A letter of credit (“LC”) is a legal commitment from a buyer’s bank to pay a seller for goods or services in accordance with the terms of the LC. Essentially, the bank guarantees payment for the underlying transaction between the buyer and seller (a.k.a. the applicant and the beneficiary). The LC operates autonomously from the underlying contract between the parties. The ...

Back in March 2023, I made a post describing how the Underused Housing Tax (UHT) Act applies to a wide scope of people aside from non-Canadian residents who own vacant residential property. Since that time, more has come to light with respect to who needs to file a UHT return, even if it can be established that no UHT is actually payable. It’s crucial that the public is made ...

It depends. The issue is determined in accordance with the applicable law. Applicable law should be interpreted to include the law of the contract, the law of the jurisdiction at the seat of arbitration (if different), and the law of the jurisdiction of enforcement. Arbitrability is important for enforcement purposes. Under Article II 1. of The Convention on the Recognition ...

For the most part, yes. Arbitration is often the chosen dispute resolution method in international contracts because it’s faster and less costly than litigation, the parties can choose the governing law and procedural rules for the arbitration, and they can choose the arbitrator or a panel of arbitrators. Unlike a court case, which is public and can be appealed, arbitration ...

In an era characterized by rapid technological advancements, artificial intelligence (AI) has begun to reshape numerous industries, and accounting is no exception. The integration of AI into accounting practices has led to increased efficiency, improved accuracy, and enhanced decision-making capabilities. Here, we explore five key ways in which AI is revolutionizing the ...

There are two legal regimes that apply to intellectual property (“IP”) rights in technology agreements: 1) contract law, and 2) IP law. Privity of contract applies between the parties to a contract such that only the parties to the contract can enforce any rights or obligations under the contract. IP laws are a subset of property law and as such, can be enforced against ...