Traditional Culture Encyclopedia - Traditional stories - Briefly describe the main performance of the legal status of international trade practices.
Briefly describe the main performance of the legal status of international trade practices.
①Generally, international trade practices on the buyer and seller are not necessarily legally binding. Because the international trade practice itself is neither the countries *** with the legislation, nor the law of a particular country, therefore, on the use of international trade practice of the parties are not legally binding.
② If the parties in the contract expressly express the use of a particular aspect of international trade practices, the practice will be legally binding on both parties, the contract must be complied with by both parties.
③ If the buyer and seller in the contract does not specify when and where the law applies, the two parties in the performance of the contract in the event of a dispute, the court or arbitral tribunal will often invoke some internationally recognized and influential practices to resolve disputes.
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