The Contracts of Carriage of Goods by Sea by Reference to International Instruments Such as the Hague-Visby Rules

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Essay from the year 2017 in the subject Law - Civil / Private / Trade / Anti Trust Law / Business Law, grade: 71, Coventry Univer...

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Essay from the year 2017 in the subject Law - Civil / Private / Trade / Anti Trust Law / Business Law, grade: 71, Coventry University, course: Oil, Gas and Energy Law, language: English, abstract: This essay will critically discuss the contracts of carriage of goods by sea which are covered by a bill of lading by making reference to governing international instruments such as the Hague-Visby Rules. It is right to say that trade in goods represent an essential share in the gross domestic product (GDP) of most states or regions, and that international trade transactions continue to support significantly, the economic growth and development of various nations. However, it must be noted that this trade is largely dependent on the transportation of such goods from one place to another except, of course, where the sale relates to electronic items such as software and electronic books. Otherwise, transportation is integral to international trade and depending on the sale contract (e.g. cost, insurance, freight - CIF or free on board - FOB) between the seller and the buyer, the seller is usually responsible for arranging for the transportation of the cargo from his country to the buyer's country. The transportation of goods may be by air, road, rail, or sea. The transportation of goods, by whatever mode, must be done in a safe and efficient manner if the parties to the transaction are to be satisfied and trade relations, sustained. Therefore, it is paramount to have in place binding agreement between parties to any contract for the transportation of goods as well as laws which create, unify and, if necessary, regulate the transactions by setting minimum or further obligations, liabilities and rights for the parties.