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Understanding the CISG is crucial for smooth transactions from "summary" of Modern Law of International Trade by Ajendra Srivastava
The CISG, or the United Nations Convention on Contracts for the International Sale of Goods, is a crucial piece of legislation that governs international trade transactions. It provides a uniform set of rules that apply to contracts for the sale of goods between parties from different countries. Without a clear understanding of the CISG, parties may face challenges and disputes in their transactions, leading to delays and potential financial losses. One of the key reasons why understanding the CISG is essential for smooth transactions is that it helps parties navigate the complexities of international trade law. The CISG establishes rules on issues such as contract formation, obligations of the buyer and seller, remedies for breach of contract, and the interpretation of contract terms. By familiarizing themselves with these rules, parties can ensure that their contracts are in compliance with international standards, reducing the risk of disputes and misunderstandings. Moreover, the CISG promotes certainty and predictability in international trade tr...
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