Illuminate 8: Payment Clauses and Retention of Title

Illuminate 8 is included in the Illuminate Plus Programme or costs £50 if you only want to buy this course.

This course is about two of the most important topics found in any commercial contract, namely the clauses which contain information about payment and those that deal with the transfer of the ownership of whatever is being sold under the agreement.

PREPARING FOR THE SQE: This module is excellent preparation for any international lawyer or law student who plans to take the new Solicitors Qualifying Exam (SQE). If English is not your first language, this course contains vocabulary, grammar and legal concepts that will help your understanding of SQE study material.

The focus is on a cross-border contract for the sale of goods, using the example of a seller in Turkey and a buyer in England. The contract between them will state when the buyer must make payment for the goods and the consequences of late payment. Another important aspect of the agreement is precisely when the buyer becomes the legal owner of the goods. The module also introduces the subjects of negotiating parties drawing up heads of terms and the use of templates in contract drafting.

Course access: this online legal English course will be available for 180 days after purchase.

At the end of this course in English for lawyers, you will know more about:

• how the parties negotiating a commercial contract reach heads of terms
• the idea of just-in-time supply chains, credit terms between businesses, invoicing, and when time for payment starts to run 
• the use of contract templates to draw up the final agreement between the parties
• calendar days and business days as defined terms in contracts  and the legal concept of ‘time is of the essence’
• the difference between operative provisions and boilerplate clauses
• interest as a penalty for late payment and how interest is calculated
• the LIBOR
• the idea of forbidding any set off in payment clauses
• termination for late payment and the concept of material breach versus minor breach
• retention of title clauses and their role in the insolvency of a buyer under a contract
• the recovery of goods under a retention of title clause and trigger events 
• some key legal English dictionary terms that are essential to practising commercial law at an international level

TOLES PREPARATION: This course is excellent preparation for all three levels of the TOLES exams in professional legal English.