Law merchant meaning

Mergers CMA issues interim report in GXO/Wincanton merger phase 2 investigation; provisionally finds competition concerns The CMA has published its interim report and interim notice on the completed takeover of Wincanton Plc (Wincanton) by GXO Logistics, Inc (GXO). GXO is the world’s largest contract logistics services company. Wincanton, a UK‑based business, also provides these services. Both organisations supply mainstream contract logistics services (CLS) to business customers in retail—such as groceries, fashion, and apparel—and in non‑retail—such as manufacturing and construction—sectors. In its phase 1 review, the CMA determined that the merger gives rise to a realistic prospect of an SLC, stemming from horizontal and unilateral effects in the provision of mainstream CLS across the UK...

Private actions CAT issues collective proceedings orders brought by Commercial Interregional Card Claims I Limited and Commercial and Interregional Card Claims II Limited against Mastercard and Visa On 9 August 2024, the CAT granted collective proceedings orders in relation to applications under section 47B of the Competition Act 1998, advanced by Commercial and Interregional Card Claims I Limited (CICC I) and Commercial and Interregional Card Claims II Limited (CICC II), against each of Mastercard and Visa respectively (together, the defendants)...

The government has also tabled draft legislation in Parliament. Once the statutory instrument (SI) is approved, BNPL products will be regulated 12 months after the SI is made. Lenders should expect the framework in force by end-2026. Although the policy trajectory is set, several key points remain unresolved. Key aspects of BNPL Regime Going forward, regulated BNPL agreements will be called regulated deferred payment credit agreements—deferred payment credit, or DPC. Scope In a boost for merchants, BNPL will be regulated only where a third-party lender is involved. An anti-avoidance measure tackles reseller-style models: where a lender buys the goods and resells them as the merchant, the deal is regulated, not exempt. Most merchants offering DPC will not need FCA authorisation as credit brokers. Unauthorised merchants must have financial promotions approved by an authorised firm—usually the third-party lender, if it holds the relevant permission. The broking exclusion does not currently extend to domestic premises suppliers; this remains under review after late-stage...

CASE HUB NOTE—appeal lodged before the General Court in Case T-590/20 ARCHIVED—this case hub records the position as at the decision of 14 July 2020; it is no longer being updated. See timeline and commentary for more Case facts Outline European Commission Article 101 TFEU probe into a cartel involving purchases on the ethylene merchant market (AT.40410) Latest development On 14 July 2020, the Commission adopted an infringement decision after four companies settled and accepted their role in the cartel. Aggregate penalties of €260.443m were imposed. Fines per company were: Westlake—no penalty (immunity granted) Orbia—€22,367,000 (including a 45% leniency reduction and a 10% settlement discount) Clariant—€155,769,000 (including a 30% leniency reduction and a 10% settlement discount) Celanese—€82,307,000 (including a 20% leniency reduction and a 10% settlement discount) Parties Westlake Chemical (hereafter, Westlake), a US-based company, is a global manufacturer and supplier of petrochemicals, polymers and building products Orbia Advance (hereafter, Orbia), a...

Introduction The business model that supports a liquefied natural gas (LNG) project is crucial, as it shapes the project’s overall risk profile and, in turn, the form of financing required. The selection ultimately rests on several factors, such as risk appetite, fiscal and tax drivers, and the investor’s financing considerations, alongside whether they wish to invest in one or more segments of the LNG chain (for more on the LNG value chain, see Practice Note: LNG—an introduction). LNG projects can be configured in a range of ways: integrated/non-integrated merchant/tolling In an integrated arrangement, ownership is aligned across the whole LNG chain, from production through to liquefaction—that is, one or more investors holding the underlying upstream concession/PSC also hold the rights to the natural gas reserves...

EU ambitions to cut landfill disposal, together with advances in technology, spurred the roll-out of new waste infrastructure across the UK. Broadly, two principal contracting routes exist for such schemes: Waste Private Finance Initiative (PFI) and Public-Private Partnership (PPP) infrastructure contracts, which, from February 2025, are generally subject to the Procurement Act 2023. Existing PFI and Private Finance 2 (PF2) arrangements entered into before November 2018 continue to run Merchant waste infrastructure contracts A merchant contract is a binding agreement between a business (the merchant) and, commonly, an acquiring bank. Merchant waste schemes are those where the sponsor (or ‘acquiring bank’) is a private entity, for example the Green Investment Group. They may cover projects reliant on private, specialist feedstocks such as refuse derived fuel, commercial and industrial waste, and waste wood. This Practice Note concentrates on merchant waste infrastructure contracts. For details on waste PFI/PPP schemes, see Practice Note: Waste projects—waste PFI/PPP infrastructure projects. For general background on waste projects, including...

This Agreement is entered into on [ date ] Parties [ Insert name of supplier ], [ of OR trading as [ insert trading name ] OR a company incorporated in [ England and Wales ] under number [ insert registered number ], whose registered office is at [ insert address ] ] ( Supplier ); and [ Insert name of merchant ], [ of OR trading as [ insert trading name ] OR a company incorporated in [ England and Wales ] under number [ insert registered number ], whose registered office is at [ insert address ] ] ( Merchant ), each of the Supplier and the Merchant is a party and, together, they are the parties. Background The Supplier is engaged in the business of providing [ insert description of goods ] to other businesses. The Merchant carries on the business of [ insert description ]. The parties have agreed that the Supplier will...

For additional hands-on guidance on funding energy, power and resources projects across varied sectors, including those covered in this Precedent, consult the textbook: Energy and Resources Financing: A Practical Handbook. PROJECT DETAILS PROJECT NAME: [ insert name of project ] CLIENT: [ insert name of client ] [ Insert name of firm ] PROJECT LEAD: [ insert name of client/lead partner ] PROJECT PARTIES Account Bank(s): [ insert name of Account Bank ] (Company registration no. [ insert number ]), having its registered office at [ insert registered office of Account Bank ] Agent: [ insert name of Agent ] (Company registration no. [ insert number ]), with its registered office at [ insert registered office of Agent ] Architect: [ insert name of Architect ] (Company registration no. [ insert number ]), with its registered office at [ insert registered office of Architect ] Arrangers: [ insert name of Arrangers ] (Company registration...

This Agreement is dated [ date ] Parties [ insert name of supplier ] [ of OR trading as [ insert trading name ] of OR a company incorporated in [ England and Wales ] under number [ insert registered number ] whose registered office is at ] [ insert address ] (Supplier); [ insert name of merchant ] [ of OR trading as [ insert trading name ] of OR a company incorporated in [ England and Wales ] under number [ insert registered number ] whose registered office is at ] [ insert address ] (Merchant), Each of the Supplier and the Merchant is a party and, together, the Supplier and the Merchant are the parties. Background The Supplier carries on the business of supplying [ insert description ] to other businesses. The Merchant carries on the business of [ insert description ]. The parties have agreed that the Supplier shall supply goods to...