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The Maxim of Pacta Sunt Servanda

Pacta sunt servanda is an overriding feature of the law of contract. It is a Latin phrase meaning “agreements must be honoured.” Under this maxim, parties to a contract are under strict obligation to abide by the terms of their agreement. This would simply mean that performance of the respective contractual obligations must be made…

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Global Claims in Construction

laims are unavoidable in the construction industry. They can arise due to several reasons including, but not limited to, changes, delays, unforeseen circumstances, etc. What constitute a claim and how to deal with the same is commonly set out under the different forms of contract. Under a typical FIDIC contract, contractor is required to submit…

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Understanding Letters of Credit

Letters of Credit – Are they really the life blood of international commerce? n international trade where buyers and sellers are located in different countries, there is little comfort about the credit worthiness and business standing of the parties. To overcome this, remove the risk of insolvency of the buyer and provide a degree of…

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Explanatory notes on Joint Ventures, Design and Build and Partnering contracts.

Explanatory notes on Joint Ventures, Design and Build and Partnering Contracts. Joint Ventures: A joint venture is a general partnership typically formed to undertake a particular business transaction or project and is intended to exist for a limited time period. Typically, a joint venture is created with a specific project in mind and generally dissolves once…

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