Rhode Island 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 Rhode Island Contract for the International Sale of Goods with Purchase Money Security Interest is a legal agreement that outlines the terms and conditions for the sale of goods between two parties. This agreement is governed by the Uniform Commercial Code (UCC), specifically Article 2, which governs transactions involving the sale of goods, and Article 9, which regulates secured transactions, including purchase money security interests (PSI). A purchase money security interest refers to a legal claim or interest that a seller or lender holds in the goods being sold, where the funds used to purchase the goods are provided by the seller or lender. In Rhode Island, this type of security interest allows the seller or lender to have priority over other creditors in the event of default or bankruptcy. There are different types of Rhode Island Contracts for the International Sale of Goods with Purchase Money Security Interest, depending on the nature and scope of the transaction. Some variations may include: 1. Conditional Sale Contract: This type of contract allows the seller to retain ownership of the goods until the buyer fulfills their payment obligations. The seller has a purchase money security interest in the goods being sold and may repossess them if the buyer defaults on payment. 2. Installment Sale Contract: In this type of contract, the purchase price is paid in installments over a specified period. The seller retains a security interest in the goods until the full payment is made. If the buyer defaults on payment, the seller may repossess the goods or seek remedies under the UCC. 3. Consignment Contract: A consignment contract occurs when the seller delivers goods to a third party (consignee) for sale on their behalf. The consignor (seller) retains ownership of the goods until they are sold. If the buyer defaults on payment, the seller may exercise their purchase money security interest and reclaim the unsold goods. 4. Lease-Purchase Contract: This contract involves the leasing of goods with an option to purchase them at a later date. The seller retains a security interest in the goods until the purchase price is fully paid. If the lessee defaults on payment, the seller can exercise their security interest and repossess the leased goods. It is crucial to consult with a legal professional specializing in commercial transactions and the UCC to draft or review a Rhode Island Contract for the International Sale of Goods with Purchase Money Security Interest. This ensures compliance with state laws and protects the interests of all parties involved.