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UN Convention on the of Receivables - Assignment Example

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In the paper “UN Convention on the Assignment of Receivables,” the author analyzes the United Nations Convention on the Assignment of Receivables, which has become an unexpected success story. The number of states that have enacted the UN law for receivables now stands at 65…
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UN Convention on the Assignment of Receivables
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Download file to see previous pages The basic structures of the UN law for receivables have influenced domestic law reforms, regional projects of harmonization of law such as Directives of the European Community, and international projects of unification such as the Principles for International Commercial Contracts of 1994/2004, promulgated by the Institute for the Unification of Private Law in Rome.
It, most likely, is the uniform law convention with the greatest influence on the law of worldwide trans-border commerce, and in some countries, lawyers and courts are today as familiar with the Convention as they are with their domestic law - it is the lingua franca of sales.
Part of the success is or might be due to the simple requirements of the application of the Convention, encoded in articles 1 to 6, which have become a model followed in other international conventions or draft conventions. They are simple in their basic structure, although not without some tricky details which require explanation. These application requirements will be the topic of this short introduction to the Convention.1
Article 1(1) (a) UN law for receivables requires only that the parties have their places of business in different contracting states that states which have enacted the Convention. With 65 contracting states, now many sales contracts of U.K traders with foreign parties (for example in Australia, Asia, the United States or Europe) are governed by the Convention.
Neither the nationality of the parties nor their qualification as merchants influence the application of the Convention, although consumer purchases are almost always excluded from the Convention. The parties' places of business in different states are, in other words, decisive, so that a U.K firm, having its relevant place of business in Australia, when concluding a contract with a firm in Wellington, might find its contract governed by the UN law for receivables. ...Download file to see next pagesRead More
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