SIGNIFICANCE AND ROLE OF TRADING CUSTOMS IN INTERNATIONAL TRADE AND IN THE REGULATION OF INTERNATIONAL AGREEMENTS

Trade custom is a rule that has developed in the field of commerce on the basis of a constant and uniform repetition of actual relationships. Trade custom is of great importance in international trade and merchant shipping. The role of trade custom is increasing in the regulation of those areas of foreign economic cooperation that are not regulated by laws. Trade custom plays a decisive role in the resolution of disputes between parties to arbitration.
A trade custom must meet the requirements: it must have the character of a general rule, be known in the relevant field of trade, defined in its content and reasonable. A condition for the application of a trade custom is knowledge of it by the parties making the transaction. Trade customs determine the content of some conditions of contracts (if there are ambiguities and inaccuracies in contracts).