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Price Payment Delivery Notes

LPC Law Notes > International Commercial Law Notes

This is an extract of our Price Payment Delivery document, which we sell as part of our International Commercial Law Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.

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PRICE, PAYMENT & DELIVERY THE PRICES8 SGA defines 'price' as: (1) The price in a contract of sale may be fixed by the contract, or left to fix in a manner agreed by the contract, or determined by course of dealings; DEFINITION (2) Where not determined, B must pay a reasonable price; (3) Reasonable? depends of circumstances of each case.
? Basic provision: if parties fail to agree, fallback is that price will be reasonable
? Better to agree price in order to avoid uncertainty
? Most circs, parties will agree price
? Can be done in a number of ways: AGREEING a) By fixed price list or quotation; PRICE b) Agreed during negotiation (shld be documented); c) Determined by a consistent course of dealing between parties; SGA S8-9 d) Price fixed by valuation of a third party (contract void if does not happen - s9)
? Article 55 CISG? similar provision to s8- 'the price generally charged for such INTERNATION goods sold under comparable circumstances in the trade concerned'. AL
? PICC? 'price generally charged in comparable circumstances in the trade PROVISIONS concerned'
? UCC? refers to 'reasonable price' Price lists & quotations:
? Important to specify length of time for which quoted price or price list will remain valid
? Specify what is included in price Price escalation clauses: DRAFTING
? If likely that costs of raw materials or labour will increase between CONSIDERATI signing contract and delivery, can include price escalation clause ONS
? Absent clause, S will not be able to change the price
? B2B: clause subject to reasonableness test under s3 UCTA VAT:
? Price taken to include VAT unless otherwise specified (VAT Act 1994, s19 (2))
? If exclusive, must be expressly stated

PAYMENT DUTY TO PAY THE PRICE SGA SS 27-28 INTERNATION AL PROVISIONS DRAFTING CONSIDERATI ONS???
Time?Under s27 SGA, it is B's duty to pay the price Where contract provides for cash on delivery, B cannot claim possession unless it is able to pay in accordance with the contractual terms agreed Only payment in full will discharge B's liability (unless agreed otherwise) CISG: B's obligation to pay (Art. 53) UCC: obligation contained in Art 2-301 PICC? no direct obligation but likely to be implied for sale transaction (Art

5.1.2) for payment: SGA 28? states time for payment is when goods are delivered (unless agreed otherwise). Where payment linked to invoice, Ps may wish to agree that: a) Payment is made in advance b) B is given a credit period (say 30 days from delivery of invoice) in which to pay SGA 10 (1)? unless expressly stated, time of payment not of the

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