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What is the current status of International commercial law and how does it differ from Civil and Commercial Law?

Lloyd MacAndrew

Hey there!

When it comes to International commercial law, it is a framework that regulates commercial transactions across borders between parties from different countries. The most notable characteristic of International commercial law is that it is not governed by any single nation, rather it is the outcome of several international agreements and treaties.

Now, Civil and Commercial Law are different from International commercial law but have similarities, too. Civil law governs disputes between individuals whereas Commercial law regulates disputes between entities like businesses, or corporations. At this point, we can see similarities between the Commercial and Civil law systems, but they are different from International commercial law.

International commercial law, as I previously mentioned, governs transactions that happen across borders. Since different countries have different legal systems, the legal framework of each country can influence international transactions. International commercial law, therefore, provides a uniform legal framework for these transactions that involves parties from different legal systems.

The International commercial law plays an important role in reducing the risks of international trade by providing a uniform legal framework that governs issues such as dispute resolution, taxation, and intellectual property rights. With the aid of International commercial law, Entrepreneurs and businesses are encouraged to trade and invest in other countries.

So, in a nutshell, International commercial law provides a bridge between different legal systems and regulates international trade, whereas civil law regulates disputes between individuals and Commercial law regulates disputes between businesses, or corporations.

I hope this answers your question.