New York, N.Y., March 13, 2013 – Business and legal experts from around the world have worked together to craft a new ICC Model International Sale Contract as an easy-to-use and commercially relevant template for cross-border sales, according to the United States Council for International Business (USCIB).
The new model contract, developed under the guidance of the Commission on Commercial Law and Practice of the International Chamber of Commerce (ICC), sets out clear and concise standard contractual conditions for the most basic international trade agreement. It is available for purchase in the USCIB International Bookstore.
“ICC’s new Model Sale Contract is even more user-friendly and flexible than before,” said Cynthia Duncan, USCIB’s senior vice president for trade services. “What’s more, the accompanying CD-ROM is an easy, interactive tool to create custom contracts for companies of all sizes.”
Although created for the export of manufactured goods for resale, the model contract can also serve as an example for other types of transactions. One of the model contract’s new features is a provision for organizing payment through Bank Payment Obligation (BPO), a new instrument for trade settlement developed jointly by the ICC Banking Commission and SWIFT, the global provider of secure financial messaging services. The aim is to combine flexibility with the payment security of a Letter of Credit.
The ICC Model International Sale Contract, provides clear directions that take sellers and buyers through each step in the process. These steps include: general characteristics of the contract, scope of application, termination of the contract and dispute resolution.
A section on “Specific Conditions” features a model for parties to use directly by filling in sections of a form, while a “General Conditions” section provides a platform of standard legal terms, to use as a reference for contract drafting or negotiation.
Beginners will be aided by the digital version’s on-screen guidance, with warning messages appearing if incompatible clauses are selected, or vital fields left blank.
The ICC Model International Sale Contract was drafted to take into account transactions governed by the UN Convention for the International Sale of Goods (CISG), which applies to an increasingly large volume of international sales. The text of the UN convention is included in the publication’s annex.
The revised ICC Model International Sale Contract is the latest addition to ICC’s widely-acclaimed series of model contracts used by businesses worldwide. All of these are available at the USCIB International Bookstore.
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More at www.uscib.org.
USCIB’s Trade Services include: ATA Carnet, commonly known as the Merchandise Passport, which allows goods to enter over 85 customs territories tax- and duty-free for up to one year; eCertificates of Origin, fully electronic processing of Certificates of Origin, returned to you by e-mail, fast and complaint with ICC Guidelines for Certificates of Origin; and the USCIB International Bookstore, which enables customers to learn international business through unique titles covering a range of topics.