Vienna Convention

Vienna Convention

Common name for the United Nations Convention on Contracts for the International Sale of Goods. They are a body of law governing the international sale of goods between parties domiciled in member countries.

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Vienna Convention

Formally known as the United Nations Convention on Contracts for the International Sale of Goods. An international treaty governing international commerce, defining the rights and duties of an exporter/seller and an importer/buyer. For example, it states that the seller must deliver the goods and the buyer must pay for them. Importantly, the treaty sets forth a variety of agreements into which exporters and importers may enter. This list of agreements lays out when the risk associated with delivery of the goods transfers from the seller to the buyer, and who is responsible for what costs. For example, a CPT agreement states that the seller must pay for shipment, but the buyer assumes all risk once the goods are transferred to the first transporter. More than 70 nations subscribe to the Vienna Convention. See also: Incoterm.