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International supply of goods—checklist

International supply of goods—checklist This Checklist considers how to identify international contracts for the supply of goods and how international contracts for the supply of goods can create more considerations than the domestic supply of goods. The Checklist then sets out a series of considerations when drafting and entering into international contracts for the supply of goods, including issues such as credit rating, carriage of goods (or shipping), international trade terms (including Incoterms®), payment, trade finance, currency, exchange controls, import and export restrictions, intellectual property, force majeure, insurance, language, product liability, notices, governing law, jurisdiction, and trade with the EU. The Checklist is drafted practically from the perspective of an in-house lawyer. Identifying international contracts Does your business know how to identify an international contract, or even what an international contract is? Knowing how to spot an international contract is important for two reasons: • this will shape your involvement as the in-house lawyer—is this a contract you can advise on or do you need to seek external advice? If...

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Goods—property, title and risk

This Practice Note considers the point at which property, title and risk pass from a seller to a buyer in a business to business (B2B) sale of goods transaction depending upon the nature of the goods, the intention of the parties, the terms of the contract to which the sale is subject and the provisions of the Sale of Goods Act 1979 (SGA 1979).In a sale of goods contract it is the duty of the buyer to accept and pay for goods in exchange for the seller delivering the goods to the buyer.A sale of goods from a seller to a buyer will involve the passage of property, title and risk. The point at which that occurs depends on, the nature of the goods, the intention of the parties, the terms of the contract to which the sale is subject and the provisions of the SGA 1979.Are property and title the same?There is an apparent distinction in SGA 1979, Part III between property and title to goods. Part III is...

Will interpretation—property passing on death

Will interpretation—property passing on death Rules relating to the construction of Wills have developed over many years and those surrounding the interpretation of dispositions were quite unclear due to the differing rules relating to personalty and realty. This was changed by the statutory effect of the Administration of Justice Act 1982 (AJA 1982). The case of Marley v Rawlings confirmed that the modern approach is to ascertain the testator’s intention from their words. While no longer as definitive as they were previously, many of the previous rules remain a helpful starting point. On the basis of the caselaw in this area, practitioners are advised to use only precedents that are in common usage and not to depart from them without careful consideration. References to property in a Will speak from the date of death A reference to real and/or personal property (for a discussion of real and personal estate, see Practice Note: Devolution of assets and the need for a grant) in a Will speaks from the...

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AML, CTF and counter-proliferation financing policy—law firms

AML, CTF and counter-proliferation financing policy—law firms 1 Introduction to the policy 1.1 [Firm name] is required to put in place appropriate systems and controls to combat money laundering, terrorist financing and proliferation financing under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. 1.2 For more details on the MLR 2017, see section 10. 2 Scope and application 2.1 This policy contains the procedures we have developed to comply with the MLR 2017, as amended. 2.2 This policy applies to all [our offices, ]employees, officers, consultants, contractors and to other workers including agency workers, casual workers[, volunteers] [, interns] and home workers. 2.3 All staff must be familiar with this policy and comply with its terms. 2.4 This policy does not form part of any contract of employment and we may amend it at any time. 3 Responsibility for AML, CTF and counter-proliferation financing compliance 3.1 The firm itself is primarily responsible for...

Code of conduct and disciplinary and dismissal procedure (short form)

Code of conduct and disciplinary and dismissal procedure (short form) 1 Purpose and scope of the procedure 1.1 The code of conduct and disciplinary procedure set out below are designed to ensure that all employees of the Company are treated fairly and consistently, to ensure the efficient and safe performance of work and to promote the maintenance of good relations between colleagues and between employees and their managers. 1.2 You should familiarise yourself with and abide by the code of conduct and disciplinary procedure, which applies to all employees. 1.3 The code of conduct forms part of your contract of employment with the Company. The disciplinary procedure does not form part of your contract of employment. It may be amended at any time and the Company may use an alternative procedure depending on the circumstances of the particular case. 2 Code of conduct 2.1 The code of conduct covers the main standards of behaviour and performance required by the Company. You are under a duty to comply...

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Does an allotment of shares in a company to the company's director require member approval under the substantial property transactions regime?

Does an allotment of shares in a company to the company's director require member approval under the substantial property transactions regime? In the context of this Q&A, the company is a private company limited by shares and that the company will not be allotting shares at a discount (in accordance with section 580(1) of the Companies Act 2006 (CA 2006)). Furthermore, the company’s articles of association (and other constitutional documents) do not contain any provisions requiring member approval in relation to an allotment of shares to the directors. Subject to certain exceptions, member approval is required for substantial property transactions between a company and its directors as these transactions are particularly open to abuse. Under CA 2006, s 190, an arrangement must be approved by a resolution of the members of the company, or be conditional on such approval being obtained, where: • a company acquires (or is to acquire) a substantial non-cash asset from a director of that company (or that company’s holding company) or a person...

If personal representatives exercise their power of appropriation over the deceased’s land, what formalities must be fulfilled?

If personal representatives exercise their power of appropriation over the deceased’s land, what formalities must be fulfilled? This Q&A assumes that the power of appropriation will be exercised by personal representatives and not trustees. By way of background, the process of appropriation is where a personal representative (PR) or a trustee uses a specific asset in the estate or trust fund, to meet in full or in part, a beneficiary’s entitlement or interest. What is appropriation? PRs have a power of appropriation under the common law over any part of the residuary estate (but not a fund) which may be exercised with the consent of the beneficiary, in or towards satisfaction of a vested legacy or a share of residue. This power allows PRs to deal with both real and personal property even if that property is subject to a trust for conversion. See Practice Note: Personal representatives and trustees—power of appropriation. The powers of appropriation given to PRs is set out in section 41 of...

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The road ahead for tokenised investment funds in the UK

Law360, Expert Analysis: Earlier this year, the technology working group of HM Treasury outlined the initial stages of a strategic road map for the development of a fund tokenisation industry in the UK, with a final phase to be confirmed by the end of 2024. Andrew Tsang, associate, and Tom Bacon, partner, at Bryan Cave Leighton Paisner LLP consider the proposed model for implementation, potential next steps, and wider developments within the digital assets space that would offer greater legal and market certainty to the creation of tokenised investment funds.

Question of the week: Can a beneficiary who is also a co-executor of a Will make a claim pursuant to section 14 of the Trusts of Land and Appointment of Trustees Act 1996, where the property has not been transferred into the names of the executors?

This Q&A considers whether a beneficiary, who is also a co-executor of a Will, can make a claim pursuant to TOLATA 1996, s 14, where the property has not been transferred into the names of the executors.