In our recent blogposts, we have nurtured you on various key skills involving international business contracts. A good business lawyer is one who understands the various nuances of international commercial contracts.
As a business lawyer, you will have to consult, advise, research, draft, ensure compliance and enforcement of cross-border business contracts on a regular basis.
Do you know how international contracts are different from domestic contracts?
The basic answer lies in a few clauses only:
5 CLAUSES WHICH STAND OUT IN INTERNATIONAL BUSINESS CONTRACTS
| S. No. | Clause | Why this clause is important for international business contracts: |
| 1. | Choice of Law | Compliance with domestic, regional and national laws and policies of the place of doing business is crucial. As is compliance with international laws. Many businesses also like to have additional compliance with laws and policies not only of the USA, UK and the European Union but also of big modern-day economies like the BRICS countries. |
| 2. | Jurisdiction | International contracts make jurisdiction because of the connected issues of legal processes, compliances, litigation and even travel expenses. The choice of institution connected to international commercial arbitration, tribunal-seat and venue is also relevant to this issue. |
| 3. | Force Majeure | This clause of international business contracts often needs to address global events such as terrorism, piracy, financial market collapse, war etc. Such events feature less frequently in Force Majeure clauses of domestic contracts. |
| 4. | Customs & Tariffs | Different countries have different types of bilateral and multilateral treaties-based relationships with each other. Like Free Trade Agreements (FTA), many countries are bound by bilateral or multilateral Preferential Trade Agreements (PTA). Conversely, hostile territories can often levy sanctions and entry-level trade barriers such as high tariff-rates among each other. International business contracts need to adhere to these global diplomatic and sovereign treaty-relations and various domestic national laws stemming from the same. Along with the laws of the host-country, the place-of-business countries and the countries with consumer bases, international business, global business lawyers also need to follow international institutions like the International Chamber of Commerce (ICC) and the Word Trade Organisation (WTO). |
| 5. | Translation-Services | When dealing with international parties whose principal language is not English, the parties will often prepare and execute a translated version of the contract. Likewise, subtle differences in language comprehension can also arise from business communications and meetings. So, many international business contracts need to account for translation-services for all relevant stakeholders. |
Being expert in international business contracts is one of the key stepping-stones in your journey as an international business lawyer. There are some other skills that are important as well.
With the right skills, the sky’s the limit for today’s and tomorrow’s lawyers who seek to grow their careers with the rapidly expansive global business scenario. Big companies like Apple and Amazon are already paying US$ 200-300k per year to their lawyers. Many remote-work opportunities as lawyers and paralegals are also opening legal professionals and even law students!
Check out our Youtube Channel to find out different aspects, tricks and tips to shine as an International Business Lawyer.
https://www.youtube.com/channel/UC0iUR87HJQnHQDPdxBfPqqg/?sub_confirmation=1
Join our WhatsApp and Telegram groups to stay updated on building a razor-sharp profile in International Business Law:
WhatsApp: https://chat.whatsapp.com/LRvsvhatFBB4Tbf4wRlmhY
Telegram: https://t.me/joinchat/2Tz3C070sQAwZmM9
Students of Lawsikho courses regularly produce writing assignments and work on practical exercises as a part of their coursework and develop themselves in real-life practical skills.
LawSikho has created a telegram group for exchanging legal knowledge, referrals, and various opportunities. You can click on this link and join:
https://t.me/lawyerscommunity2
Follow us on Instagram and subscribe to our YouTube channel for more amazing legal content.