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The United Nations General Assembly adopted the Convention on Independent Guarantees and Stand-by Letters of Credit on 11 December 1995, with the aim of facilitating the use of independent guarantees and stand-by letters of credit in international transactions. The Convention reconciles the legal and practical differences between independent bank guarantees arising from European laws and […]

Maritime activity is a fundamental pillar contributing to economic, social, and environmental development. It plays a vital role in both global and national trade. Ships are the primary instrument of maritime navigation and are exposed to numerous risks during a voyage. Although ships now employ steam power, nuclear energy, and modern technologies, risk remains ever-present,

The international community has been keen to establish a legal framework governing its transactions and the legal relationships arising therefrom. International conventions—foremost among them the United Nations Convention on Contracts for the International Sale of Goods (Vienna, 1980)—have constituted the most effective means of achieving this objective. The Kingdom of Saudi Arabia has acceded to

In the Preamble to the Rotterdam Convention of 2008 (1) on Contracts for the International Carriage of Goods Wholly or Partly by Sea, the United Nations stated that this Convention was adopted to promote the harmonization of international commercial law, particularly in light of the fact that the existing legal regime governing the international carriage

Maritime commerce constitutes one of the most beneficial forms of human activity for the international community and plays a major role in the international trading system, as it represents one of the most significant means of maritime transport that dominates the greater share of global trade. As a result, various States have been keen to

The Kingdom of Saudi Arabia has been keen to align its domestic laws with the international conventions it has signed or acceded to, in order to achieve the economic boom envisioned in Vision 2030, thereby realizing its interests and aspirations. Accordingly, it acceded to numerous international conventions in the field of international trade, established by

The Kingdom places great importance on maritime transport as the most significant means of transporting goods, whether for export or import, and to promote foreign trade in order to achieve surpluses in the Kingdom’s trade balance in light of its Vision 2030. Maritime transport may be national or international. It is national if all elements

In light of Vision 2030, the Kingdom seeks to become an international investment powerhouse by stimulating the Saudi economy, diversifying income sources, and enhancing the investment and business environment in the Kingdom (1). Franchise agreements, or commercial concessions, are considered among the most important tools for business expansion in the Kingdom, as they allow companies

The FIDIC Contract is a standard international engineering contract governing multiple aspects of large and complex engineering project construction. This model was designed to minimize potential disputes among its parties to the greatest extent possible, ensuring equitable risk allocation. These contracts are referred to as the FIDIC Contracts because they are all issued under the

The Agreement on Limitation Period in the International Sale of Goods was prepared by the United Nations Commission on International Trade Law (UNCITRAL) with the aim of unifying and harmonizing the rules relating to the time period (limitation period) within which claims, legal actions, or judicial proceedings arising from contracts of international sale of goods