promoting justice in the society. Opponents of the punitive damages say that punitive damages should be terminated because they are too large for companies to bear particularly in the contemporary age of financial crisis. This is not a valid argume nt against punitive damages because if the amount of punishment is belittled, individuals, agencies and companies who are charged with the damages would not take the charges seriously and would continue with their unethical practices considering the charges, a necessary cost of running the business. Larger