Taking your business abroad can be a great way to expand your customer base, increase market share and lower production costs. Although the benefits of an international business venture are plentiful, they are accompanied by a significant amount of risk, which, if not properly mitigated, can far outweigh the rewards. Due diligence is your best ally in risk mitigation, even more so when it comes to international contracts. The contract is king Your contract, whether national or international, is always the first point of reference when a dispute arises between two commercial parties, and will guide an arbitrator or judge in determining your respective rights, obligations and remedies. If you are conducting business internationally, an airtight contract is by far the best way to ensure predictability and efficiency in your business transactions, and properly protect your interests in the case of a disagreement. An international contract can take on many forms, but all solid contracts have this one thing in common: they clearly outline the detailed rights and obligations of the parties involved. Unfortunately, it’s common for entrepreneurs, in a rush to close a deal and get their business up and running, to neglect taking the proper time to review the agreements that will govern their business relationships, much to their detriment. Although your contract is unique in that it will reflect your company’s specific needs and goals, there are at least two provisions which you should always include in your agreement: governing law; and dispute resolution. In my experience, these are the clauses that are most often overlooked, and that have the potential to cause the most damage when not properly addressed in your contract. Clearly identify the jurisdiction of authority in your “Governing Law Clause” Governing law, otherwise known as “choice of law”, is a fundamental component of an international contract. What this means is that somewhere in your contract, you should clearly state the mutually agreed upon law of a jurisdiction that will apply to and govern the terms of your contract in the event of a challenge. An example of what this would look like in your contract is: 1.1 Governing Law – This Agreement...
Read MoreNew Post on FITT’s TradeReady Blog re International Contracts
Catherine Walsh, legal counsel to Woods, LaFortune LLP, recently published a blog post on international contracts featured in the Forum of International Trade Trading’s (FITT) Trade Ready blog. The post, called “Nail Down these Two International Contract Clauses to Save Yourself Future Legal Headaches” walks entrepreneurs through some of the most important contract clauses to be included in an international business agreement. The full post is available at: http://www.tradeready.ca/2015/trade-takeaways/nail-two-international-contract-clauses-save-future-legal-headaches/ ...
Read MoreThe EU Union Customs Code (UCC): Risks and Opportunities to Canadians Seminar
On September 25, 2015, Woods, LaFortune LLP will be hosting a seminar entitled The EU Union Customs Code (UCC): Risks and Opportunities to Canadians in Montreal. Raphael Barazza, an experienced attorney specializing in cross-border trade law and customs procedures and current Deputy Representative before the EU Trade Contact Group in Brussels, will be discussing how the new EU Customs Code will change the way goods enter the market. Covered topics will also include: Authorized Economic Operator (AEO) update, binding tariff information, the first sale rule, special clearance procedures, and the EU concept of customs representation, among others. The event will take place at the Sheraton Montreal Airport Hotel on September 25, 2015 from 8:00am to 10:00am. Participation in the event is free. To register for this seminar please RSVP by email to clement@wl-tradelaw.com. For more information see UCC Risks and Opportunities Seminar...
Read MoreJean-Marc Clement Joins Woods, LaFortune LLP as Legal Counsel
We are delighted to announce that Jean-Marc Clément has decided to join Woods, LaFortune LLP as counsel to the firm. After spending close to five years at BCL LLP and more than ten years at PwC, Jean-Marc has decided to partner with us and join our growing trade law team. In welcoming Jean-Marc, we are pleased to add his two plus decades of customs and international trade experience to our trade law practice. Jean-Marc will continue to serve his global client-base from his Montreal office and will also provide Woods, LaFortune LLP a local presence in the city as it expands its capacity to serve clients in the Québec market. Jean-Marc is a well-known and well-respected international trade attorney in Quebec business circles, and has a proven track record of success as a trade law practitioner. Our clients will be able to draw on his expertise in many areas, which include customs procedures, import tariffs, duty recovery, antidumping and countervailing duties, trade and economic sanctions, import and export controls, international trade agreements, transfer pricing, international taxation, due diligence reviews in mergers, acquisitions and business reorganizations, cross-border counterfeit trade protection, voluntary disclosures, government relations, appeals, dispute settlement, corporate governance and anti-corruption legislation. Already a valued friend and trusted adviser, we are especially honoured that Jean-Marc Clément has chosen Woods, LaFortune LLP in his pursuit of guiding clients to success in achieving their international business goals. See his complete profile...
Read MoreMichael Woods Re-Elected to Board of FITT
On June 25th the Forum for International Trade Training (FITT) announced that Michael Woods, founding partner at Woods, LaFortune LLP, has been re-appointed to the Board of Directors for his third consecutive term. FITT is a Canada based not-for-profit organization dedicated to providing international business training, resources and professional certification to individuals and businesses. It offers the only international business training programs and related professional designation (CITP/FIBP) endorsed by the World Trade Centers Association and the Canadian government. Michael is honoured to have been elected to his post by the FITT membership and looks forward to continuing his work with an organization whose international business training solutions have set the standard of excellence for global trade professionals across Canada and around the world. To learn more about how the International Business Program—FITTskills can help you and your organization see – ...
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