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Article 55 on Open-Price Contract: A Wider Interpretation Necessary?

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dc.contributor.authorAmalina Ahmad Tajudinen_US
dc.date.accessioned2024-05-28T05:50:23Z
dc.date.available2024-05-28T05:50:23Z
dc.date.issued2014
dc.description.abstractThis article analyses open-price mechanism under the United Nations Convention on Contracts for the International Sale of Goods (CISG) 1980. It proposes for a wider interpretation of Article 55 of the CISG. Currently, the CISG compromises to the preference of its Member States by allowing contracting parties a choice; either to fix price, or to leave price open in a contract of sale. Such option under the CISG is seen under two distinguished provisions, whereby contracting parties may choose to be bound either by a fixed-price term in Article 14(1), or by an open-price term under Article 55. While open-price mechanism could protect the validity of long-term business dealings, the CISG courts tend to validate open-price term dealings under Article 55 subject to the fulfilment of Article 14(1). Hence a more flexible interpretation of Article 55 of the CISG could be given since the current interpretation does not actually allow a workable open-price mechanism in times of rapid price changes. In the spirit of upholding friendly international business, this article suggests that not only both provisions should be interpreted separately, but also the scope of Article 55 could be extended to cover more cases of open-price contracts affected by market price changes.Keywords: CISG, Open price, Article 14, Article 55, sale of goodsen_US
dc.identifier.epage49
dc.identifier.issn2167-9053
dc.identifier.issue3
dc.identifier.spage38
dc.identifier.urihttps://theartsjournal.org/index.php/site/article/view/396
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/6642
dc.identifier.volume3
dc.language.isoenen_US
dc.publisherJournal of Arts & Humanities, publisheren_US
dc.relation.ispartofJournal of Arts & Humanitiesen_US
dc.subjectCISGen_US
dc.subjectOpen priceen_US
dc.subjectArticle 55en_US
dc.subjectArticle 14en_US
dc.subjectSale of goodsen_US
dc.titleArticle 55 on Open-Price Contract: A Wider Interpretation Necessary?en_US
dc.typeArticleen_US
dspace.entity.typePublication

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