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Human Rights Protections in International Supply Chains—Protecting Workers and Managing Company Risk: 2018 Report and Model Contract Clauses from the Working Group to Draft Human Rights Protections in International Supply Contracts, ABA Section of Business Law 国际供应链中的人权保护——保护工人和管理公司风险:国际供应合同中人权保护草案工作组2018年报告和示范合同条款,ABA商法分会
Q2 Social Sciences Pub Date : 2018-06-12 DOI: 10.2139/ssrn.3194819
David V. Snyder, Susan Maslow
This report and the model contract clauses that it contains are an effort to help companies provide legally effective and operationally likely human rights protections for workers in international supply chains. The report is the product of the Working Group to Draft Human Rights Protections in International Supply Contracts, which is a unit of the American Bar Association Business Law Section. After identifying the problems, such as human trafficking and factory collapses as well as developing compliance obligations under federal, state, and foreign law, the report explains the difficulty of drafting legally effective clauses. Most of the issues result from the focus of established sales law on the conformity of the goods themselves rather than on the conditions under which the goods are made. Other issues stem from the tension between default remedies under sales law and the remedies that buyers and non-parties would prefer in the context of forced labor or other human rights violations. Accordingly, many clauses focus on warranty and remedies issues. In addition, disclaimers attempt to manage company risk by addressing theories of liability advanced in litigation (e.g., undertaking liability, peculiar risk doctrine, and third party beneficiaries). The contract clauses are drafted in the alternative so that they should work under the Uniform Commercial Code (UCC), as it is in effect in most of the US, and under the UN Convention on Contracts for the International Sale of Goods (CISG), which applies to many international sales of goods. Extensive annotations based on legal research explain the drafting choices made.
本报告及其所包含的示范合同条款旨在帮助企业为国际供应链中的工人提供法律上有效和操作上可行的人权保护。该报告是起草国际供应合同中的人权保护工作组的成果,该工作组是美国律师协会商法科的一个单位。在确定了人口贩运和工厂倒闭等问题,以及根据联邦、州和外国法律制定合规义务之后,报告解释了起草具有法律效力的条款的困难。大多数问题都是由于现行销售法把重点放在货物本身的一致性上,而不是放在货物的制造条件上。其他问题源于销售法规定的违约补救措施与买方和非当事人在强迫劳动或其他侵犯人权情况下更愿意采取的补救措施之间的紧张关系。因此,许多条款侧重于保证和救济问题。此外,免责声明试图通过解决诉讼中先进的责任理论(例如,承担责任,特殊风险原则和第三方受益人)来管理公司风险。合同条款是以另一种方式起草的,以便它们在《统一商法典》(UCC)和《联合国国际货物销售合同公约》(CISG)下工作,后者适用于许多国际货物销售。《统一商法典》在美国大部分地区都有效。基于法律研究的大量注释解释了所做的起草选择。
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引用次数: 1
The Corporate Agreement in the System of Sources of Corporate Relations Regulation 公司关系渊源制度中的公司协议规制
Q2 Social Sciences Pub Date : 2016-03-03 DOI: 10.18572/1999-4788-2016-1-23-31
V. Laptev
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引用次数: 1
Classifi cation of sources of the entrepreneurial law 创业法渊源的分类
Q2 Social Sciences Pub Date : 2015-09-10 DOI: 10.18572/1999-4788-2015-3-57-64
V. Laptev
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引用次数: 0
Putting Stockholders First, Not the First-Filed Complaint 把股东放在第一位,而不是先提起诉讼
Q2 Social Sciences Pub Date : 2013-01-10 DOI: 10.2139/SSRN.2200499
L. Strine, Lawrence A. Hamermesh, Matthew C. Jennejohn
The prevalence of settlements in class and derivative litigation challenging mergers and acquisitions in which the only payment is to plaintiffs’ attorneys suggests potential systemic dysfunction arising from the increased frequency of parallel litigation in multiple state courts. After examining possible explanations for that dysfunction, and the historical development of doctrines limiting parallel state court litigation — the doctrine of forum non conveniens and the “first-filed” doctrine — this article suggests that those doctrines should be revised to better address shareholder class and derivative litigation. Revisions to the doctrine of forum non conveniens should continue the historical trend, deemphasizing fortuitous and increasingly irrelevant geographic considerations, and should place greater emphasis on voluntary choice of law and the development of precedential guidance by the courts of the state responsible for supplying the chosen law. The “first-filed” rule should be replaced in shareholder representative litigation by meaningful consideration of affected parties’ interests and judicial efficiency.
在集体诉讼和衍生诉讼中和解的普遍存在,其中唯一的付款是给原告律师,这表明多个州法院平行诉讼的频率增加可能导致系统性功能障碍。在考察了这种功能障碍的可能解释,以及限制平行州法院诉讼的理论的历史发展——不方便法院原则和“先诉”原则——之后,本文建议对这些理论进行修订,以更好地解决股东阶级和衍生诉讼。对不方便法院原则的修订应延续历史趋势,不再强调偶然和日益无关的地理考虑,而应更加强调自愿选择法律,以及由负责提供所选法律的州的法院发展先例指导。在股东代表诉讼中,应以对当事人利益和司法效率的合理考虑取代“先诉”原则。
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引用次数: 3
Causation by Presumption? Why the Supreme Court Should Reject Phantom Losses and Reverse Broudo 推定因果关系?为什么最高法院应该驳回幻影损失并撤销布鲁多案
Q2 Social Sciences Pub Date : 2005-01-01 DOI: 10.2139/SSRN.648624
J. Coffee
The Supreme Court is about to hear Dura Pharmaceuticals Inc. v. Broudo, a case in which the Ninth Circuit significantly liberalized the "loss causation" standards applicable to federal securities litigation. In response to a companion article by Professor Merritt Fox, which favors such a liberalization and even the abandonment of loss causation as a necessary element, Professor Coffee argues that any change in causation standards that permits a plaintiff to escape showing a decline in the security's stock market price attributable to the material misstatement or omission gives rise to perverse incentives, which would likely result in the award of phantom losses that may have been caused instead by other factors, such as a market bubble. More generally, he argues that the securities class action against the corporate defendant in cases of secondary market stock drops appears to serve little legitimate function, advancing neither compensatory nor deterrent ends. Instead, such actions against the corporation (as opposed to actions against gatekeepers, controlling persons or the corporation in the primary market setting) principally effect inefficient wealth transfers among largely diversified shareholders. Given the legal and other transaction costs involved, shareholders appear likely to be net losers from such actions. As a result, he concludes that further minimization of the causation requirement should await policy clarification of the role of the "fraud on the market" action against a non-trading issuer defendant.
最高法院即将审理Dura制药公司诉Broudo案,第九巡回法院在该案中显著放宽了适用于联邦证券诉讼的“损失因果关系”标准。在回应Merritt Fox教授的一篇支持这种自由化,甚至放弃损失因果关系作为必要因素的文章时,Coffee教授认为,任何因果关系标准的变化,如果允许原告逃避证明由于重大错报或遗漏而导致的证券股票市场价格下跌,就会产生不正当的激励。这可能会导致虚幻损失的赔偿,而这些损失可能是由市场泡沫等其他因素造成的。更一般地说,他认为,在二级市场股票下跌的情况下,针对公司被告的证券集体诉讼似乎没有起到什么合法作用,既没有起到补偿作用,也没有起到威慑作用。相反,这种针对公司的行动(相对于针对看门人、控制人或主要市场环境中的公司的行动)主要是在很大程度上分散的股东之间造成低效的财富转移。考虑到所涉及的法律和其他交易成本,股东似乎可能成为此类行动的净输家。因此,他的结论是,进一步最小化因果关系要求应该等待政策澄清针对非交易发行人被告的“市场欺诈”行为的作用。
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引用次数: 8
Should a Duty to the Corporation be Imposed on Institutional Shareholders 机构股东应该承担公司责任吗
Q2 Social Sciences Pub Date : 2004-05-01 DOI: 10.2139/SSRN.546642
R. Karmel
The common law principle that directors owe a primary duty to their corporation and a secondary duty to the shareholders of that corporation, has been gradually eroded by the federal securities laws so that directors are charged with owing duties to shareholders, with the corporation and other corporate constituents relegated to a lower status. Further, the shareholder primacy model has become the dominant model in scholarship theories with regard to the firm, although other models have been proposed and debated. Under the shareholder primacy model, shareholders are considered the "owners" of the corporation and therefore given rights at the expense of other corporation constituents. Although modern institutional investors do not behave like owners of corporate property, the shareholder primacy norm has been strengthened and reinforced by the Sarbanes-Oxley Act of 2002. Further, in the wake of recent corporate scandals, institutions have been demanding more rights, specifically more rights with respect to the nomination of corporate directors. In view of these demands, this Essay will inquire as to whether large shareholders should obtain any such rights without also acquiring duties to the corporations in which they invest and to other shareholders.
普通法中董事对公司负有首要责任,对公司股东负有次要责任的原则,已逐渐被联邦证券法所侵蚀,董事被指控对股东负有责任,公司和其他公司成员的地位被降至较低的地位。此外,股东至上模型已经成为关于公司的学术理论的主导模型,尽管其他模型已经被提出和辩论。在股东至上模式下,股东被认为是公司的“所有者”,因此以牺牲公司其他成员的利益为代价赋予他们权利。尽管现代机构投资者的行为不像公司财产的所有者,但2002年的《萨班斯-奥克斯利法案》(Sarbanes-Oxley Act)强化了股东至上的规范。此外,在最近的公司丑闻之后,机构要求更多的权利,特别是在公司董事提名方面的权利。鉴于这些要求,本文将探讨大股东是否应该在不对其投资的公司和其他股东承担义务的情况下获得任何此类权利。
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引用次数: 39
Collapsing Corporate Structures: Resolving the Tension Between Form and Substance 崩溃的公司结构:解决形式与实质之间的紧张关系
Q2 Social Sciences Pub Date : 2003-09-19 DOI: 10.2139/SSRN.436642
S. Schwarcz
This article engages a fundamental question of corporate law: when is a corporate structure legitimate, and when should it be collapsed? Although this question arises in many contexts (such as substantive consolidation, piercing the corporate veil, and collapsing leveraged buyout transactions), it is becoming most urgent in the context of widespread but increasingly complex structured finance transactions, which often utilize multiple corporate entities as part of the overall structure. Judges and scholars have attempted to answer this question in isolated doctrinal contexts, but they have not seen the question as cutting across doctrines or attempted to formulate rules of general application, much less an overall theory from which to derive such rules. This failure leaves the law with unsettling ad hocery, which in turn creates uncertainty, inconsistency, and inefficiency on multiple levels. My article attempts to answer this question by synthesizing existing doctrine, applying economic and contract theory to the synthesis, and then testing the result against actual examples. The answer not only helps to explain and harmonize existing doctrine but also provides a conceptual framework for developing future judicial doctrine and legislative initiatives.
本文涉及公司法的一个基本问题:什么时候公司结构是合法的,什么时候应该崩溃?尽管这个问题在很多情况下都会出现(比如实质性合并、揭开公司面纱和杠杆收购交易的崩溃),但在广泛但日益复杂的结构性融资交易的背景下,它变得最为紧迫,这些交易通常利用多个公司实体作为整体结构的一部分。法官和学者试图在孤立的理论背景下回答这个问题,但他们没有把这个问题看作是跨理论的问题,也没有试图制定普遍适用的规则,更不用说从一个整体理论中推导出这些规则。这种失败使法律陷入不安和混乱,从而在多个层面上造成不确定性、不一致性和低效率。本文试图通过综合现有理论,将经济学和契约理论应用到综合理论中,并通过实例检验结果来回答这个问题。这个问题的答案不仅有助于解释和协调现有的司法理论,而且还为未来的司法理论和立法举措的发展提供了一个概念框架。
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引用次数: 9
Commercial Trusts as Business Organizations: Unraveling the Mystery 商业信托作为商业组织:揭开奥秘
Q2 Social Sciences Pub Date : 2003-01-02 DOI: 10.2139/SSRN.319802
S. Schwarcz
Notwithstanding their origins in gratuitous transfers, trusts are increasingly being used for securitizations and other distinctly non-gratuitous commercial or financial transactions. Few, however, have considered whether existing trust law is adequate to govern these "commercial" trusts, or whether commercial trusts are a better form of business organization than traditional alternatives, such as corporations. My article builds an analytical framework to examine these issues, concluding that commercial trusts and corporations can be viewed as mirror-image entities that respond to different investor needs. Although its focus is on trust law in the United States, the article also attempts to inform scholars in civil law countries, where trusts are only now beginning to be recognized, why trusts have become important forms of business organization.
尽管信托起源于无偿转让,但它越来越多地被用于证券化和其他明显非无偿的商业或金融交易。然而,很少有人考虑现有的信托法是否足以管理这些“商业”信托,或者商业信托是否比传统的替代商业组织形式(如公司)更好。我的文章构建了一个分析框架来研究这些问题,得出的结论是,商业信托和公司可以被视为响应不同投资者需求的镜像实体。虽然这篇文章的重点是美国信托法,但它也试图告诉大陆法系国家的学者,为什么信托已经成为重要的商业组织形式,在这些国家,信托才刚刚开始被认可。
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引用次数: 19
"Wells Submissions" to the SEC as Offers of Settlement Under Federal Rule of Evidence 408 and Their Protection from Third-Party Discovery 根据《联邦证据规则》第408条及其对第三方发现的保护,“Wells提交给SEC的和解协议”
Q2 Social Sciences Pub Date : 2002-11-01 DOI: 10.2307/1123663
Joshua A. Naftalis
Each year, the Section of Business Law sponsors the Mendes Hershman Student Writing Contest to encourage and reward law student writings on business law subjects of general and current interest. Essays submitted for consideration must be the work oj the submitting student without substantial editorial input from others. The papers are judged on research and analysis, choice oj topic, writing style, originality, and contribution to the literature available on the topic. Depending on the topic, whether the paper has been previously published, and other factors, the winning essay is considered for publication in The Business Lawyer. The winning essay for 2002-2003 was submitted by Joshua A. Naftalis. However, Mr. Naftalis' paper had previously been published at 102 Colum. L Rev. 1912 (2002), so it is not being republished here. Mr. Naftalis was awarded the Mendes Hershman Student Writing Contest Prize at the Sections luncheon at the Annual Meeting in August 2003. An abstract of Mr. Naftalis' paper is set forth below.
商法学院每年都会举办门德斯·赫什曼学生写作比赛,鼓励和奖励法律专业学生就普遍和当前感兴趣的商法主题进行写作。提交的论文必须是提交学生的作品,没有其他人的实质性编辑输入。论文的评判标准包括研究和分析、选题、写作风格、独创性和对相关文献的贡献。根据主题,论文是否以前发表过,以及其他因素,获奖论文被考虑在商业律师上发表。2002-2003年度的获奖文章是由Joshua A. Naftalis提交的。不过,Naftalis先生的论文以前曾在102专栏发表过。L Rev. 1912(2002),所以这里不再重印。2003年8月,纳夫塔利斯先生在年会的午餐会上被授予门德斯·赫什曼学生写作比赛奖。纳夫塔利斯先生的论文摘要如下。
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引用次数: 4
Understanding Enron: It's About the Gatekeepers, Stupid 了解安然:这是关于守门人的,笨蛋
Q2 Social Sciences Pub Date : 2002-07-30 DOI: 10.2139/SSRN.325240
J. Coffee, J. Coffee
Debacles of historic dimensions tend to produce an excess of explanations. So has it been with Enron, as virtually every commentator has a different diagnosis and a different prescription. Yet, in most respects, Enron is a maddeningly idiosyncratic example of pathological corporate governance, which by itself cannot provide evidence of systematic governance failure. Properly understood, however, the Enron debacle furnishes a paradigm of "gatekeeper failure" - that is, of why and when reliance may not be justified on "reputational intermediaries," such as auditors, securities analysts, attorneys, and other professionals who pledge their reputational capital to vouch for information that investors cannot easily verify. This comment shows that, during the 1990's, the expected liability costs associated with gatekeeper acquiescence in managerial misbehavior went down, while the expected benefits went up - with the unsurprising result that earnings restatements and earnings management increased. Diagnosing the circumstances under which "gatekeeper failure" is likely leads in turn to prescriptions focused on re-aligning the incentives of gatekeepers with those of investors.
历史层面的崩溃往往会产生过多的解释。安然事件也是如此,几乎每个评论员都有不同的诊断和不同的处方。然而,在大多数方面,安然是病态公司治理的一个令人发狂的特例,它本身并不能提供系统性治理失败的证据。然而,如果正确理解的话,安然的崩溃提供了一个“看门人失败”的范例——也就是说,为什么以及何时信任“声誉中介”是不合理的,比如审计师、证券分析师、律师和其他专业人士,他们以自己的声誉资本为投资者无法轻易核实的信息作担保。这一评论表明,在20世纪90年代,与守门人默许管理不当行为相关的预期责任成本下降了,而预期收益上升了——其结果是,盈余重述和盈余管理增加了。对“看门人失灵”可能发生的情况进行诊断,进而得出重点在于重新调整看门人与投资者激励的处方。
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引用次数: 303
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Business Lawyer
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