The Maxim of Pacta Sunt Servanda
he 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...
Understanding Letters of Credit
Letters of Credit - Are they really the life blood of international commerce? In 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...