International Trade and Finance Law

Paper Summary:

The paper begins by explaining the procedures of international trade. The paper discusses the laws within a country that ensure the payments are made by the buyer, but in the international scene, the differences between different countries may cause difficulties. The paper describes how the United Nations Convention on International Bills of Exchange and International Promissory Notes was set up which
determines standards for bills of exchanges. This forms the basic mechanism for payment of any trade or commerce. The paper discusses the success of international traders and concludes that the financial aspect of international trade depends a lot on political situations and the overall financial position of the countries that are involved.

Contents:
Introduction
Analysis
Conclusion

From the Paper:

"For determining procedures of setting up standards for bills of exchanges, which form the basic mechanisms for payment of any trade or commerce, a United Nations Convention on International Bills of exchange and International Promissory Notes was set up. The concerned work was done over fifteen years by the United Nations Commission on International Trade Law -- UNCITRAL. This was adopted by the General Assembly of the United Nations, after being recommended by the Sixth Legal Committee on 9 December 1988. The matter proceeded in steps and UNCITRAL first consulted with the International Institute for the Unification of Private Law -- UNIDROIT as that organization had previously addressed the subject of unification of law regarding negotiable instruments. This required UNIDROIT to first prepare a report on the chances of extending the unification of the law regarding bills of exchange and checks."

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