CIDIP:
This
Convention was adopted at the Fifth
Inter-American Specialized Conference on Private
International Law (CIDIP-V), held in Mexico City, Mexico
- March 1994.
Ratifications:
To date, the following countries have ratified this
Convention: [click
here]
Objective:
This Convention provides a framework for establishing
the law applicable to international contracts.
Summary:
This
Convention establishes applicable law concerning
International Contracts, unless the parties expressly
exclude its application.
This Convention will also govern new modalities
of international contracts used as a consequence of the
development of international trade, with any necessary
adaptations. Interpretation
of the Convention must consider its international nature
and the need to promote uniformity in its application.
Likewise, the Convention establishes the cases in
which it does not apply.
As
a general rule, the parties to a contract decide the law
applicable thereto.
However, if the parties did not select the
applicable law, or if their selection proves
ineffective, the Convention establishes that the law of
the State with which the contract has the closest ties
shall govern. The Convention will also apply commercial
law guidelines, customs and principles as well as
generally accepted commercial usage and practices in
order to comply with justice and equity in any
particular case. In
addition, the Convention establishes that the law of a
particular forum shall apply when the law of such forum
is mandatory in nature.
In
addition, this Convention regulates the existence and
the validity of an international contract. Regarding
questions of form, a contract is valid if it complies
with the law governing said contract pursuant to this
Convention, or with the law of the State in which the
contract is valid, or with the law of the place in which
the contract is performed.
If the parties are in different States at the
time of creation, the contract shall be valid if it
meets the requirements of the law governing it as to
substance, or those of the law of one of the States in
which it is created or with the law of the place where
the contract is performed.