United Nations Convention on Contract for International Sales of Goods

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Description

United Nations Convention on Contract for International Sales of Goods (CISG) has been considered a success for promulgating legal standards which are used in shaping of structuring international commercial transactions. It has provided a common point of references for various trade regimes in the world and hence it has enhanced predictability in arbitrating international trade disputes. It is its compatibility with most international trade agreements and its alignment with trade needs of most trade regimes that has made CISG a hallmark success based on its worldwide acceptance.  It has been ratified by many countries and currently applies to contracts regulating sale of goods between parties in different states in the world. It mainly addresses and governs various issues which arise from formation of contracts in sale of goods and the obligations that arise for both parties. Having been ratified by more than 71 states, it is considered one of the most successful international trade accords.