Magazine article International Trade Forum

Legal Instruments for International Trade: Where Does Your Country Stand?

Magazine article International Trade Forum

Legal Instruments for International Trade: Where Does Your Country Stand?

Article excerpt

Two Major Legal Instruments

Listed below are the countries which have ratified two major conventions which govern company-to-company relationships in international trade: the Vienna 1980 and New York 1958 Conventions.

Sales contracts

United Nations Convention on Contracts for the International Sale of Goods (Vienna, 11 April 1980): establishes uniform rules on international sales contracts. It is an outstanding achievement for the unification of sales laws and practices in the international arena. Currently 53 countries have ratified the Vienna convention, thus alleviating companies, when signing a contract, from discussions over what national law will govern such important features as the general obligations of the seller and buyer, or actions at the disposal of the parties in case of lack of conformity of the goods and breach of contract.

Arbitration

Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 10 June 1958): fundamental to the legal effectiveness of international arbitration. Signed by 120 countries, it requires courts of each contracting state to recognize arbitration agreements in writing and to refuse to allow a dispute to be litigated before them when parties have agreed in their contract that disputes arising from it will be referred to arbitration. Furthermore, the Convention requires each contracting state to recognize and enforce foreign arbitral awards.

How These Conventions Facilitate Trade

The New York Convention has evolved into a universal convention enabling arbitration awards to circulate freely within a particular continent or around the globe. …

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