Hawaii 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 Hawaii Contract for the International Sale of Goods with Purchase Money Security Interest is a legal document that governs the sale of goods between parties located in different countries, where the buyer finances the purchase with a security interest in the goods themselves. This contract ensures a transparent and secure transaction for both the buyer and the seller by incorporating internationally recognized rules and principles. Key elements of this contract include the identification of the parties involved, a detailed description of the goods being sold, the purchase price, payment terms, and the creation and enforcement of the purchase money security interest. The contract also includes provisions related to risk allocation, warranties, dispute resolution, and choice of law. There are two main types of Hawaii Contracts for the International Sale of Goods with Purchase Money Security Interest: 1. Straight Purchase Money Security Interest (PSI) Contract: This type of contract is used when the buyer directly finances the purchase of goods and obtains a security interest in those goods as collateral. The goods are then used to secure the payment of the purchase price. 2. Indirect Purchase Money Security Interest (PSI) Contract: In this type of contract, the buyer secures financing from a third-party lender who takes a security interest in the goods being purchased. The third-party lender provides the funds to the buyer, who then uses those funds to acquire the goods. The security interest is created in favor of the lender. The Hawaii Contract for the International Sale of Goods with Purchase Money Security Interest ensures that both parties adhere to the terms of the agreement, protects the rights of the seller in case of default by the buyer, and provides a legal framework for resolving any disputes that may arise during or after the transaction. By incorporating the principles of the United Nations Convention on Contracts for the International Sale of Goods (CSG) and other relevant international conventions and regulations, this contract allows for a harmonized approach to international sales transactions, promoting fair, efficient, and reliable commercial practices across borders. In conclusion, the Hawaii Contract for the International Sale of Goods with Purchase Money Security Interest is a vital legal instrument for parties engaged in cross-border sales transactions, providing a framework for secure financing and protection of interests. Whether it is a Straight PSI or an Indirect PSI contract, this agreement safeguards contractual obligations and fosters international commerce.