Insurance Companies Advertise Their Offers on Maritime Brochures
Commercial transaction, in a legal context, is the heart of all the legal regulations governing commercial dealings. The various types of commercial transactions covered in this article, including those involving documents of title and sales of products, are broadly discussed below. Transactions commonly found in the course of commercial activities include those between a seller and a buyer, as well as those between an owner and a lessee. Sales between a producer and a distributor also fall under the heading of commercial transactions. Similarly, transactions involving the conveyance of products by the means of transfer or delivery are also included in the realm of commercial transactions.
It is the objective of this article to provide a brief insight into the various types of commercial transactions and their corresponding legal consequences. This does not however, intend to offer advice on how to conduct your business or negotiate contracts. Rather, it seeks to lay the groundwork for understanding the significance and application of legal rules in the context of commercial transactions.
In general, it is important to remember that commercial transactions carry special rules and consequences that are different from ordinary residential transactions. One of the special rules under which business transactions carry special consequences is that of leasehold property. As you may be aware, leasehold property is the real property owned by the person leasing the property, and in which the person leasing the property is the landlord. It is the obligation of the landlord to respect the rights of his tenants and to perform all the duties required by the lease.
Another special rule under which commercial transactions carry special consequences is that of maritime law. This special law governs the ownership and control of ships and other commercial vessels. Consequently, one of the main legal consequences of undertaking any commercial transactions in the sea is that of ensuring that you have adequate insurance cover.
As regards the laws governing commercial transactions at sea, they are rather simple and straightforward. For instance, one of the special rules under which commercial transactions are subject to civil law is that of negligence. If, during a commercial transaction in the sea, a third party suffers damage either as a result of your negligence or as a direct result of your conduct, then you may be held liable to that person. In the case of negligence, it may also involve liability for damages to property. Similarly, if you were in a position where your conduct resulted in the damage or loss of life of a third party, then civil law will also come into play.
Like civil law, maritime law is also structured around personal liability. In the case of maritime law, if you were negligent in one respect, then you will have to ensure that you have provided assistance to the injured party in need. If you fail to assist then that is a basis for you being held liable for compensation. Similarly, if you cause damage and if you fail to provide adequate assistance, then you will be responsible for the cost of repair.
In addition, civil law also recognizes that commercial transactions cannot be conducted in the absence of reasonable safeguards. This means that all commercial transactions must be conducted in accordance with the Security and Accountability for Act (SAA) and the maritime laws. All such commercial transactions have to be recorded, tracked and controlled. In addition, there are numerous administrative fees that have to be paid.
There is a plethora of different regulations that govern commercial transactions at sea. All these regulations have been framed keeping in mind the interests of all parties involved in the transactions. It is essential for all shipping insurance companies to undertake a course of effective supervision over their activities so that the interests of their clients are safeguarded. Thus, for reliable, cost-effective, good quality and secure commercial shipping insurance policies, the right kind of specialized insurance policy provider should be chosen.