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Abstract
This paper strives to enhance the reader’s understanding of the concept of harmonization of European contract law from the point of view of modern business practice. The aim of the article is to critically assess the harmonization proposal in view of its’ practical benefits. The article commences with a brief historic overview of the harmonization proposal aimed at highlighting the multiple controversies linked to the harmonization efforts. The historical, theoretical, legal and business aspects of the harmonization proposal are successively taken into account. The ultimate goal of this paper is to draw the reader’s attention to those aspects of the harmonization proposal which could impact operational management, in particular at the level of international companies. The author identifies such potential benefits as: reduction of barriers to internationalization and stimulation of economic growth at the SME level, enhanced understanding of standards and procedures of business conduct, reinforced communication between international parties, lower transaction and operational costs, less need for external expertise and legal advice, and prevention of potential conflicts. This paper shows that a results-driven, clear focus on the practical advantages of the harmonization of European contract law can ultimately transform what is now merely an academic exercise into a practical business tool.
Highlights
This paper shows that a results-driven, clear focus on the practical advantages of the harmonization of European contract law can transform what is merely an academic exercise into a practical business tool
On numerous occasions in the course of my professional activities related to European contract law, international business operations, as well as several years of lecturing practice in translation of European Union legislation, I have had the opportunity to observe that law no longer holds the privilege of an isolated domain, but rather is the end product of a combination of law, business and language
The above presented market research has confirmed that harmonization of European contract law would be desirable, it did not bring up the fundamental question – what for? In other words, what are the underlying needs in international business practice which triggered 83% of favorable responses from the representatives of the business community? Undeniably, the already mentioned reduction of barriers to internationalization and stimulation of economic growth at the SME level can be regarded as possible benefits of the proposal to harmonize European contract law
Summary
On numerous occasions in the course of my professional activities related to European contract law, international business operations, as well as several years of lecturing practice in translation of European Union legislation, I have had the opportunity to observe that law no longer holds the privilege of an isolated domain, but rather is the end product of a combination of law, business and language. From a practical point of view, all European businesses encounter the same reality and are currently facing similar problems They are functioning in a more international, complex and competitive environment, whether in a domestic or broader market. Even if a company is operating only in the national market it will be influenced by international competition and new legal regulations Conducting business in this highly dynamic environment is inevitably more complicated and requires businesses to adapt, apply novel rules, establish new legal practice and deal with a wide range of economic decisions. In order to properly understand and function in highly competitive international environments, businesses need a code to follow, both internally and externally It would be reasonable from a good business www.ccsenet.org/ilr. A harmonized approach to business conduct might facilitate operational existence at an international level
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