Importance of the United Nations Convention on contracts for the international sale of goods
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Importance of the United Nations Convention on contracts for the international sale of goods

Most companies, large or small, and even entrepreneurs, purchase international supplies for their day-to-day operations. The globalization in which we live and the interrelation of businesses at an international level make it increasingly important to achieve minimum standards for the preparation of contracts, especially for contracts for the international sale of goods. Historically, contracts for…

Keys to Effective Legal Risk Management
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Keys to Effective Legal Risk Management

Today, many companies have made significant efforts to implement risk management tools to prevent problems that can cause monetary or non-monetary losses to their business. Within this mapping, it is important to include the identification, control, and management of legal risks. This mapping is a dynamic process as the company expands into new territories, ventures…

Consortium is recognized for its excellence and innovation at the IFLR Americas Awards
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Consortium is recognized for its excellence and innovation at the IFLR Americas Awards

The legal directory International Financial Law Review (IFLR) recognized Consortium Legal with 4 awards at the annual gala held this Wednesday, May 15 in New York City, United States. The event brought together the continent’s best law firms to highlight their work on the most innovative cross-border transactions of 2023, their teams, and participating lawyers….

Soft skills, essential for success in business
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Soft skills, essential for success in business

In the competitive business world, the ability to negotiate effectively has become a crucial aspect for the success of companies, lawyers, and their clients. While mastery of technical knowledge and legal strategies is fundamental, the role of soft skills in the legal sector is becoming increasingly important. Companies not only seek lawyers who are excellent…

The importance of positive administrative silence within the administrative process in Nicaragua
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The importance of positive administrative silence within the administrative process in Nicaragua

On this occasion, we will address the generalities of a legal figure of vital importance in administrative processes before the Nicaraguan Tax Administration, namely the “Positive Administrative Silence”. Law No. 350 “Law Regulating the Jurisdiction of Administrative Litigation” regulates the following concept: Administrative Silence: It is the effect that occurs in cases where the Public…

Compliance in Fintech Companies
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Compliance in Fintech Companies

Fintech companies are those dedicated to offering financial services through technological means. In some countries, there is special regulation for these types of companies, while in others, they are governed by common law legislation. This distinction is important for Fintech companies regarding compliance issues because depending on the applicable legislation, their compliance framework can be…

Artificial Intelligence and Intellectual Property: challenges and opportunities in terms of legal protection
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Artificial Intelligence and Intellectual Property: challenges and opportunities in terms of legal protection

Artificial Intelligence (AI), as the concept naturally implies, is nothing more than the ability of a machine to exhibit the same capabilities as humans, such as reasoning, learning, creativity, and planning. This is achieved through the creation of systems based on the use of algorithms and mathematical models that process information derived from data and…

Towards a Stronger Industry: The Implications of Reforms in Microfinance in Nicaragua
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Towards a Stronger Industry: The Implications of Reforms in Microfinance in Nicaragua

Since July 11, 2011, Microfinance Institutions (MFIs) have been subject to the regulation of Law No. 769, known as the “Microfinance Promotion and Regulation Law.” However, the regulatory framework underwent a significant change on November 7, 2023, with the enactment of Law No. 1168, which amended the law previously mentioned. These reforms have brought about…

Printing of tax documents from the Tax Electronic Window (VET) in Nicaragua
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Printing of tax documents from the Tax Electronic Window (VET) in Nicaragua

On March 12 of the current year, the General Directorate of Revenue (DGI) issued “NOTICE-059-03-2024” whereby taxpayers under the general regime and fixed quota regime were informed that they can now, through the Tax Electronic Window (VET), print the following tax documents: Unique Taxpayer Registry (RUC) ID. Registration certificate. Definitive registration/modification certificate. In this regard,…

Deductions in Labor Matters in Nicaragua
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Deductions in Labor Matters in Nicaragua

As salary constitutes the compensation paid by the employer in exchange for services rendered and, in many cases, the sole source of income for salaried workers, labor legislation has regulated the issue of deductions, establishing the general rule in art. 88 of the Labor Code that legal deductions shall be made from the salary. These…

Transfer Pricing Obligation in Nicaragua
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Transfer Pricing Obligation in Nicaragua

Transfer prices refer to the amounts set between related parties for the transfer of tangible and intangible goods or services. The guiding principle behind these is the “Principle of Free Competition“, which means that prices agreed upon between related parties cannot differ from those agreed upon by independent companies in similar operations and circumstances. Nicaraguan…

Update on minimum capital requirements in Nicaragua´s financial institutions
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Update on minimum capital requirements in Nicaragua´s financial institutions

In February of this year, the Superintendence of Banks and Other Financial Institutions of Nicaragua (SIBOIF) published regulations updating the minimum capital requirements for the following financial institutions: The minimum capital requirement for financial institutions is initially outlined in the laws applicable to each institution and is updated every two years through prudential regulations published…