ILO Staff

Piercing the Corporate Veil in Iran

It is often posited that limited liability companies were one of the most significant innovations of the modern era which made the capitalist revolution possible. Through them, investors could full-heartedly venture into new investments without the fear of losing everything; because, their liability would be limited to the amount of their share in the company.

Read More

Protect IP on social media

The Berne Convention was adopted in the late nineteenth century and currently has 174 signing countries. For any author from any of the participating countries, this means that their work receives protection in 174 states. Protection also means that an author’s work would not be translated or adapted without the author’s authorization. Opting out of international treaties like the Berne Convention means that international authors’ works are exploited in the Persian market and somehow vice-versa.

Read More

KEY POINTS WITH RESPECT TO LABOR LAW OF IRAN

Labor Code has been ratified in the year 1990 while other acts, circulars, amendments, etc., are in place which is strongly in favor of the workers. In this report, the following major points of this Code will be examined:

Read More

Ukraine institutes proceedings against the Russian Federation and requests International Court of Justice to indicate provisional measures

Unless you have opted to live in a cave (which to be clear we have nothing against considering the insane world we are living in), you are already following the news of Russia’s invasion of Ukraine (or so-called special military operation as Russia puts it!). There is of course a lot to discuss and have an opinion on what has been happening between the two countries for the purpose of which there are far more eligible people but, in this News & Analysis we are having a look at Ukraine’s latest legal actions before the International Court of Justice (“ICJ” or “Court”) which is the principal judicial organ of the United Nations.

Read More

Basic Explanation of Two Important Clauses in a Term Loan Agreement

The Basics of Conditions Precedent Clause

The conditions precedent (“CP”) are conditions to be fulfilled before the lender releases the loan to the borrower. Such conditions may be applicable at the time of first drawdown or any future drawdowns during the loan agreement. This clause provides a mechanism for the lender to ascertain the existence of certain documentary and non-documentary (factual) circumstances before giving out the loan. The lender, employing CP clause, tries to safeguard the fund it is going to put at risk. If there is no CP clause, the bank will be obliged to give out the loan. In this case, the bank will be defenseless unless the borrower commits a default.[1]

Read More

Defence Rights of Accused: Legal Basis

Among the most evident rights of an accused person in all judicial systems, the accused’s defence rights stand at the top. As one of the fundamental principles of fair trial, it is envisaged in national laws including Criminal Procedure Code as well as the Law on Respect for Legitimate Freedom and Protection of Citizen’s rights (ratified in May 2004) which provides that “The courts and prosecution offices are obliged to observe the accused’s rights and provide them with the opportunity to take lawyers and experts.”

Read More

THE GLANCE ON LETTER OF CREDITS

Documentary credit transactions around the world are in compliance with international practices which has been developed by the International Chamber of Commerce (ICC). Fortunately, with due attention to the revision of the Uniform Customs and Practice for Documentary Credits (UCP), there is an opportunity for merchants as a valuable resource at international level for doing businesses.

Read More