IBT

Frage	Antworten
Degrees of penetration into a foreign market	1. simple export-import market 2. establish an agent abroad 3. contract manufacturing 4. Foreign Direct Investment (FDI) 5. Multinational enterprise
Anti Competition efforts: Anti dumping duties	imported goods are sold at a lower price than i the exporters home market
Anti- competition efforts: countervailing duties	Foreign country subsidizes its exports even if the sale price is the same in both countries
Counsel in International business: competence	domestic context: knowledge of subject matter international context: cultural, language, customs
Counsel in International Business: Ethics	US 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
Basic 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
IMF:	Established to create restrictions on regulations of currency and foreign exchange control
GATT	initially a treaty - WTO created to administer the GATT - if signed, try and lower tariffs among countries
World Bank	-Est. 1944 to aid in the reconstruction of Europe - provides loans in support of economic development worldwide
Four principle channels of economic exchange	1. trade and goods 2. trade and services 3. Foreign Direct Investment 4. transfer of knowledge and technology
Modern 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
Modern 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
Modern forms of international business: Foreign Direct Investment (FDI)	- requires the creation or acquisition of a business entity in another country
Modern forms of international business: transfer of knowledge and technology	area of biggest disagreement between developed nations and developing nations
Role 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
Globalization	the relatively free movement of goods, services, capital, technology and people all over the world - MNE a driving force behind globalization
issues 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
private law	the law governing legal relations between private individuals and firms Hallmark: parties have the power to alter rights and obligations
Public law	the law dealing with public rights - securities law - tax law - international customs law -Hallmark: parties do not have the power to alter rights and obligations
Public international law	the law governing the relations between nation states - created by treaties and customary international law - little effect on IBT - form of implied consent
private international law	choice 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)
Lex 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
sources of law for international business transaction	-treaties - model laws and codes - model contracts -restatements
UNCITRAL	- 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
CISG	issued 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
UNIDROIT	- adopted a non-binding model law - Principles: - a restatement of the law - not binding - influential -acts like a gap filler, interpretive tool
ICC: international chamber of commerce	- private non-profit - created by business groups -INCOTERMS
Sources of international business law that effects international business transactions	public international law regional supranational law uniform codes domestic law
Regional supranational law	treaties or regulations directive: requirement that member countries ensure that their own laws conform to
uniform codes	No inherent legal force only become effective when adopted by parties as part of their contracts - INCOTERMS - CIF, FOB - UCP
Domestic law	if 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
exclusion	not included at all in a treaty - look to principles and/ or do private international law analysis
gap	treaties that apply, but there is a small aspect that is not covered - can turn to UNIDROIT principles to fill gap
role of international law in the US	state law is trumped by treaty or customary international law
WTO	purpose: 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,
4 principle agreements ad administered by the WTO	GATT GATS TRIPS DSU
GATT	lowers tariffs to a level that is listed on a schedule of tariffs - exceptions to imposing higher tariffs: - developing nations - emergency
GATS	general agreement on trade and services
TRIPS	trade related intellectual property rights
DSU	dispute settlement understanding
Customs unions and free trade agreemetns	-NAFTA -European Union - ASEAN and APEC - Free trade in the Americas - GSP - OECD
institutions in the US	CIT: 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
Documentary Sales transactions contracts:	sales contract letter of credit bill of lading and contract of affreightment
Sales contract	buyer 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
Letter of Credit	- method of payment allows seller to obtain payment from buyers bank upon presentation of certain documents including: - BOL, commercial invoice, insurance certificate,
Letter of Credit setup	- buyer goes to bank in home country - requests letter of credit for seller and bank issues
issuing bank	bank that issues the letter of credit, typically in buyers home country
confirming bank	bank 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
Bill of lading and contract of affreightment	Contract 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"
non-negotiable BOL	receipt- not ownership of the goods "straight BOL" or "white bill of lading" states who the carrier is delivering the goods to
negotiable bill of lading	-MUST use negotiable bill of lading in document sales transaction - "yellow BOL" - specifically filled out to order of shipper
"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
"received for shipment"	products could have been damaged while being placed on the boat - goods aren't checked after being loaded
COGSA	Carriage 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
INCOTERMS	- 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
EXW	the sellers only duty is to make the goods available at their place of business
FOB	free on board - to correctly use, FOB followed by the name of the port of shipment
CFR	cost and freight
CIF	cost and insurance and freight - seller is paying for the insurance as well
FCA	free carrier

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