Legal Knowledge and Sharing

Marine insurance is not any type of insurance brought recently to the market, but it has been around for years. Apart from this, with time, it has developed with the expansion of trade. Marine insurance is necessarily concerned with overseas trade. There is a trade, which involves the transformation from one place to another by ships. Now, this procedure of transshipment of goods from one place to another has its fair share of risks.  That’s why it becomes essential to secure these goods. Besides, marine insurance is vital as it delivers protection against any loss/damage incurred to the ship and to the cargo, which the ship is transporting.  Whether you own a yacht or ship for any commercial or any transportation purpose, marine cargo insurance policy will protect you from every marine-related risks.  Principle of Utmost Good Faith The marine insurance policy rely on the principle of utmost good faith, which clearly shows that when filling the marine insurance policy doc...

Intellectual property comprises of all that come out with the exercise of human brain. It separates movable and immovable properties from the creations of the human mind, the human intellect. Intellectual property may be seen as ideas inventions, designs, poems, etc. Jeremy Phillips and Alison Firth in their book “Introduction to Intellectual Property Law” say that intellectual property has two meanings, one ordinary and the other legal. The ordinary description is that it simply comprise of all that come out with the exercise of human brain. The legal description is that they are rights which are enjoyed in the produce of the mind. Generally we can say, intellectual property means the rights resulting from the creations of the human mind. It generally contains the rights relating to, (a) literary and artistic works (novel, poems, plays, film, musical works, computer programmes, databases, drawings, paintings, photographs) (b) performances of performing artists, sound and broadcast. (c...

CONCEPT Introduction: Questionable explanation of the term “secular” in the present constitution under Article 14, Part 1 debates with the declaration of Nepal as a Secular State in 4th Jestha, 2063. However, what we all acknowledge is that Nepali society has been structured based on Hindu Religion. Therefore, it was natural for Nepali Legal System to be originally guided by Hindu Philosophy and Ideology. According to John Hanry Merryman, “A legal System is an operating set of Legal institutions, procedures, and rules”. It develops on due course of time depending on various factors. Generally, the choices for the development of law and legal system are: 1. On the basis of existing customs or developed independently over a long period of time in their own history of a country. 2. On the basis of scholarly effort of having developed by codified law. 3. On the basis of court practice. Nepali Legal System originally belonged to the First Category. It developed over a long period of time in...

Corporate governance is a process that aims to allocate corporate resources in a manner that maximizes value for all stakeholders – shareholders, investors, employees, customers, suppliers, environment and the community at large and holds those at the helms to account by evaluating their decisions on transparency, inclusivity, equity and responsibility. The World Bank defines governance as the exercise of political authority and the use of institutional resources to manage society's problems and affairs. Corporate governance also is the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled. It also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. In contemporary business corporations, the main external stakeholder groups are shareholders, debt holders, trade creditors, suppliers, customers and communities affected by the corp...