Suffolk New York Contract for the International Sale of Goods with Purchase Money Security Interest

• Category: Contracts - Buy Sell - Agreements
• State: Multi-State
• County: Suffolk
• 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 Suffolk New York Contract for the International Sale of Goods with Purchase Money Security Interest is a legal agreement that governs the sale of goods between parties located in Suffolk County, New York, involving a purchase money security interest (PSI). It outlines the rights, obligations, and remedies of the buyer and seller in relation to the purchase and financing of goods. A PSI refers to a security interest taken by a seller of goods to secure payment of the purchase price. It grants the seller a priority claim against the goods sold in the event of the buyer's default or insolvency. This type of contract protects sellers' interests, ensuring that they can recover the unpaid purchase price by seizing and reselling the goods, even when the buyer is involved in bankruptcy proceedings. The Suffolk New York Contract for the International Sale of Goods with Purchase Money Security Interest can be categorized into a few different types, including: 1. Conditional Sales Contract: This type of contract provides that the sale of goods is conditional upon the buyer making the required payments. The seller retains ownership of the goods until the buyer fulfills the payment obligations. 2. Chattel Mortgage: In this type of contract, the seller loans money to the buyer, with the goods being used as collateral. The seller retains a security interest in the goods until the buyer repays the loan. 3. Equipment Financing Agreement (EFA): An EFA is a type of contract where the seller finances the purchase of specific equipment or machinery. The buyer takes possession of the equipment while making installment payments. The seller retains a security interest in the equipment until the full payment is made. 4. Purchase Money Security Interest Promissory Note: This type of contract involves the issuance of a promissory note by the buyer, indicating their promise to pay the purchase price of the goods over a specified period. The promissory note serves as evidence of the buyer's indebtedness and establishes the seller's security interest in the goods. These different types of contracts serve varying purposes and provide specific protections to sellers in the event of default or insolvency by the buyer. The Suffolk New York Contract for the International Sale of Goods with Purchase Money Security Interest ensures clarity and protection of rights for both buyers and sellers engaging in international transactions involving the sale of goods in Suffolk County, New York.

The Suffolk New York Contract for the International Sale of Goods with Purchase Money Security Interest is a legal agreement that governs the sale of goods between parties located in Suffolk County, New York, involving a purchase money security interest (PSI). It outlines the rights, obligations, and remedies of the buyer and seller in relation to the purchase and financing of goods. A PSI refers to a security interest taken by a seller of goods to secure payment of the purchase price. It grants the seller a priority claim against the goods sold in the event of the buyer's default or insolvency. This type of contract protects sellers' interests, ensuring that they can recover the unpaid purchase price by seizing and reselling the goods, even when the buyer is involved in bankruptcy proceedings. The Suffolk New York Contract for the International Sale of Goods with Purchase Money Security Interest can be categorized into a few different types, including: 1. Conditional Sales Contract: This type of contract provides that the sale of goods is conditional upon the buyer making the required payments. The seller retains ownership of the goods until the buyer fulfills the payment obligations. 2. Chattel Mortgage: In this type of contract, the seller loans money to the buyer, with the goods being used as collateral. The seller retains a security interest in the goods until the buyer repays the loan. 3. Equipment Financing Agreement (EFA): An EFA is a type of contract where the seller finances the purchase of specific equipment or machinery. The buyer takes possession of the equipment while making installment payments. The seller retains a security interest in the equipment until the full payment is made. 4. Purchase Money Security Interest Promissory Note: This type of contract involves the issuance of a promissory note by the buyer, indicating their promise to pay the purchase price of the goods over a specified period. The promissory note serves as evidence of the buyer's indebtedness and establishes the seller's security interest in the goods. These different types of contracts serve varying purposes and provide specific protections to sellers in the event of default or insolvency by the buyer. The Suffolk New York Contract for the International Sale of Goods with Purchase Money Security Interest ensures clarity and protection of rights for both buyers and sellers engaging in international transactions involving the sale of goods in Suffolk County, New York.