Trade Contracts Research Articles

Ship pictures on the municipal seals of medieval seaports: Ship seals show notices to mariners on tokens of municipal identity

Many late-medieval western European seaports showed a ship in the central image of their municipal seal (a ship seal). Municipal seals to identify and authorize documents ranging from important supra-regional charters to local ephemera were widely used at the time, and probably also on trade contracts and (predecessors to) maritime bills of lading. This study of 115 ship seals from 80 seaports between ad 1200 and ad 1450 reveals that the central image of all ship seals contained striking details, strongly reminiscent of semiotic pictorial signals that conveyed information. The supposed signals were assigned a probable meaning by linking them to nautical aspects of the approach to each seaport and to the state of the harbour at the time. The results strongly suggest that the signals provided information about the risks and hazards in the approach to port, the water depth, and the facilities at the port in question. Compelling evidence comes from ports issuing successive ship seals over an extended period of time: updated images with properly adjusted signals were shown on subsequent seals when significant changes in the approach or port facilities had occurred, but the signals remained the same as long as the local situation stayed unchanged. These findings provide a clear explanation for the divergent ship portraits; ship seals served a dual purpose: first, to confirm the identity of the seaport and the authority of the council in its various actions and tasks, and, second, to provide up-to-date insight into the nautical challenges when approaching the port and in the local port facilities, in a manner similar to the current ‘notices to mariners’ from hydrographic offices. The rapidly increasing number of ports using ship seals in the thirteenth century and their continued use for two centuries supports the success of this late-medieval nautical information system. The study results also provide up-to-date impressions of the 80 seaports involved and of various nautical aspects of the hazardous maritime traffic in the thirteenth and fourteenth centuries, about which written archival information is scarce. The results may help to put the rare yield of maritime archaeology of this period into perspective. The ship seals lost their appeal as buoys and beacons made approaches safer, harbours became deeper and better equipped, and written information (‘rutters’) became widely available.

Legal Study of The Choice of Law of The Parties in An International Trade Contract

Legal Study of The Choice of Law of The Parties in An International Trade Contract

The Impact of International Commercial Customs (Lex Mercatoria) on International Commercial Arbitration

Lex Mercatoria play a crucial role in resolving disputes arising from international trade contracts before arbitration bodies, thus establishing them as an independent legal system capable of regulating international commercial relations. This legal characteristic imposes a certain obligation on various arbitration bodies to apply them to the disputes brought before them, either based on the parties' intentions or based on the legal force inherent in those customs. Consequently, this research examines the extent of recognition of the binding force of commercial customs before arbitration bodies, and based on that, it elucidates the authority of these bodies in applying them to international trade disputes. It is evident that these customs, due to their flexibility derived from the nature of commercial transactions and the customary practices of traders resorting to them, have become today an independent legal system that imposes itself on arbitration bodies even if the parties did not choose to apply those customs. This paper recommends the Jordanian legislator to explicitly adopt the application of these commercial customs in the Jordanian Arbitration Law texts, following the example of national and international comparative legislation.

Has Real Time Spot Electricity Market in India Impacted Day-Ahead Spot Electricity Market?

Introduction of Real-Time Market (RTM) on June 1st, 2020, marked pivotal advancement in electricity trading in India featuring bi-hourly auctions and power transmission based on temporal blocks. Adherence to operational protocols outlined in Procedure for Scheduling Collective Transactions in RTM along with statutory directives like CERC Power Market Regulations 2010 ensures efficient market operation. Notable features include 15-minute contract trading, clandestine bidding and authorization from SLDC. Day-Ahead Market (DAM) facilitates electricity exchange through double-sided closed auctions ensuring compliance with regulatory protocols. In this study we explore whether Real Time Spot Electricity Market in India has impacted Day-Ahead Spot Electricity Market. Findings of the study provide crucial insights for market participants, stakeholders, open access consumers and electric utilities is India.

Trade, Piecework, and the Liberty Principle

AbstractJohn Stuart Mill does not contradict himself in On Liberty with respect to the issue of piecework, contrary to Dale E. Miller's charge that he does. Miller fails to understand that the liberty principle (LP) limits society's authority to regulate trade in that society has no legitimate authority to prohibit or make unduly expensive a buyer's post-trade use of his purchased product in self-regarding ways. LP gives an employer who has purchased labor under a trade contract in a free and fair competitive labor market a right to conclude a separate mutually consensual self-regarding piecework contract with any skilled worker already in his employ.

Implementation of Good Faith Principles in Trade Contracts in Indonesia

The principle of good faith is a fundamental basis for establishing contractual relationships, including trade contracts in Indonesia. The application of this principle is important to create a conducive, fair and transparent business climate. The purpose of this study is to examine the application of the principle of good faith in trade contracts in Indonesia. This research uses qualitative research methods by collecting data using literature review techniques. then after the data is collected, it is analyzed using steps such as selecting data, presenting data and finally making conclusions. The research findings show that the implementation of the principle of good faith in trade contracts in Indonesia is regulated in Article 1338 paragraph (3) of the Civil Code, which emphasizes the importance of the principle of good faith and fair dealing in the entire contract process, starting from negotiation, contract arrangement, contract implementation, to dissolution. contract. In Indonesian law, good faith is applied not only during contract implementation but also in the pre-contract stage, namely before the contract is signed. This is important to protect the parties involved in the transaction from losses. The use of the good faith principle in commercial contracts in Indonesia has also been applied in several judicial cases, such as in life insurance contracts, where the court ensured that the good faith principle was applied to protect the rights of the parties involved. Apart from that, the principle of good faith is also applied in the choice of law for foreign direct investment contracts Indonesia.

An Assessment Method of Deviation Electricity Responsibility in China’s Forward Electricity Market Based on Time-Sharing Trading Prices

Electricity forward market contract trading constitutes a principal trading method in the electricity market. To address deviations from or non-compliance with contracts in China’s forward electricity market, an Energy Deviation Settlement (EDS) mechanism has been implemented. However, the current EDS mechanism is marred by unscientific penalties and imprecise deviation cost assessments. Consequently, this paper proposes a deviation responsibility assessment method based on time-sharing trading prices. Initially, the total annual contracted power is decomposed to derive the hourly deviation power for all 8760 h of the year. Subsequently, considering the power supply cost and load level, this paper proposes four pricing strategies for typical supply–demand scenarios and constructs a time-sharing trading pricing model based on cost pricing. Finally, this paper conducts a simulation using actual electricity data from China’s Province H. The results demonstrate that, compared to the traditional EDS mechanism, the proposed method can more accurately and reasonably measure the value of deviation responsibility. Concurrently, it can be better integrated with the future development of real-time spot market operations.

Application of UNIDROIT Principles in International Trade Contracts in Indonesia

This research explains the application of UNIDROIT principles in international trade contracts in Indonesia. This research uses normative legal methods, which examine the legal principles written in statutory regulations. The UNIDROIT principles, which are considered global guidelines in international private law, are used as a framework in this research. The research results show that UNIDROIT principles, such as freedom of contract, good faith and compliance, legal certainty, contract formation, obligations of the parties, dispute resolution, have played an important role in creating a stable and reliable legal environment in international trade contracts in Indonesia . These principles help increase trust between parties involved in cross-border trade transactions and facilitate the resolution of disputes in a peaceful and efficient manner. from this research, it can be concluded that the application of UNIDROIT principles has provided great benefits for business people in Indonesia, both in terms of increasing legal certainty and facilitating sustainable international trade. However, to maximize the benefits of implementing UNIDROIT principles, concrete steps are needed such as ratification of the UPICCs, adjustments to national contract law, and strengthening of legal infrastructure. Thus, this research provides a comprehensive view of the importance of applying UNIDROIT principles in the context of international trade contracts in Indonesia.

TINJAUAN YURIDIS PERATURAN GUBERNUR ACEH NOMOR 15 TAHUN 2023 TENTANG PEDOMAN PENGOLAHAN DAN PENGELUARAN GETAH PINUS

Aceh Governor Regulation Number 15 of 2023 concerning Guidelines for Pine Sap Processing and Expenditure was issued and signed directly by the Acting Governor of Aceh on May 29, 2023. Since the issuance of this Pergub, the sale of raw pine sap outside the Aceh region has stopped, causing farmers or business actors to be unable to continue trade contracts that have been running with business actors outside Aceh. The results showed that the spirit and purpose of the issuance of this Pergub is so that pine sap which is one of Aceh's Natural Resources can be utilized, managed, have added value, and can increase Regional Original Income which in the end can be used for the prosperity of the people. From Article 7 of the Governor's Regulation it can be seen that the Government of Aceh stops the sale of pine sap outside the Aceh region temporarily until the needs of the Pine Sap processing industry in the Aceh region are met first. However, based on data published by DPMPTSP Aceh in 2021, conditions in the field currently Aceh only has 2 (two) pine sap processing plants, namely in Central Aceh and Gayo Lues, causing pine sap stocks in the region to be abundant, and causing pine sap prices in the Aceh region to be low, which ultimately has an impact on price stability and the economy of pine sap farmers themselves. Therefore, the Government of Aceh must pay attention to various aspects both from philosophical, sociological, and juridical aspects in the formation of Governor Regulation No. 15 of 2023 so as not to cause negative impacts on the economy of the community, especially farmers or pine sap business actors. The advice given is that the Government of Aceh needs to review Governor Regulation No. 15 of 2023, especially related to the economic impact caused, and harmony between other laws and regulations while still paying attention to aspects of the specificity of Aceh itself, so that the enactment of the Governor's Regulation does not actually hamper the productivity that has been carried out by farmers and / or pine sap business actors. Keywords: Gubernatorial Regulation, Processing and Expenditure, Pine Sap

Optimization model of monthly continuous bidding transaction in electricity market considering risk hedging

In order to further alleviate the problems of large assessment deviations, low efficiency of trading organisation and difficulties in system optimisation in medium- and long-term market trading, the article proposes an optimisation model for continuous intra-month bidding trading in the electricity market that takes into account risk hedging. Firstly, the current situation of market players’ participation in medium and long-term trading is analysed; secondly, the impact of contract trading on reducing operational risks is analysed based on the application of hedging theory in the primary and secondary markets; finally, the continuous bidding trading mechanism is designed and its optimisation effect is verified. The proposed model helps to improve the efficiency of contract trading in the secondary market, maintain the stability of market players’ returns and accelerate the formation of a unified, open, competitive and well-governed electricity market system.

Jordanian Legal Systems Regarding Refund and Replacement in Online Trade Contracts: A Comparative Analytical Study

The birth of the internet has resulted in a rapid increase in online shopping activities. Despite the convenience of online shopping for sellers and buyers, various problems have emerged, harming consumers. Strong consumer protection is vital because goods traded online can not directly or physically be viewed or touched. The present study explored the legal provisions concerning refund or goods replacement within the online trade contract. Jordan currently lacks a law specifically for online trade, while e-commerce in Jordan is mainly governed by three laws, namely, the Jordan Civil Law 1976, Consumer Protection Law 2017, and Electronic Transactions Law 2015. E-commerce laws in the United Kingdom, France, Indonesia, and Malaysia were analyzed and compared with relevant Jordanian laws to examine the topics of refund and goods replacement in online trade contracts. Jordanian legal systems have been insufficient in guaranteeing consumers’ right to obtain refunds, goods, or services replacement from the provider or seller in online trade. Jordan thus needs to set up a special law on online trade that also legally covers matters of refunds and goods replacement.

KONSEP TIJAROH SEBAGAI SOLUSI FENOMENA PERDAGANGAN DENGAN SISTEM TEBAS TERHADAP KOMODITAS PADI DAN MANGGA DI KABUPATEN NGAWI

The total area of Ngawi Regency is 1,298.58 km2, of which 506.6 km2 or about 40% is made up of rice fields. According to the data, farmers employ the bulk of Ngawi people. Mango fruit is the second most abundant good after rice, as most Ngawi people grow mango trees in front or behind their homes. When harvest season rolls around, farmers have trouble finding buyers who will purchase their crops in an honest and profitable manner. This is because buyers, also known as penebas, use the Tebas system to complete the purchase process for these two commodities, which means that the system cannot fulfill the wishes of both parties involved in the transaction if It also goes by the name "profit" in economics.According to the Tijaroh principle, the goal of a trading contract is to find and make money when all requirements have been met. Ijarah, Salam, Murabahah, Istishna', Musyarakah, Muzara'ah, and Mukharabah, musaqah are among the contracts that fall under this category. Or, according to a different editorial, any kind of arrangement involving for-profit transactions is referred to as a tijarah contract (compensational contract).The goal of this research is to stop Maysir and Gharar practices in the trade of rice and mango commodities in the Ngawi district and to make rice trading activities ethical and advantageous for all stakeholders.Issue. The present study employed the Inductive analysis method in a Normative approach to examine the data. This entails evaluating the research object's problems beforehand and utilizing the Tijaroh concept to analyze the data. Keywords: Tebas, Trade, and Tijaroh

Role of military cooperation in Vietnam-Russia relations

The primary purpose of this article is the analysis of the evolution of bilateral relations between the Socialist Republic of Vietnam (SRV) and the Russian Federation in the field of military cooperation. It gives answers to following research questions: 1) what is the role of defence collaboration in bilateral ties, 2) what are the most essential elements of Russia-Vietnam military relations, 3) what are the common reasons/ incentives for developing links regarding arms trade, 4) do the Russian annexation of Crimea in 2014 and invasion of Ukraine in 2022 change goals of Vietnamese politics towards Moscow, 5) How do Chinese and US factor affect military cooperation between Russia and Vietnam? The theses of this paper assume that: 1) the government in Hanoi maintains friendly relations with Moscow on the political level in the face of the conflict in Ukraine and continues military cooperation, however Russian arms exports to Vietnam has declined, 2) Vietnam diversifies weapon trade partners expanding cooperation with Israel, Belarus, US and South Korea, but Russia still remains crucial arms importer for Hanoi.
 The analysis is focused mainly on the situation from 2002 to the present, and intends to examine the evolution of military cooperation between Hanoi and Moscow after the signing of the Declaration on Strategic Partnership. The article includes a short overview of Russia-Vietnam relations emphasizing its strong historical background. Paper is also focused on important arms trade contracts, agreements on military cooperation, includes statistics published by Stockholm International Peace Research Institute (SIPRI) to show the scale of collaboration, and points out major challenges for future cooperation.

Positive Changes and Remaining Shortcomings of Incoterms®2020

With the deepening of reform and opening up, China has become the world's second largest economy. The huge volume of trade highlights the importance of understanding and familiarizing oneself with relevant trade rules. International Commercial Terms published by the International Chamber of Commerce is currently the most widely accepted and authoritative commercial practice in the world. When parties enter into international trade contracts, they often refer to relevant trade terms to regulate some of the rights and obligations of buyers and sellers. Therefore, it is necessary to study this general rule. The International Chamber of Commerce officially launched Incoterms®2020 in January, 2020, which requires both trading parties trade with each other according to it. By analyzing the positive changes and remaining shortcomings of Incoterms®2020 will have a significant impact on both sides of trade. And how to correctly select and apply Incoterms®2020 in the contract based on specific trade scenarios in negotiation and contract negotiation work will enable domestic trade enterprises and practitioners to prepare in advance for the use of the new general rules, thereby reducing the probability of improper use of trade terms and reducing transaction risks and additional costs caused by improper use of trade terms. As is mentioned above, the paper is organized for the purposes of providing reference and inspiration for parties engaged in international commercial activities both domestically and overseas.

ВИДИ ТА КЛАСИФІКАЦІЙНІ ОЗНАКИ ДЕРИВАТИВНИХ КОНТРАКТІВ

The article reveals the importance of derivative contracts in the economic system. It was established that the prerequisites for the formation of exchange trading in derivative contracts had a long evolution and development. The views of domestic and international scientists regarding the use of derivative contracts in international practice are considered. It was established that exchange trading in derivative contracts, with its inherent modern features, has been actively taking place on international commodity and stock exchanges for the past two centuries. During this time, a large number of various derivative contracts arose on demand and to meet the needs of participants in market relations. The available classification features of derivative contracts are determined and their systematization and refinement are given. Classification groups of derivative contracts based on various classification features are considered. It was found that scientific and legislative sources contain a large number of classification features for derivative contracts, which contributes to the formation of their functional purpose in stock trading. The available classification features in international and domestic sources are summarized, namely according to: types of basic assets; economic purpose; sphere of circulation; method of execution; method of use; innovative purpose. Based on the generalization of foreign and domestic scientific sources, we have systematized the classification features of derivative contracts, and also taking into account the dynamic development of international exchange trading, we have clarified and proposed a classification feature – "by innovative purpose". In this case, derivative contracts can be divided into: traditional and innovative instruments. Traditional types include classic types of derivative contracts, while innovative types include hybrid types of derivative contracts and new types of underlying assets, such as cryptocurrencies.

Event-triggered data-driven load frequency control for multi-area power system with wind penetration under deregulation environment

In order to solve the problem of power exchange between areas of multi-area power systems under the power market, this paper designs a power trading contract based on the generation participation matrix, so as to simulate the specific process of power change in each area. With the integration of wind power into the large-scale power system, it is difficult to model the multi-area power system. For this situation, this paper designs a data-driven model-free adaptive load frequency control algorithm based on collecting input and output data, which gets rid of the dependence of the power system on the model. Along with the frequent transmission of input and output data in each area, the communication load of the power system also increases. Aiming at saving communication resources, this paper designs an event-triggered mechanism to reduce the communication bandwidth. The stability of the control algorithm is demonstrated theoretically. Finally, a three-area power system with wind penetration is used as an example to simulate and verify the effectiveness of the proposed algorithm in this paper.

Brics New Currency: An Investigation of Trade Dynamics to De-Dollarizing Intra-Brics Trade with the Reference of Indian Bilateral Trade Contracts

Brics New Currency: An Investigation of Trade Dynamics to De-Dollarizing Intra-Brics Trade with the Reference of Indian Bilateral Trade Contracts

Design of Multi-Term Spectrum Resource Trading Contracts in UAV-Enabled IoT

Design of Multi-Term Spectrum Resource Trading Contracts in UAV-Enabled IoT

The Benefits and Potential Risks of Using Option Pricing for Investment in Chinas OTC Derivatives Market under the Black-Scholes Model

In this paper, based on the qualitative research and analysis of Chinas financial market, both the benefits and potential risks of using option pricing for investment in Chinas OTC derivatives market under the Black-Scholes model are obtained. In China, OTC derivatives mainly refer to the one-to-one contract trading between institutions, non-on-exchange financial derivatives, naturally, its environment is called OTC derivatives market; Black-Scholes model is a mathematical model for option pricing. Based on the assumption that stock price obeys geometric Brownian motion, it measures the relationship between option price and underlying asset price, term, interest rate, volatility and exercise price. Based on the above variables and their overall two aspects, the gains and losses of Chinas OTC derivatives market under the Black-Scholes pricing model are obtained. Some predictions and expectations are also expressed for the future of this field.

COVID-19에 따른 무역계약위반의 면책범위에 관한 연구

Purpose : In this paper, legal implications were presented by analyzing whether the COVID-19 pandemic corresponds to force majeure, which is the reason for immunity from violating trade contracts, and analyzing the scope of immunity in practical application.
 Research design, data, and methodology : For this study, prior studies on force majeure clause were reviewed, and the characteristics of international unification laws such as CISG, PICC, and PECL were analyzed to examine their applicability to COVID-19.
 Results : In contracts on the international sales of goods, it is common to have detailed provisions on Force majeure, and it is desirable for the contracting parties to freely modify the allocation of non-performance risks according to the circumstances of individual contracts.
 Conclusions : Even if force majeure such as the COVID-19 pandemic occurs, the contract should be observed through the principles of good faith and Hardship rather than the termination of the contract, and the Governing law should be specified in the contract.