Applicable law to international trade contracts
Journal Title: Relații Internaționale Plus - Year 2018, Vol 1, Issue 13
Abstract
A commercial contract is a legal relationship. This raises the immediate question on which law is applicable, because different countries have different laws and the content and effect of those laws can vary greatly. It is therefore sensible to state in a contract which set of laws will govern it. Otherwise, if the contract terms become relevant later in a dispute between the parties, there will be a risk of a wasteful preliminary battle about which set of laws should be used to interpret the parties‘ obligations. This is a particularly important issue in an international context, where a contract may be connected with several places. For example, the parties may be in different countries and the place for performance may be a third country. In such cases there are several legal systems with potential relevance to the contract, making it all the more necessary to decide expressly what system of law will govern. A governing law clause does this by setting out expressly the parties‘ choice of the law that will apply.
Authors and Affiliations
Ion Buruiană
Keywords
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