Topic 4 - Contracts Flashcards
CISG
- what does it stand for?
- who developed the CISG?
- what is it used for?
CISG = Contracts for the International Sale of Goods
- developed by the UN Commission on International Trade Law (UNCITRAL)
- the CISG establishes universal rules for drafting international contracts & allows the exporter to avoid “choice of law”
- provides fair and uniform regulations for contracts falling under it’s scope.
UNCITRAL
- what does it stand for?
- what did it develop?
UNCITRAL = United Nations Commission on International Trade Law
- developed the CISG (Contracts for Internatinoal Sale of Goods)
List the four parts of the CISG
Contracts for the International Sale of Goods (CISG)
Part 1 - Sphere of application and general provisions
- sale of goods contracts between pvt businesses from contracting states
- excludes services, shares, ships, planes and electricity
- cont state & non-cont state: CISG applies in arbitration
- can be orally agreed or unsigned (pay attention to local rules though)
Part 2 - Formation of the Contract
- any offer must be addressed to a person, full deets of goods (price & quantity) and must indicate intention for person making the offer to be bound on acceptance
- CISG demands positve act to indicate acceptance: inactivity/silence not recognised as acceptance
Part 3 - Sale of goods
- obligations of buyer and seller + when risk passes
Part 4 - Final provisions
List examples of Arbitration courts
Arbitration courts
1) the ICC International Court of Arbitration (“the Court”)
2) the London Court of International Arbitration (LCIA)
3) the American Arbitration Association International Centre for Dispute Resolution
4) the Hong Kong International Arbitration Centre
How long after a dispute is submitted to the ICC Court does the other party have to respond?
30 Days
Which body published the Model Law on International Commercial Arbitration?
UNCITRAL
