POLOŽAJ ARBITRA U ARBITRAŽNOM POSTUPKU – KOMPARATIVNOPRAVNI PREGLED

In this paper, the author points out the importance of the quality of the arbitration trial, the fact that certainly affects the personality of the arbitrators themselves. In this work the author carried out a comparative review of legal solutions in the field of world legislators choice of arbitrators, their characteristics, powers and limitations in arbitration procedure and indicates in which direction it would be necessary to make the harmonization of national legislation, bearing in mind the current world standards set out in the field of arbitration law. By adopting modern laws, such as the Arbitration Law, as well as ratifying the major international conventions in this field have created the preconditions for better Arbitration trial with us, which leads to achieve greater legal certainty. Quality of the arbitration, with the theme of this aspect of the position of arbitrator in the arbitration proceedings are certainly as a direct implementation of the world's most important decision Convention, and harmonization with current international standards set in this field. The author concludes that it is necessary to continue the harmonization of national legislation, similar to the state with a rich tradition of arbitration, because the quality of arbitral awards in direct relation with personality caused and selected arbitrators and their position in the arbitration proceedings.U ovom radu autor ukazuje na značaj kvalitetnog arbitražnog suđenja, na koju činjenicu svakako utiče ličnost samih arbitara. Ovim radom autor vrši komparativno pravni pregled rešenja svetskih zakonodavaca u oblasti imenovanja arbitara, njihovih karakteristika, ovlašćenja i ograničenja u arbitriranju, te ukazuje u kom pravcu bi bilo nužno izvršiti harmonizaciju domaćeg zakonodavstva, imajući u vidu aktuelne svetske standarde postavljene u oblasti arbitražnog prava. Donošenjem modernog zakona, kao što je Zakon o arbitražama, kao i ratifikovanjem i implementiranjem najznačajnijih svetskih konvencija iz ove oblasti stvorili su se preduslovi za kvalitetnije arbitražno suđenje kod nas, što vodi postizanju većeg stepena pravne sigurnosti. Kvaliteti Zakona o arbitraži, sa aspekta teme ovog rada položaja arbitra u arbitražnom postupku svakako su kako direktna implementacija rešenja najznačajnijih svetskih konvencija, tako i harmonizacija sa aktuelnim svetskim standardima postavljenim u ovoj oblasti. Autor zaključuje da je nužno nastaviti sa harmonizacijom domaćeg zakonodavstva, po ugledu na države sa bogatom arbitražnom tradicijom, jer je kvalitet arbitražnih odluka u direktnoj uzročnoj vezi sa ličnošću izabranih arbitara i njihovim položajem u arbitražnom postupku

STANDBY LETTER OF CREDIT AS A MEANS OF SECURITY IN INTERNATIONAL CONTRACTUAL RELATIONS

The subject of this paper is a type of letter of credit that is not commonly encountered in the practices of domestic banks. It is not specifically regulated by domestic legislation; however, its significance is expected to grow in the international business relations of our businessmen with companies from other countries where the use of this payment security instrument is common in the banking industry. This type of letter of credit is theoretically of disputed legal nature, raising questions about whether it qualifies as a letter of credit, a type of guarantee, or a distinct legal institute. The focus of the research is on the standby letter of credit as a security measure in international contractual relations, particularly in sales and construction contracts. In sales contracts, the standby letter of credit serves to secure the interests of the seller, while in construction contracts, it can secure interests of both the client the contractor, depending on the party for whose benefit it was issued. The paper aims to define the standby letter of credit, explain its role in protecting the rights and interests of contracting parties, and explore its legal nature. In particular, we will conduct a comparative analysis between this legal institute and a ‘classic’ documentary letter of credit and a bank guarantee. In our legal theory, and to a greater extent in American and English legal theory, there are numerous works that deal with the topic of standby letters of credit. However, the legal regulations related to banking operations have changed over time, which requires a fresh perspective. The goal of this work is to familiarize our companies and banks engaged in transactions with foreign entities, where the issuance of this type of letter of credit is customary, with the role of a standby letter of credit as an instrument for ensuring contractual obligations. In addition to that, the paper aims to explore the legal relationships established with this type of letter of credit

FAKTORING – INSTRUMENT FINANCIRANJA U POSLOVNOJ PRAKSI – NEKOLIKO VAŽNIH PRAVNIH ASPEKATA

Succesful business practice needs constant sources of financial means. One of the biggest problems of business practice is how to provide these financial means. Among many other methods, business practice is using f actoring as a method of financing. Factoring, as a s pecial method of financing, is realised in practice by factoring contracts. Factoring contract is a legal transaction based on the institute of assignment, under which the creditor assigns its receivables to factor (generally specialized companies). Factoring has some common functions, first and most important of these functions is the function of financing (of the supplier). Other functions of factoring like advance payment, book keeping, regarding claims, collecting of the claims, protection against failures of payment are also very important. Commercial practice has developed numerous forms of factoring agreements. In spite of their diversity, all kind of factoring agreements have certain common characteristics in terms of their subject mater, conclusion, effect, termination etc. The factoring contracts are not fully encompassed by existing provisions of the law, but are regulated under the UNIDROIT Convention on International Factoring. In this article, the autors are analizing characteristics of factoring and the factoring contract.Uspješna poslovna praksa treba stalne izvore financijskih sredstava. Jedan od najvećih problema poslovne prakse je kako osigurati ta sredstva. Osim mnogih drugih metoda, u poslovnoj se praksi često koristi faktoring kao metoda financiranja. Faktoring se, kao posebna metoda financiranja, u praksi realizira putem ugovora o faktoringu. Ugovor o faktoringu je pravna transakcija zasnovana na instituciji doznake putem koje kreditor faktoru (uglavnom specijaliziranim tvrtkama) doznačuje tražbinu. Faktoring ima nekoliko uobičajenih funkcija od kojih je prva i najvažnija financiranje (dobavljača). Ostale funkcije faktoringa poput plaćanja unaprijed, knjigovodstva, ustanovljavanja potraživanja, naplate potraživanja, zaštite od neizvršene naplate, su također vrlo važne. Trgovinska praksa je razvila brojne oblike ugovora o fakoringu. Usprkos njihovoj raznolikosti, sve vrste ugovora o faktoringu umaju neke zajedničke karakteristike u smislu predmeta, zaključka, učinka, raskida itd. Ugovori o faktoringu nisu u potpunosti obuhvaćeni postojećim zakonskim propisima ali su regulirani UNIDROIT Konvencijom o međunarodnom faktoringu. U ovom članku autori analiziraju karakteristike faktoringa i ugovora o faktoringu

ADVANTAGES AND CHALLENGES OF DUAL EDUCATION IN THE DEVELOPMENT OF THE PROFESSIONAL IDENTITY OF ENGINEERS

The authors consider the strategic directions of the development of higher education in Republic of Serbia, especially in the light of legislative news regulating dual education at higher education institutions. In this context, they have paid a special attention to the analysis of legal acts and by-laws important for the development of the professional identity of engineers educated under the dual model of education. They have also perceived the number and structure of accredited study programs at higher education institutions in our country, which represent significant indicators of the direction of the development of the domestic economy mapped through the interest of employers for the engineers educated according to the dual model. So, we can conclude that there is an obvious influence of the fourth industrial revolution and the information age on all aspects of the society. Starting from all those changes that are happening and will happen, the Government of Republic of Serbia adopted the Education Strategy for the period from 2021 to 2030, in which there are given the vision, goals, and principles of education in the future. Talking about the dual model of higher education, the most important act is the Law on the Dual Model of Studies in Higher Education being in the focus of the authors in this research

Protection of land in the Republic of Serbia and ecological security with regard to strategic and legal frameworks

It is widely known that ecological and socioeconomic functions of the land are the basis for social and economic well-being. Despite this fact, land is still a relatively neglected natural resource, which can be concluded by analyzing the pressures on the land and the lack of systematic monitoring, which involves considering the situation and defining the program for its protection. In addition, insufficient allocations for solving these complex problems are evident, which, in addition to the inefficiency of the start-up, an-institutional and legal framework for land protection in the Republic of Serbia, ultimately lead to degradation of environmental security. Bearing this in mind, this paper emphasizes the need of adopting effective land protection measures in order to preserve ecological security, that is, an environmental management system that would reflect the tendency to eliminate negative environmental and human health impacts

NASTANAK I PRAVNO REGULISANJE INSTITUTA DRUGE ŠANSE ZA PREDUZETNIKE U EVROPSKOJ UNIJI

In the history of human civilization, there has always been the problem of over-indebtedness and personal bankruptcy, as well as the tendency to protect such persons to some extent from excessive sanctions or the consequences of their insolvency. Benevolence towards the debtor is limited by the existence of conditions of conscientiousness and honesty of the debtor in all legal systems, while the amount of debt forgiveness is different. Debt relief and providing a new chance to the entrepreneur is a kind of systemic social measure that should ensure the employment of the individual and his family, but also to ensure the continuity of the capitalist system. It is noticeable that benevolence towards the debtor through debt relief was a characteristic of the Anglo-Saxon jurisdictions, while the regulations of the states of legal systems based on Roman law were traditionally oriented in the opposite direction. Although the Republic of Serbia has regulated the matter of bankruptcy and reorganization, in many parts under the EU Directive on reorganization and bankruptcy from June 2019, it has not been the case with the area of the second chance for the entrepreneur and the possibility of debt release, so it will be necessary to adjust national regulations of bankruptcy. In this paper, the authors analyze the origin of debt forgiveness in case of entrepreneur bankruptcy through history and theories, and select the comparative law and provisions of the EU Directive on reorganization and bankruptcy which regulate the second chance for entrepreneurs, as well as the purpose and measures that preceded the adoption of this Directive. Another important possibility for insolvent entrepreneurs is their personal administration with bankruptcy estate during the process of reorganization. Entrepreneurs' personal administration is regulated by bankruptcy legislation in various ways in comparative legal systems, and in Serbian law, it had been regulated for the first time by the Bankruptcy Procedure Act of 2004, but repealed by the Bankruptcy Act in 2009. Taking into account its importance for the national bankruptcy law, Serbian legal theory has already given the reasons due to which it is necessary to reintroduce the institute of personal administration of debtors into domestic bankruptcy law. On the other hand, sole debt release in Serbian law comes into effect at the moment when the creditor declares to the debtor that he will not ask for the fulfillment of the debt and the debtor agrees with that, and such an agreement is made in writing. Debt release is a possibility provided in the Agreed Financial Restructuring Act 2015 that creditor and debtor may use during the process of reorganization, provided they reach an agreement to that end.Iako je Republika Srbija regulisala materiju stečaja i restrukturiranja, u mnogim delovima u skladu sa Direktivom EU o restrukturiranju i stečaju iz juna 2019. godine, oblast druge šanse za preduzetnika i mogućnost otpusta njegovih dugova nije uređena, pa će u tom delu biti neophodno prilagođavanje nacionalnih propisa o stečaju. U ovom radu autori analiziraju poreklo oprosta duga u slučaju bankrota preduzetnika u Direktivi EU o restrukturiranju i stečaju, kao i svrhu i mere koje su prethodile njenom donošenju. Autori takođe analiziraju poreklo oprosta dugova fizičkim licima kroz pravnu istoriju i teorijske stavove koji opravdavaju otpust duga za preduzetnike

Renewable energy resources in agriculture: Potential and legal framework in the Republic of Serbia

The disappearance of natural resources, development of environmental awareness and need to rationalize their spending, and in order to reduce the cost of energy production, caused an increasing need for the development and use of renewable energy sources (RES).Larger use of RES would provide energy security and lower energy imports. Of all forms of RES in R. Serbia, the biomass energy potential comes first. There has been considered legal framework relevant to the use of RES at the European level and within the boundaries of the R. Serbia. The authors point to the need for further harmonization of domestic legislation with global and European trends in the field of RES, as well as obligations from ratified international documents and the European integration process. The article also shows the potential of RES in agriculture as well as the actual state of exploitability in R. Serbia. Increasing the use of RES in R. Serbia can help diversify Serbian's energy supply, create growth and jobs, and lower greenhouse gas emissions

CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT – INTERNATIONAL LEGAL FRAMEWORK FOR GOALS ACHIEVEMENT AND SOME THEORETICAL INSIGHTS

Achieving a sustainable development should be one of the top priorities for the whole society. However, achieving a sustainable development is a complex function of different economic, social, institutional, political and historical factors. By implementing the corporate social responsibility, companies contribute to a sustainable development of the entire social system. According to the fact that it is not entirely clear at the micro level what corporate social responsibility involves, and that most of the company-level social activities are voluntarily initiated, it is necessary the institutional bodies encourage socially desirable forms of corporate behavior and implement the legal framework to business obligations to elicit responsible business procedures. Though responsible corporate business is highly desirable, companies have to consider the fact that the corporate interests and corporate social responsibility will always be constrained by the profit-maximizing prerequisites and general economic circumstances

The Principles of the Corporate Governance in Banks and Legislation of Republic of Serbia

Complex relations, a frequent separation of ownership, management, and control functions in banks, as well as turbulent and changeable market conditions make responsible, fair, and transparent corporate governance mechanisms extremely important for these financial institutions. “The culture” of the corporate governance is incorporated into the banking sector of Republic of Serbia and it is based on the national legislation and international governance standards. The aim of the research is to analyze the level of the implementation of international principles of corporate governance in the Serbian banking sector and to assess the adequacy and strength of the national legal and regulatory framework to enable and support such an act. The descriptive method, an analysis and synthesis technique, as well as the analysis of the content of laws, reports, and available national and foreign literature in the field of corporate governance, were used for the preparation of this paper. The result of the research implies the confirmed assumption that the legal and regulatory framework of corporate governance in the banking sector of Republic of Serbia makes the implementation of the international principles of corporate governance possible and sufficiently supports it

PROTECTION OF LAND IN THE REPUBLIC OF SERBIA AND ECOLOGICAL SECURITY WITH REGARD TO STRATEGIC AND LEGAL FRAMEWORKS

It is widely known that ecological and socioeconomic functions of the land are the basis for social and economic well-being. Despite this fact, land is still a relatively neglected natural resource, which can be concluded by analyzing the pressures on the land and the lack of systematic monitoring, which involves considering the situation and defning the program for its protection. In addition, insuffcient allocations for solving these complex problems are evident, which, in addition to the ineffciency of the start-up, an-institutional and legal framework for land protection in the Republic of Serbia, ultimately lead to degradation of environmental security. Bearing this in mind, this paper emphasizes the need of adopting effective land protection measures in order to preserve ecological security, that is, an environmental management system that would reflect the tendency to eliminate negative environmental and human health impacts