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The need for a truly harmonised commercial law

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Introduction

The need for a truly harmonised commercial law WORD COUNT 1000 1. Introduction In the light of absence of world law or universal law, the need for harmonisation of law becomes a matter of importance. Because of the rapid growing of international trade as well as the advent of mixed economies, the desire to unify the substantive commercial law has been increased . However it has been alleged that harmonisation of law may turn sour. This essay will examine the benefits and drawbacks of harmonisation of law in the context of recognition to what extend harmonisation is urgent. In order to draw a fairly detailed picture of the urgency of the harmonisation law, firstly I will provide a brief overview of the nature of harmonisation of law including definition and instruments. Then I will overview the advantage and disadvantage of harmonisation of law from different points of view. After that I will proceed to evaluate whether the harmonisation of law should be internationally adopted . ...read more.

Middle

. These instruments are playing critical role in facilitating international trade through filing the legal vacuum that parties may confront as a result of the nature of international trade. 3. Benefits and Drawbacks of The Harmonisation of Commercial Law. While some scholars approve of harmonisation of law, others have been more critical. They question whether harmonisation of law is necessary and argue about the disadvantages entailed. Paul B. Stephan believes that harmonisation of law has proved futile for many reasons. He perceives that harmonisation of law provides a high degree of certainty which reflects negatively on international trade. Many parties (he alleged) would favour flexibility over certainty, through looking for lenient or ambiguous contracts instead of fettered or superfluous detailed contracts. He also maintains that in the way toward harmonisation and unification law, optimal rules, which domestically improved by local expertise, may be jettisoned, as the price of international harmonisation of law. No less scathingly, Loukas Mistelis alleged that the harmonisation of law through conventions has many pitfalls. ...read more.

Conclusion

In addition, harmonised law is very likely to be a contributing factor in protecting fledgling parties from falling prey to Opportunism and hostility of some practitioners, thanks to the high level of certainty and clarity provided by harmonised law. 5. Conclusion This essay has briefly shown the feasible advantages and disadvantages of harmonisation of commercial law with a brief overview of ''harmonisation'' definition and instruments . To sum up briefly, The urgency of harmonisation is evident in reducing a considerable number of inherent risks vis-a-vis international trade which emerged in parallel with the Buoyancy of international trade . In addition, harmonisation of law is almost certain to be a key factor in filling the existent legal vacuum through producing a significant proportion of neutral, compatible and tailor-made commercial law. Yet, the Criticisms raised above may denote that the harmonisation of law is no absolute virtue. There are Many factors that ought to be taken into consideration when harmonised law is produces ,ratified and applied. ...read more.

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