Maine 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.

Maine Contract for the International Sale of Goods with Purchase Money Security Interest The Maine Contract for the International Sale of Goods with Purchase Money Security Interest is a legal agreement designed to govern the sale and purchase of goods between parties located in different countries. This contract incorporates provisions for the creation of a purchase money security interest, ensuring that the seller retains a security interest in the goods sold until the buyer completes payment. Under this contract, the seller (or creditor) grants a security interest in the goods being sold to the buyer (or debtor) to secure the payment obligation. The specific terms and conditions of the contract may vary based on the agreement of the parties involved, the nature of the goods being sold, and the applicable laws and regulations. By including a purchase money security interest clause, the seller protects their interest in the goods until the buyer completes the payment. This adds an extra layer of security for the seller in case the buyer defaults on their payment obligations or faces financial distress. Some key elements of the Maine Contract for the International Sale of Goods with Purchase Money Security Interest may include: 1. Identification of the parties involved: The contract must clearly state the names and contact information of the seller and the buyer. 2. Description of the goods: A detailed description of the goods being sold should be included to avoid any confusion or disputes regarding the specific items covered by the contract. 3. Purchase price and payment terms: The contract should specify the agreed-upon purchase price and outline the payment terms, including the due date, any applicable interest rates, and penalties for late payment. 4. Creation of a security interest: The contract should clearly state that the seller retains a security interest in the goods until the buyer fulfills their payment obligations. Types of Maine Contract for the International Sale of Goods with Purchase Money Security Interest: 1. Basic Maine Contract for the International Sale of Goods with Purchase Money Security Interest: This is the standard contract that incorporates a purchase money security interest clause for the sale of goods. 2. Maine Contract for the International Sale of Goods with Purchase Money Security Interest and Guarantor: In some cases, a third party may act as a guarantor, providing additional security for the seller. This contract acknowledges the presence of a guarantor and outlines their responsibilities and obligations. 3. Maine Contract for the International Sale of Goods with Purchase Money Security Interest and Remedies: This type of contract may include provisions for remedies in case of default, such as repossession of the goods, legal action, or arbitration. In conclusion, the Maine Contract for the International Sale of Goods with Purchase Money Security Interest is a legal document that facilitates the international trade of goods while incorporating provisions to secure the seller's interests. It ensures that sellers have recourse if buyers fail to pay, providing greater confidence and protection in international sales transactions.