This Learning Unit aims at familiarizing the student with international contracts as they are used in international trade transactions.
Learning Unit Summary
A contract is a single document, in which the rights and obligations of the exporter and the importer are stipulated. International trade practice shows that the majority of transactions are carried out without signing a contract.
However, it is strongly recommended to establish an international contract of sale for international transactions. One can avoid doubts and misunderstandings concerning what has been agreed during the negotiation of terms if they are set down in writing. In certain cases a verbal agreement is legally binding, for example, when an exporter makes a sale at an international fair.
- Examples of Contracts
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