| Commercial Law is law relating to business, and | | | | financial institutions to make sure they are |
| often referred to as Business Law. There are | | | | following the law. There are regulations stating |
| many areas of Commercial Law and other areas | | | | what banks are obliged to do, and what they |
| of law that also affect business. Below is a | | | | must not do. There can be disputes between |
| summary of some of these. | | | | banks and businesses that go to court such as |
| ARBITRATION LAW | | | | non-paid loans or banks acting unreasonably. |
| This is a way of settling legal disputes without | | | | DISPUTE RESOLUTION |
| entering the courtroom, something that can be | | | | Unsurprisingly there are often disputes between |
| helpful to many businesses. It involves someone, | | | | businesses, or between and business and an |
| or a committee, acting as an arbitrator and | | | | individual. If clients are unhappy with the service |
| independently looking at a case before making a | | | | they have received they may contest it. This |
| decision as to a way forward. Usually in these | | | | means it is important that businesses fulfil their |
| cases the two parties will agree (and sign a legally | | | | obligations; if they don't they could be legally |
| binding contract) to go by whichever decision the | | | | challenged. |
| arbitrator makes. | | | | EMPLOYMENT LAW |
| CONTRACT LAW | | | | There are many laws around this area, which |
| Throughout business, there are obviously many | | | | both employers and employees must fulfil. |
| contracts of all types. There are contracts | | | | Employees must be paid at least minimum wage |
| between employers and employee, stating details | | | | and are entitled to at least 4 weeks paid holiday |
| such as employees pay, holiday, working hours | | | | (pro rata) per year. Employees must show up for |
| and what the job entails. There are also contracts | | | | work and do the job they are being paid for. |
| between businesses and their clients stating what | | | | There may be many other terms in a contract. |
| the business will deliver and how much they will be | | | | TAX LAW |
| paid, and then there are contracts between | | | | All individuals and businesses who earn over a |
| businesses and other institutions, such as banks. | | | | certain amount must pay tax. Employees who |
| Contract Law states the way in which contracts | | | | earn over the tax threshold must pay income |
| must be formatted and what should be included. | | | | tax. This is automatically taken from their pay as |
| Whether or not a contract is legally binding is | | | | a percentage of their earning, which varies |
| sometimes argued. Contracts might be | | | | depending on what they are paid. Those who are |
| unreasonable or the contents illegal. There can also | | | | self employed are responsible for working out |
| be disputes as to whether the terms of a | | | | their own tax, and will be held accountable should |
| contract have been broken, something that is | | | | they fail to do so. Corporations must pay |
| illegal. | | | | corporate tax on a percentage of their profits, |
| BANKING LAW | | | | although they can deduct money from their |
| This includes and dealings involving banks and their | | | | profits used for business expenses. This can be |
| relationships with a business. There are many | | | | complex, and the law deals with those who break |
| regulations around banking so it is important for | | | | the law. |