Company law, as it currently stands in the UK, allows organisations at the time of incorporation to opt for limited liability, which would obligate company members, upon corporate insolvency, to pay the value of unpaid shares, or money they have agreed
(International Commercial Law)
New Suitsplc, located in Scotland, entered in to a contract for sale with Suit Up Enterprises, located in Portugal, for 5000 tailor made suits. The contract is concluded FOB (Plymouth, UK). The contract contains the following clauses:
Clause 2.5 ‘In the event of a dispute all matters will be referred to British courts (England)’.
Clause 3.6 ‘The price payable to Goliath National plc of €2.5million will be due upon delivery of the suits’
Clause 5.2 ‘Each suit will be manufactured in Ireland from locally sourced materials’
New Suits is concerned since they have never dealt with Suit Up Enterprises before. They approach you as their solicitor for advice.
Advise New Suits on the applicable law to the contract and the jurisdiction to hear any dispute
Word Limit: 1000 words excluding footnotes and bibliography.