Question

describe and discuss in details of commercial aspects, economic aspects and the amendment of the need for revision of the hague rules in the implementation of bill of lading in all modes transportation especially in maritime industry

Answer 1

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Answer:

Hague rules are a set of international laws or regulations that govern the carriage of goods by the way of the sea. The rules mention pre-defined regulations to govern the contracts under the transportation of goods by way of water bodies. These rules are essential because they set a precedent for the earlier havoc situations in the countries. In the 1960s, The Hague protocol mentioned The Hague rules by way of amendment. The rules provide that the cargo ships require a waybill in the initial stage to authenticate the ships' identity. The rules have also included the laws for the ships' governance and transportation in the International waters. The need for the 1960 amendment was to manage the chaos in the transportation system in the world. Before the rules, there was no one governing the functions of the companies. The economic impact of the rules is that it enhances the entry of cargo ships in the country. It also facilitates trade: imports and exports as the companies can gain more by following the rules and regulations. It also simultaneously affect the commercial aspect of the country. In case the companies follow all the rules of trade, the government officials or authorities do not interfere in the business processes. It maintains the productivity and efficiency of the company. The legal system amended the act and brought the rules to manage the trading system of the countries.