Sales contract
From Supply Chain Management Encyclopedia
A sales contract or a contract of sale (more cumbersome terms as international sales contract or international sale purchase contract ) is a legal contract an exchange of goods, services or property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same. It is a specific type of legal contract. The great work to unify terms and conditions of international sales contracts and make them equally understood by businesspeople from different countries has been done under auspices of the United Nations organizations. The United Nations Convention on Contracts for the International Sale of Goods (CISG)[1] governs contracts has been recognized as the most successful attempt to unify a broad area of commercial law at the international level. The self-executing treaty aims to reduce obstacles to international trade, particularly those associated with choice of law issues, by creating even-handed and modern substantive rules governing the rights and obligations of parties to international sales contracts. By 2010 the CISG has attracted 75 Contracting States (the last state ratified the CISG was Turky) that account for well over two thirds of international trade in goods, and that represent extraordinary economic, geographic and cultural diversity.[2]
References
- ↑ United Nations Convention on Contracts for the International Sale of Goods (1980) [CIGS] - http://www.cisg.law.pace.edu/cisg/text/treaty.html
- ↑ Fletchner, H.M. United Nations Convention on Contracts for the International Sale of Goods // Audiovisual Library of International Law - http://untreaty.un.org/cod/avl/ha/ccisg/ccisg.html
