New York 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 New York Contract for the International Sale of Goods with Purchase Money Security Interest is a legal document that governs the sale and purchase of goods with the inclusion of a purchase money security interest. This contract is based on the United Nations Convention on Contracts for the International Sale of Goods (CSG), which provides a harmonized framework for international trade. When entering into a New York Contract for the International Sale of Goods with Purchase Money Security Interest, it is essential to understand the key elements and types of provisions included within the agreement. Here are some relevant keywords that can shed light on different aspects of this contractual arrangement: 1. Purchase Money Security Interest (PSI): This term refers to a lender's security interest in the goods that the buyer acquires through financing. The PSI allows the lender to have a superior claim to the goods in case of default by the buyer. 2. Goods: Goods encompass any tangible, movable property that is the subject of the contract, such as products, machinery, or equipment. This term distinguishes them from services or intangible assets. 3. International Sale of Goods: The contract applies to the sale of goods between parties located in different countries, where the principles of international trade law, as set forth in the CSG, govern the contractual relationship. 4. New York Governing Law: This refers to the choice of the New York legal system to govern the rights and obligations of the parties involved. By selecting New York, the contract adopts the relevant legislation and precedents established within the state for dispute resolution. 5. Jurisdiction: Jurisdiction determines which court or courts have the authority to hear and resolve any disputes that may arise under the contract. Parties must agree on the appropriate jurisdiction, such as New York state or a specific court within it. 6. CSG Compliance: The New York Contract for International Sale of Goods with Purchase Money Security Interest should adhere to the principles outlined by the CSG. The CSG provides a uniform framework for the formation of contracts, rights, and obligations of the parties, and remedies in case of breach. 7. Security Interest Perfection: This refers to the process of establishing and securing the security interest in the goods, making it enforceable against third parties. The contract might include provisions specifying the necessary steps for perfecting the security interest, such as filing a financing statement or obtaining a specific type of security document. 8. Default and Remedies: The contract will outline the consequences in case of default by either party, including breach of payment obligations or failure to deliver the goods. It will also specify the available remedies for the non-defaulting party, such as the right to demand specific performance, terminate the contract, or pursue financial compensation. In conclusion, the New York Contract for the International Sale of Goods with Purchase Money Security Interest is a legal instrument that facilitates international trade by ensuring clarity and protection for the parties involved. It is important to understand the provisions related to purchase money security interests, governing law, jurisdiction, and compliance with the CSG when entering into such agreements.

The New York Contract for the International Sale of Goods with Purchase Money Security Interest is a legal document that governs the sale and purchase of goods with the inclusion of a purchase money security interest. This contract is based on the United Nations Convention on Contracts for the International Sale of Goods (CSG), which provides a harmonized framework for international trade. When entering into a New York Contract for the International Sale of Goods with Purchase Money Security Interest, it is essential to understand the key elements and types of provisions included within the agreement. Here are some relevant keywords that can shed light on different aspects of this contractual arrangement: 1. Purchase Money Security Interest (PSI): This term refers to a lender's security interest in the goods that the buyer acquires through financing. The PSI allows the lender to have a superior claim to the goods in case of default by the buyer. 2. Goods: Goods encompass any tangible, movable property that is the subject of the contract, such as products, machinery, or equipment. This term distinguishes them from services or intangible assets. 3. International Sale of Goods: The contract applies to the sale of goods between parties located in different countries, where the principles of international trade law, as set forth in the CSG, govern the contractual relationship. 4. New York Governing Law: This refers to the choice of the New York legal system to govern the rights and obligations of the parties involved. By selecting New York, the contract adopts the relevant legislation and precedents established within the state for dispute resolution. 5. Jurisdiction: Jurisdiction determines which court or courts have the authority to hear and resolve any disputes that may arise under the contract. Parties must agree on the appropriate jurisdiction, such as New York state or a specific court within it. 6. CSG Compliance: The New York Contract for International Sale of Goods with Purchase Money Security Interest should adhere to the principles outlined by the CSG. The CSG provides a uniform framework for the formation of contracts, rights, and obligations of the parties, and remedies in case of breach. 7. Security Interest Perfection: This refers to the process of establishing and securing the security interest in the goods, making it enforceable against third parties. The contract might include provisions specifying the necessary steps for perfecting the security interest, such as filing a financing statement or obtaining a specific type of security document. 8. Default and Remedies: The contract will outline the consequences in case of default by either party, including breach of payment obligations or failure to deliver the goods. It will also specify the available remedies for the non-defaulting party, such as the right to demand specific performance, terminate the contract, or pursue financial compensation. In conclusion, the New York Contract for the International Sale of Goods with Purchase Money Security Interest is a legal instrument that facilitates international trade by ensuring clarity and protection for the parties involved. It is important to understand the provisions related to purchase money security interests, governing law, jurisdiction, and compliance with the CSG when entering into such agreements.