国际商法英文笔记

国际商法英文笔记Lesson1I.ObligationandcontractA.DefinitionAnobligationisalegallinkbetweentwopersons :accordingtoonebecomesthedebtorandacreditor.Therearetwokindsofobligations:lAbindingobligation:somethingyouneedtocomplywithlAnon-bindingobligation:youmayfinishthecontractwithoutanyconsequences.Allcontracts(legalrelationship)arebasedonthefreewill.Obligationareanundertakingtogiveortonotgive,todoortodonotdo.Contractisalegalact,whichmaterialisedtheexchangeoftwoconsents.Thefirstthingyouhavetodoistocheckbythelegalregime,whichisapplicable:isittheChineseortheFrenchlaw.Youhavetowonderwhatthedateofeffectivenessofthecontract.Acontractcanbematerialisedbyanymeans:oral,emails.Everythingisamatterofevidenceinacontractualrelationship.Theconsentshouldbeclearwithoutanyreserveorwithoutanyconditions.Ifyouundertaketodosomethinginacontractyouarethedebtorandtheotherpartyisacreditor.Ifyouhaveseveralcreditorsitcanbecomecomplicated:iftheyarethreebuyersforyourhouse.Whoistherealcreditor?Inthiscasethecontractorscanbejointlyliablebyobligation.Forinstanceifthreepeoplebuyahouseandoneofthemisdoingarenovation:thethreecontractorsarejointlyliablebyobligation.B.DefiningtherightpartyDefiningtheproperpartyisabigissue.Forexamplewhenyouarerentingahouse,youhavetocheckwhoisthereallandlord.Relativeeffectofthecontract:contractonlybindsthepeoplewhohavesignedthecontract:theotherpeoplearecalledthirdparty.Ifyouaresigningacontractwithasubsidiaryoftheholding,whichhasnomoney:thesubsidiarymaynotbeabletorespectthecontract.IndeedacontractwithasubsidiaryCreatingacompanyinHongKongtakesoneweek.Youcanthuscreateasmallcompany(aninvestmentvehicle)inHongKongtoprotectyourinterestswithnewcontractors.Normallythirdpartieshavenorighttoclaimtheeffectofthecontract,exceptifyouaskthethirdpartytobeaco-contractor.Anotherpersonwhomaybeconcernbyacontractisadecedent.C.FormalismofacontractMostofthetimetheformalisationofacontractarenotcompulsory.Butmoreandmorecompaniesaskyoutosignlegalagreement.Youmustcheckifthereisaformalismtothecontract.Indeedtheissueistoprovethecontentoftheagreement.Butwritingacontractcanbequiteusefulwhenyouwanttonegotiate.Forinstanceyoucanalsowritedownthestepsoftheconversation,inordertoformalizetheconsentofthetwoparties.Understandingtheconsentoftheotherpartycanbereallydifficultespeciallyinanothercountry. Youmayhaveasysteminodertobesurethattheotherpartyunderstandswhatyouwant.Indeedyouhavetocheckthattheconsentoftheotherpartyhasnotbeenfooled.Youhavealsotochecktherequirements.Tradinggoldisregularisedbyspeciallaws.Acontractcanbenotvalidtherequiredformalism.Insomecaseyoursignatureisnotalwaysenough,youneedsometimesathirdparty.Thetaxregimecantotallychangeswithathirdparty.Contractbetweentwopeoplehaveseveralrequirements:lThecapacityofthecontractorslTheconsentmustbefreelInsomecountriestheremustbefullawarenessAfranchisingcontract:youcandecidetocreateashopofabigbrandifthecompanyagrees.Youpayandinexchangethebigcompanygivesyousomeknowledgeonhowtheirshopworkandsoone.Disclosure:dollD.Conditionsofthevalidityofacontract.Thereareseveralconditionsofthevalidityofacontract.1)Thelegalcapacityisaconditionofthevalidityofacontract.Thelegalcapacitymaybeaphysicalcapacity,ormentalcapacity.Youarelegallyempoweredforacompanyifyouarethepositionlegalrepresentativeofacompany.Youhavethecapacitytosignthecontractinthenameofthecompany. Themanagementbyfact:insomecaseseventhoughyouarenotthelegalrepresentative,youmaysignthecontractandthecompanywillbeforcedtofulfilthecontract.Forexample,ifthecontractorcouldnotknowthatyouwerethelegalrepresentative.Whenyouaresigningacontractwithacompanythecompaniesneedstobeestablished.Forhumantheageofmajorityisalegalcapacity.Acontractcanbenulandvoid.2)DefinetheobjectofthecontractPricing:thepriceisnotalwaysfixedinacontract,youcanaskathirdpartytodeterminetheprice.Sometimesitishardtodeterminethepriceofanobject,youneedanexpert.InEnglishlawyouneedacauseforthecontract.Youneedtocheckhowtheconsentscanbeexpressedinacontract.3)Theobjecthastobelegal.4)Thelanguageofthecontractisaconditionofthevalidityofthecontract.E.Contract’sprinciplesContractmaynotbecancelledbyoneparty.Youcanterminatethecontractinseveralcases:lopentermcontractcanbefinishedatanytimebyoneofthepartybecausethelengthofthecontractisnotdeterminate.Sincetheabolitionofslavery,youcanfinishtherelationshipwheneveryouwant.ContractforlifeareusuallynulandvoidapartfromcertaincaselikeVIGThereareseveralkindofterminationofthecontract:lTerminationofthecontractforthefuturelTerminationofthecontractforthepast.F.TheendofacontractTerminationofthecontractforthefuture.Theretroactivityisthefacttoputthetwopartiesinthesamepositionbeforethesignatureoftheparty.Inthecaseofthebreachofacontractyoucanaskthecontractortopayyouback.G.LegalregimeLegalregimearereallysignificantasitdeterminatesthelawofwhichcountryisapplicable.H.ThecontentofacontractContractscreaterightsandobligationsforseveralparties.1)Sinegmalaticorreciprocalcontract:theobligationtoonepartyislinkedtotheobligationoftheotherparty.Forexampleparty,onepartyhastheobligationtopayandtheotheronetodeliveraservice.2)Unilateralcontract:theobligationisonlyforoneparty.Contractmaybeforfreeoragainstpayment.Paymentcanbeprovidedbymoney,exchange,orservices.Contractcanbebindingwithoutconditionorundercondition.Youhavetwokindsofobligation.lTheconditionprecedent:iftheconditionisfulfilledthereisanewobligation:thetriggereventthatenableyoutogoforward.Iagreetopaytherentofthehouse,untilthedeathoftheowner.Theissuanceofshareisprovidedwithcertainconditions.lTheconditionsubsequent(conditionrésolutoire):whentheconditionisrealizedthecontractisfinished.TherearetwokindofcontractlContractwithanopenterm(CDI)lContractwithafixterm(CDD)lInstanceperformancecontract:somecontractsareeffectiveimmediately.YoubuyabikeyouaredirectlytheownerofthebikelSuccessiveperformancecontract.Howeversomecontractsneedsseveralsteps.Youbuildahouse,thereareseveralsteps.Successiveperformancecontractenablesyoutonegociate.Differencebetweencivilcontract/administrativecontract/commerciallAdministrativearesubjectivecourses.Inmostcountrieslawsprotectconsumers.lCommercialcontractaresubjectivetocommercialcourtswheretherearenoprofessionaljudges(youcanbejudgebyyourcompetitorsforinstance).lCivilcontractSpecificcontractswithspecificrulesdependingonthecountries.I.Thedifferenttypesofcontract1.LabourcontractInsomecountriestheprotectionoftheemployeesarereallystrictintermsofhours.Itisimportanttoknowthetaxregime.Thelabourcontracthastobedraftedinthecountrywherethecompanyisandtheyaresubmittedtopublicregulation.2.TheweddingcontractTheweddingcontractorganisethegoodsof thecouple:thecouplecandecidetoshareornottheirpatrimony.Thereareseveralregimes:Separationregime3.TheagencycontractYourepresentapartyonitsnameanditsbehalf:yougiveobligationtoathirdparty.Theagencycontractisusuallyusedindistribution.Therearespecificcontractsofterminationdependingonthecountry.4.LogisticcontractLogisticcontract:agreementaccordingtowhichonepersonagreestotransportpeopleorgoodsonyourbehalf.J.LeaseagreementLeaseagreement:theownerofanassetisrentingagoodinexchangeofarentalfeewhichisdefinedbythetwoparties.Therenterhastogivebackthegoodtothelandlordinthesamestateastheorigin.K.Consulting/serviceagreementApersonisprovidingaservicetothebenefitoftheprinciple.Itisnotthesameasalabourcontract:theemployeeneedstogiveprotectiontoitsemployees.Aserviceprovidercanorganisehisworkashewants,whereasaworkerisunderthesubordinationofitsemployee.Withholdingtaxsystem:Publicorderregulationhasalwaystobechecked.L.Howtomakeacontract?Youhavetocheckwhatarethemarketpracticesofthiscontract:indeedsometimesyouneedtodopreliminarynegotiation.Thereareseveralsteps:1)Therearepreliminarystepsforthenegotiation:youwantfirsttodeterminethemainprinciples.2)Assigning3)Closing:theycheckifalltheelementshavebeenrealizedornot1.Thedifferentstepsofacontract1)Identificationsoftheparties,2)DefinitionofthetermsIntherecitalsweexplaintheelementsofthecontract:theobject,thecause,theoffer,theacceptance.Guaranteescantakedifferentforms:lthirdpartiesguarantylbankguaranty:bestguarantylmortgage:youborrowmoneyfromsomeoneandifyoudon’tpayyouwillhavetogivethemortgageback.llean:Theterminationclause:modalitieswaystoend(préavis).Thedefaultingpartyhastopaythefixamounttorepairthedamages.Forcemajeureclose:theagreementcloseinwhichthereisanaturaldisasterallthepartieswillsuspendtheirobligation.Arbitration:isanalternativemodeofresolutionofconflictsinsomesensitivecase.M.SignatureAppendicetogivethepartiesthebasisoftheirconsencesN.CorporatecompanyAcompanyisalegalperson:ithasthelegalcapacitytoenterinacontract.Affectiosocietatis:thewillingnesstopersueacommongoal.Apersonisalsoalegalentity.Alimitedliabilitycompany:ifacompanygoesbankruptcy,nobodycanseizeyourgoods.Youareonlyforcetopayatfirstthecapitalinordertocreatethecompany.1.TosetupacompanylNameofthecompanylSelecttheplaceofregistrationlDefinetheoutcoverneedsofthecompany:Theregisteredcapital:theamountandthestockthatthecompanyneedstoreachthebreakeven,tobeprofitable,tobelYouhavetodefinehowyouaregoingtobringthecapital:cashcontribution,contributioninkind(totransfertheownershipofsomeequipment,andintangibleassets(franchising)),industrycontribution.lThescheduleofthecapital.lTochoosethemanager.lToprepareacontractbetweentheshareholders.II.CompanylawA.Thedifferenttypesofcompanies(theexampleofFrance)Somecompaniesareintendedtocarryoutaprofessionalactivity.ThemostusedsocialformsinFranceareasfollows:1.LimitedLiabilitycompanieslSARL/EURL:limitedliabilitycompanyWFOE:acompanyclosetotheEURLwithonlyonememberofthecompanyJointventure:Chinese+ForeginerlSA:CorporationlSAS/SASU:Simplifiedcompanybyshares2.UnlimitedliabilitycompanieslSNC:“sociétéencollectif”(jointandseveralliabilityofthepartners).B.Howtochosethelegalformofthecompany?1)Eachlegalformissubjectto adifferentregime.Wemusttakeintoaccount,forexample :lTheminimumamountofcapitalrequiredforeachtypeofcompanylThenumberofshareholderslLiabilityoftheshareholderslApplicabletaxrules2)Givingalegalframeworkconsistentwiththebusinessconstraintsofthecompany.Certaintypesofcompanieshaveabetterimageamongothers :fortheSAorSAS,forexample,thenumberofpartnersandalargerregisteredcapitalwillgenerateconfidence.Nowadayscrowdfoundinghasbecomeafashionablewaytoinvestmoney,howeveritraisesalsoliabilityproblems.Anoffshorestatus:youdon’tneedacompanyonsitetoopenabankaccount.Itisasituationwhereyourcompaniesdon’tdobusinesswheretheirbankaccountislocated :thisstatusgivesyou0%taxregime.Butyouhavetotakecarethetaxationregimebasedontreaty.Theregisteredcapitalistheprotectionofthecreditor.C.Howtochoosetheplaceofregistrationofthecompany1.ThechoiceoflocationrelatedtotheactivityofthecompanythatwillbecreatedlNeed/requirementtochargeinthecountrywheretheactivityiscarriedonlHirestaffonsitelAccesstofinance/credit:lAccesstogovernmentsupportforbusinesscreation2.RulesconstraintsdifferentineachcountrylTimeofincorporation:timetocreateacompanyandtoopena bankaccount.lMinimumcapitallConditionsrelatingtopaymentofcapitallCostofadministration,throughtheservicesofaCompanySecretarylUsetheservicesofanoutsideaccountingfirmoraccountinginternallymaintenancecost,lLegalfees,depositaccounts,anyotherformalities.D.Howtofinancethedevelopmentofacompany?lPersonalfundslBankloanlDebtlFundraising/venturecapital:shareholderloan:apportencomptecourant.Financingbydebt:providealoan,payinterestFinancingbyequity(capital):takingrisks,apartofthecapital,becomeaninvestorSeedfinancing:tolaunchthebusiness(seed=graine).Loantaker≠risktakerE.Venturecapital1.Whatisventurecapital?lVenturecapitalisthetermusedwheninvestorsbuysharesofacompany.Aventurecapitalistinvestmoneyinacompanywithahighriskbutwhichprovidesapotentialhighgrowth.lTheventurecapitalistisbettingonpeople/onateam.lThegoalistoachievehighprofitabilityandtheinvestmentisgenerallymadeforalimitedperiodoftime.lThefinancingcantaketheformofaparticipationinthecapitalorbyconvertibledebts.2.Towhomisitpossibletoraisefunds ?Therearethreekindsofprivateinvestors:lLoveMoney:peopleclosetoyou,thatarereadytogivemoneyforyoubuttheydon’texpectanythinginreturn.lBusinessAngels:theyareprofessionalinvestorswhoenterthecapitalatthereallyfirststagesofthecompany.lPrivateequityfunds:differentroundsofprivateequityfundsthroughprivatemeeting(thatstillnotapublicoffer)F.StructurationofafundraisinginChina.G.FundraisingThemainstagesofthefundraising :lPreparationofthebusinessplanlPresentationtopotentialinvestors(roadshow)lNegotiationwiththeinvestor(s)lFinalizationoftheagreement/signing/closinglPost-closinglExitlFirst,second,third…roundlDuediligence:auditbyaninvestor(ifthecompanyisalreadyinoperation).Hewillchecktheaccounting,thesocial,thecorporateorganisation,tochecktherisk.lNegotiationonthevaluationofthecompanyandtheconditionsforthedilutionofthefounder(s) andtheexistingshareholder(s)lNegotiationonthevotingrightsoftheinvestorslExecutionoftheTermSheet.1.RightnegotiatedbytheinvestorslDifferencebetweenOrdinarySharesetPreferredShares.lLiquidationPreference:arightgiventoaclassofpreferredsharesallowingthatsharetoreceivedproceedsinaliquidationinadvanceofotherclassesofshares.lDividends:mostcompaniesfundedbyafundraisingkeeptheircapitalfordevelopmentandnotfordistributiontoshareholders.Investorsusuallydiscouragethedistributionofdividends.lAnti-dilutionRights:apriceprotectionforinvestors.Thisisaccomplishedbyeffectivelyrepricinganinvestor’ssharestoalowerpricepershareintheeventthatthecompanycompletesafinancingatalowervaluationthanapreviousfinancinground.Theyaretwokindsofwayforemployeestoberemunerated.linvestmentbyequitycanbedangerousbecauseofthedilutionlThebonusiscalculatedontheprofitofthecompany.Rightnegotiatedbytheinvestor:lRepresentationsbythecompanyandsometimestheindividualmanagementmembers:authorizationtohireamanageratthissalaryornot.lSeatsontheboardofdirectors:itiswherethepowerofthecompanyislocated.lRedemption rights:aninvestorwillaskthecompanytobepaidbacktheamountofsharesheinvestedandtoleavethecompany.lConversionrights:toconvertoneshareintoseveralshareslRightoffirstRefusal:pre-emptionright.Rightincommercialrelationship:togivetherighttosomeonetodistributeyourproductinChina,andthenthedistributerwillhavetherighttobethefirstpersonyoutalktoifyouwanttodevelopyoubusinessinHongKongforinstance.Rightinshares:Tosubstituteyourselftoathirdpartyaslongasyouareproposingthesametermthantheotherparty.Forinstance,ifathirdpartywanttobuysharesforthatprice,andyouhavetherightoffirstrefusal,ifyouwanttobuythemforthesamepricethanthethirdparty,youwillhavetherighttodoitandnotthethirdpartyanymore.lDragalong/Tagalong(Cosellright):lDragalong:ifyoudon’twanttohaveacrazyminorityshareholderandyouwanthimtosellhisshare.Bysigningadragalongcloseyouforceaminorityshareholder(10%)toforce himtosellhissharewhowanttobuyeverything.lTagalong:therightifthemainshareholderswanttoselltheirshares,toalsosellyourminoritysharesatthesamepriceandconditionasthemainshareholders.Typeofsecurity:typeofshares.Premoney:thevalueofthecompanybeforethecashisinvested.Postmoney:thevalueofthecompanyafterthecashisinvested.ESOP:EmployeeStockOptionPlan:negociatethenumberofsharesduringthecontract.TheCaptableshowstheshareholdingstructure.GAAP:GeneralAccountingPrinciplePostclosingobligation:isaconditionwillallowonepartytoterminatethedeal.Thereareseveralkindsofobligations:lBesteffortobligation:anobligationtodoyourbestbutnotanobligationtoreachthegoal.lResultobligationBridgeLoan:aloanwhichisusedtobridgeonepointtoanother(forinstanceitgivesenoughmoneyforthecompanytosurviveduringthenegotiation).Ifthenegotiationfailthecompanywillhavethedebt,ifthecompanysucceed,thebuyerwillreceivesomecompanies’shares.Avesting:theperiodyouhavetowaittoreceiveallyourshares.Non-competitionagreement:anagreementtoavoidthatanemployeegoestothecompetitor.Nonsolicitationconfidentiality:youcannotaskyourcolleaguesorclientstoleavethecompanywithyou.Informationrights:thecompanywillhavetodeliverseveralinformationtothe investor.Noshopclause:theperiodduringwhichallthepartiesstopthenegotiationwithcompetitors.III.IntellectualpropertyA.Whatelementscanbeprotected?Itisanintangibleasset thatprotect:lTrademark:symbolorwordslegallyregisteredorestablishedbyuseasrepresentingacompanyorproductandallowstooriginatethesourceofproductsorservices.ThetrademarklPatents:agovernmentauthorityorlicenseconferringarightortitleforasetperiod,especiallythesolerighttoexcludeothersfrommaking,using,orsellinganinventionagainstthedisclosureoftheinventionlDesignslCopyrights:theexclusiveandassignablelegalright,giventotheoriginatorforafixednumberofyears,toprint,publish,perform,film,orrecordliterary,artistic,ormusicalmaterial.B.Whataretheconsequencesoftheprotection?lAregisteredtrademarkprovidesprimaevidenceofownershipandexclusiverightslRighttodefenditstrademarksagainstinfringementslThelegitimacytotheusethetrademark.