International Commercial Contracts - Applicable Law
10 important questions on International Commercial Contracts - Applicable Law
What are some risks Business face in international contract?
- Currency: exchange rates
- Country: political risk (elections, brexit, war, revolution)
- Credit: timely and complete payment
- Third party: illegal or unethical behaviour
- Documents: management and compliance
What does Civil and Islamic systems refer international contract as?
If seller and buyer (or service provider and client) live in the same country and they didn’t agree upon an applicable law there is
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If seller and buyer (or service provider and client) do not live in the same country and they did agree upon an applicable law there is
But what if they do not live in the same country and they did not make a choice?
For an international contract, a competent court or arbitral tribunal needs to assess which law it must apply to find answers to legal questions. The principle that governs this question in all legal traditions is
The contractual clause that stipulates the choice is called a
Does the CISG combine common- and civil-law contract principles?
What is a referral rule?
In case the parties to a sale of goods contract have not chosen an applicable law, the CISG applies in the following two situations.
The question on the page originate from the summary of the following study material:
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