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Legal Issues for Trading Relationships in West Africa

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10 diapositives · 329 Views · Sep 30, 2012

Legal Issues for Trading Relationships in West Africa. Jeremy Sivyer Partner Projects Group 04 May 2006. Introduction. Contracting with importers/exporters in West Africa sometimes requires a cautious approach Risk of non-performance/non-payment

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  1. Legal Issues for Trading Relationships in West Africa Jeremy Sivyer Partner Projects Group 04 May 2006

  2. Introduction • Contracting with importers/exporters in West Africa sometimes requires a cautious approach • Risk of non-performance/non-payment • Potential for delay due to bureaucracy of import/export or customs clearance • Problems not unique to West Africa, but potentially more acute • Various ways to minimise risk of legal exposure if contract not performed • Legal documentation not a panacea

  3. Export transactions into West Africa • Payment Mechanisms • Letter of Credit • becomes documentary transaction • which bank is to give it? • London branch of international bank? • Third party guarantee • Trustworthy trading partner - background checks

  4. Export transactions into West Africa • Risk • Damage to goods in transit • Problems at customs level • Ss 12-14 Sale of Goods Act 1979 • if goods not legally compliant in destination country seller liable for breach of implied warranties (satisfactory quality/fitness for purpose)

  5. Export transactions into West Africa • Minimising the supplier’s exposure • “Free on Board” transaction to ensure customer bears primary risk of shipping and customs • Place customer under obligation to disclose local legal issues and specify packing requirements • Use reputable shipping line with local knowledge • Control of local agents and documentation

  6. Import transactions from West Africa • Quality of goods • Specify pre-shipment inspection by reputable third party • Documentation • Obtain specific warranties as to quality/fitness for purpose - importance of contract description • Require performance guarantee or retention from purchase price until delivery and post-delivery inspection

  7. Import transactions from West Africa • Delivery • Contract for goods on “fully delivered basis” • opportunity to inspect goods before acceptance • Liquidated damages for late delivery • Right to cancel if goods not delivered by agreed cut-off date

  8. Import transactions from West Africa • Other Points • Factoring • Non-transferable contracts

  9. Other issues • Governing law • Currency of account • Arbitration as a method of dispute resolution

  10. Legal Issues for Trading Relationships in West Africa