Pennsylvania Contract for the International Sale of Goods with Purchase Money Security Interest

• Category: Contracts - Buy Sell - Agreements
• State: Multi-State
• Control #: US-04415BG
• Format: Word; Rich Text

Description

The CISG governs international sales contracts if (1) both parties are located in Contracting States, or (2) private international law leads to the application of the law of a Contracting State (although, as permitted by the CISG (article 95), several Contracting States have declared that they are not bound by the latter ground). The autonomy of the parties to international sales contracts is a fundamental theme of the Convention: the parties can, by agreement, derogate from virtually any CISG rule, or can exclude the applicability of the CISG entirely in favor of other law. When the Convention applies, it does not govern every issue that can arise from an international sales contract: for example, issues concerning the validity of the contract or the effect of the contract on the property in (ownership of) the goods sold are, as expressly provided in the CISG, beyond the scope of the Convention, and are left to the law applicable by virtue of the rules of private international law (Article 4). Questions concerning matters governed by the Convention but that are not expressly addressed therein are to be settled in conformity with the general principles of the CISG or, in the absence of such principles, by reference to the law applicable under the rules of private international law.

The Pennsylvania Contract for the International Sale of Goods with Purchase Money Security Interest (PASS) is a legal agreement that governs the sale of goods between parties located in different countries, where the buyer provides a security interest to the seller as collateral for the purchase money. This contract is based on the United Nations Convention on Contracts for the International Sale of Goods (CSG), which aims to facilitate international trade by establishing a uniform framework for the sales of goods. Under the PASS, there are different types of agreements that can be categorized based on the security interest granted by the buyer to the seller. Some of these variations include: 1. PASS with a Chattel Mortgage: In this type of agreement, the buyer grants the seller a security interest in the purchased goods, which remains in effect until the purchase price is fully paid. The seller retains the right to repossess the goods if the buyer fails to make the agreed-upon payments. 2. PASS with a Conditional Sales Agreement: This variation of the contract allows the seller to retain ownership of the goods until the buyer fulfills the payment obligations. Upon completion of the payment, the ownership is transferred to the buyer. 3. PASS with a Security Agreement: Here, the buyer grants the seller a security interest not only in the purchased goods but also in any other collateral specified in the agreement. This broader security interest provides the seller with additional recourse in case of default by the buyer. 4. PASS with a Trust Receipt Agreement: This type of agreement allows the buyer to take possession of the goods before completing the full payment. However, the buyer holds the goods in trust for the seller until the payment is made. If the buyer fails to fulfill the payment obligations, the seller can reclaim the goods. These variations of the Pennsylvania Contract for the International Sale of Goods with Purchase Money Security Interest aim to provide flexibility and tailored solutions to accommodate the specific needs and circumstances of the parties involved. It is important to consult legal professionals specialized in international trade law to ensure adherence to Pennsylvania-specific regulations and compliance with international standards under the CSG.