CISG and the Unidroit principles
by Jon Kihlman
Introducing the International Sales Law (the UN Convention on Contracts for the International Sale of Goods (CISG)) and the Unidroit Principles of International Commercial Contracts.
Upon completion, you will:
This course is ideal for:
Structure and key Chapters/Sections of the CISG
Structure and key Chapters/Sections of the CISG - continue.
Orientation
Course Quiz
Summery of the course
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Understanding International Sales Law
In procurement organizations, it's imperative to understand the frameworks governing international sales transactions. Two crucial instruments in this domain are the UN Convention on Contracts for the International Sale of Goods (CISG) and the Unidroit Principles of International Commercial Contracts.
CISG is a treaty that provides a uniform international sales law. It has been ratified by a significant number of countries around the globe, which makes it highly relevant in international trade.
The Unidroit Principles are a set of rules and principles intended to guide international commercial contracts. They are not binding unless parties expressly agree to them in contracts.
Understanding CISG and the Unidroit Principles is crucial for buyers in procurement for several reasons:
In the dynamic field of international procurement, the significance of CISG and the Unidroit Principles cannot be overstated. For buyers, these legal frameworks are not just tools for risk management and compliance but are strategic assets in their procurement toolkit. They offer a common language and a predictable legal environment for international sales, which is invaluable in fostering trust, efficiency, and success in global trade relationships.
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