The Vienna Convention On Contracts For International Sale Of Goods
The Vienna Conventions, as is the common term for the United Nations Convention on Contracts for International Sale of Goods (CISG) is a common framework of rules and regulations applied in case of a business transaction between individuals or entities from two different countries. The convention was established by UNCITRAL in Vienna in 1980. Since then, it has become the most followed convention in matters of international trade. This set of rules applies to any state which is a Contracting State as ratified by their respective government, but may also apply if the contract drawn between entities of non-contracting states demands for laws of a contracting state for resolution of trade conflicts.
The Vienna convention is basically a framework of rules and laws to be followed by the business partners on both ends as long as they adhere to this convention through a contracting state or a demanded application of the law. It protects the rights of seller/buyer and imposes the duties and responsibilities expected from them. In a situation where both parties are from a varied cultural and political background, the application of a common law to the business transaction helps bring uniformity and non-discriminative fairness to the transaction. The mandates of the convention regarding business offers, contracts, sale of goods and distribution are already established in its dictates which makes it a well-defined set of rules to be followed by the contracting states.