International Business Contracts

Front

What is Lex Mercatoria?

Back

Lex Mercatoria is trade law composed of a multitude of international agreements and trade customs that complement domestic laws.

Front

What governs contracts between two parties in the same country?

Back

The law governing the execution of the contract is determined by that country's legal system.

Front

What is the Uniform Commercial Code (UCC)?

Back

The UCC is the set of federal laws that govern commercial contracts in the United States.

Front

What is the Vienna Convention?

Back

The Vienna Convention, also known as the CISG, governs contracts of sale between parties in different countries.

Front

What are Incoterms?

Back

Incoterms are International Commercial Terms that define the responsibilities of buyers and sellers in international transactions.

Front

What is a distribution contract?

Back

A distribution contract is an agreement between an exporter and an overseas intermediary, either an agent or a distributor.

Front

What is the difference between an agent and a distributor?

Back

An agent represents the exporter and earns a commission, while a distributor purchases goods to resell them.

Front

What is a force majeure clause?

Back

A force majeure clause absolves either party from fulfilling their obligations in case of events beyond their control.

Front

What is the significance of the choice of law clause in international contracts?

Back

The choice of law clause specifies which country's laws will govern the contract in case of a dispute.

Front

What is the purpose of an arbitration clause?

Back

An arbitration clause specifies that disputes will be resolved through arbitration rather than litigation.