Conflict of Laws



Conflict of Laws :




Confirming

A financial service in which an independent company confirms an export order in the seller’s country and makes payment for the goods in the currency of that country. Among the items eligible for confirmation are the goods; inland, air and ocean transportation costs; forwarding fees; custom brokerage fees and duties. Confirming per¬mits the entire export transaction from plant to end user to be fully coordinated and paid for.


Confirming Bank - banking

In letter of credit transactions, the bank that as¬sumes responsibility to the seller (usually exporter) for payment from the issuing bank (buyer’s bank) so long as the terms and conditions of the letter of credit have been met by the seller/exporter - letter of credit


Conflict Diamond / Blood Diamond

A diamond mined in a war zone and sold for the purpose of financing an armed conflict, insurgency, invasion, war or terrorism. The trade in conflict diamonds has become an ethical issue in some countries and has produced calls for regulation and control of the industry. In 2002, repre¬sentatives of various governments and the diamond indus¬try met in Kimberly, South Africa and established the Kimberly Process Certification Scheme, which provided for industry self regulation, an internationally recognized certification scheme for rough diamonds and import/ex- port standards. Many believe that the whole process was simply a public relations event as it has done little to con¬trol trade in conflict diamonds. Given that a great deal of the “value” of most diamonds used in the jewelry trade is related to marketing, not source, it is no wonder that con¬flict diamonds find their way into international markets.


Conflict of Laws - law

Differences between the laws of different countries or other jurisdictions that become significant in determin¬ing which law will apply when individuals or legal entities have acquired rights, incurred obligations, suffered inju¬ries or damages, or made contracts in two or more juris¬dictions. The rules that courts apply to resolve conflicts of laws vary among countries. In addition, different rules ap¬ply depending on the subject matter of a controversy— that is, whether a controversy involves property or per¬sonal rights - governing law clause - lex loci actus - lex loci solutionis


Connecting Carrier - shipping

A carrier which has a direct physical connec¬tion with another carrier or forms a connecting link be¬tween two or more carriers


Consideration - law

The price or other motivation that induces a party to make a contract. A buyer may agree, for example, to pay a sum of money or to furnish certain products as consider¬ation for receiving the seller’s goods. A contracting party may also promise to forgo a legal right, such as a right to sue for breach of contract, as consideration for the other party’s promise to pay damages that resulted from the breach.


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