If the organisation is a member of a multi-employer pension scheme such as Pensions Trustchanging legal structure may crystallise pension exit debt. Before even thinking about changing from unincorporated to incorporated or from one incorporated structure to another, advice from the pension provider and from an independent financial or legal advisor is essential.
This raises two interesting characteristics of international law.
The first is that "law" belongs to individual nations and international law only exists to the degree that individual nations are willing to relinquish their rights. The second is the lack of an adequate international judicial and administrative framework or a body of law which would form the basis of a truly comprehensive international legal system.
The international business is also subject to political decrees made by governments both in "home" and "host" countries. Home governments can apply pressure not to deal with disapproved parties. These measures may take the refusal to grant an export licence, or withdrawal of export guarantee cover.
The host government may take measures like taxation, ownership controls, operating restrictions or expropriation. Chapter Objectives The objectives of this chapter are: It then goes on to describe in detail the major elements of the legal environment and Terms of Access, including both tariff and non tariff barriers.
A major section of the chapter is devoted to the main provisions of the new GATT Round and an assessment of its impact on the global marketer. Laws, rules, and standards All agricultural exports operate within an institutional environment, which is made up of a set of political, social and legal ground rules.
These ground rules form the laws of all production, exchange and distribution and give rise to certain expectations and assurances about the actions of others, and give order and stability to the means of doing business. The most important rules in any system are those defining, allocating and enforcing property rights, and rules and conventions defining allowable and non-allowable forms of cooperation and competition standards, rules of contract, fair trading etc.
Well defined and enforced systems regarding property rights are essential. Articulated ownership and rights to use, trade and alter assets is vital to market development, since this assigns to individuals the right to benefits and losses in production and marketing activities.
Rules and conventions specifying entry conditions and boundaries on cooperative and competitive policies also facilitate exchange and coordination.
The establishment and enforcement of standards can reduce transaction costs by increasing the available information to buyers and consumers. Standards may include basic weights, measures, quality grades and contract forms. Quality standards may be mandatory or voluntary and minimum or multiple grades.
These standards help where trade is at a distance. The EU has a strict set of standards regarding horticultural products for example, including hygiene, quality and certificates of origin. Licensing also facilitates marketing agencies and producers by reducing transaction costs.
This occurs when the criteria for licensing revolves around asset holdings, financial solvency and so on. Performance standards are built in to maintain the licensing agreement.
Increasingly, consumer and trading bodies like the EU are enforcing the disclosure of more and more information. Particularly, these efforts revolve around packaging, labelling and information, for example, pesticides used on horticultural produce.
As this trend to disclosure of information grows, along with the phenomenon of product liability, regulations regarding certain tests or inspection of products, handling and processing procedures may be enforced. So may ingredient and nutrition information.
This is becoming an increasingly important issue as food products become more complex and varied.The legal/political aspect is very important in global marketing. "International law" can be defined as rules and principles that states and nations consider binding upon themselves.
Free trade is a policy to eliminate discrimination against imports and exports.
Buyers and sellers from different economies may voluntarily trade without a government applying tariffs, quotas. What are the advantages and disadvantages of licensing?
A company that owns rights in a patent, know-how, or other IP assets, but cannot or does not want to be involved in the manufacturing of products, could benefit from the licensing out of such IP assets by relying on the better manufacturing capacity, wider distribution outlets, greater local knowledge and management expertise of another.
CONTINGENT FEES. We can attempt collection on a contingent fee. Stay current in all matters of asset protection, estate planning and tax planning with our Thursday Insights.
Receive free tax advice from our experienced attorneys, tips and strategies to help you stay ahead of the trend. The legal/political aspect is very important in global marketing. "International law" can be defined as rules and principles that states and nations consider binding upon themselves.