UN Convention on the Assignment of Receivables - Essay Example

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UN Convention on the Assignment of Receivables

It, most likely, is the uniform law convention with the greatest influence on the law of worldwide trans-border commerce, and in some countries lawyers and courts are today as familiar with the Convention as they are with their domestic law - it is the lingua franca of sales.
Part of the success is or might be due to the simple requirements of application of the Convention, encoded in articles 1 to 6, which have become a model followed in other international conventions or draft conventions. They are simple in their basic structure, although not without some tricky details which require explanation. These application requirements will be the topic of this short introduction to the Convention.1
Article 1(1) (a) UN law for receivables requires only that the parties have their places of business in different contracting states that is states which have enacted the Convention. ...Show more

Summary

The United Nations Convention on the Assignment of Receivables has become an unexpected success story. It was concluded after more than 30 years preparation in 1980 by a United Nations (UN) conference in Vienna, at which 62 member-states participated. The number of states that have enacted the UN law for receivables now stands at 65, among them all important trading nations except the United Kingdom and Japan.
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