(6) For the purpose of this article, ratific ations, a c c eptanc es, approvals and a c c essions in respect of this Convention by States parties to the 1964 Hague Formation Convention or to the 1964 Hague Sales Convention shall not be effe ctive until such denunciations as may be required on the part of those States in respe ct of the latter two Conventions have themselves be come effe ctive. The depositary of this Convention shall consult with the Government of the Netherlands, as the depositary of the 1964 Conventions, so as to ensure ne c essary co-ordination in this respe ct. Article 100 (1) This Convention applies to the formation of a contra ct only when the proposal for concluding the contra ct is made on or after the date when the Convention enters into forc e in respe ct of the Contra cting States referred to in subparagraph (1) (a) or the Contra cting State referred to in subparagraph (1) (b) of article 1. (2) This Convention applies only to contra cts concluded on or after the date when the Convention enters into forc e in resp e ct of the Contra cting States referre d to in subparagraph (1)(a) or the Contra cting State referred to in subparagraph (1)(b) of article 1. Article 101 (1) A Contracting State may denounce this Convention, or Part II or Part III of the Convention, by a formal notific ation in writing addressed to the depositary. (2) The denunciation takes effe ct on the first day of the month following the expiration of twelve months after the notification is received by the depositary. Where a longer period for the denunciation to take effect is specified in the notification, the denunciation takes effe ct upon the expiration of such longer period after the notific ation is re c eived by the depositary. DONE at Vienna, this day of eleventh day of April, one thousand nine hundred and eighty, in a single original, of which the Arabic, Chinese, English, French, Russian and Spanish texts are equally authentic. IN WITNESS WHEREOF the undersigned plenipotentiaries, being duly authorized by their respective Governments, have signed this Convention. INTERNATIONAL CHAMBER OF C OMMERCE 54
Explanatory note by the UNCITRAL secretariat on the United Nations convention on contracts for the international sale of goods* INTRODUCTION 1. The United Nations Convention on Contracts for the International Sale of Goods provides a uniform text of law for international sales of goods. The Convention was prepared by the United Nations Commission on International Trade Law (UNCITRAL) and adopted by a diplomatic conference on 11 April 1980. 2. Preparation of a uniform law for the international sale of goods began in 1930 at the International Institute for the Unification of Private Law (UNIDROIT) in Rome. After a long interruption in the work as a result of the Second World War, the draft was submitted to a diplomatic conference in The Hague in 1964, which adopted two conventions, one on the international sale of goods and the other on the formation of contra cts for the international sale of goods. 3. Almost immediately upon the adoption of the two conventions there was wide-spread criticism of their provisions as reflecting primarily the legal traditions and economic realities of continental Western Europe, which was the region that had most actively contributed to their preparation. As a result, one of the first tasks undertaken by UNCITRAL on its organization in 1968 was to enquire of States whether or not they intended to adhere to those conventions and the reasons for their positions. In the light of the responses received, UNCITRAL decided to study the two conventions to ascertain which modifications might render them capable of wider acceptance by countries of different legal, social and economic systems. The result of this study was the adoption by diplomatic conference on 11 April 1980 of the United Nations Convention on Contracts for the International Sale of Goods, which combines the subject matter of the two prior conventions. 4. UNCITRAL’s success in preparing a Convention with wider acceptability is evidenced by the fact that the original eleven States for which the Convention came into force on 1 January 1988 included States from every geographical region, every stage of economic development and every major legal, social and economic system. The original eleven States were: Argentina, China, Egypt, France, Hungary, Italy, Lesotho, Syria, United States, Yugoslavia and Zambia. 5. As of 31 January 1988, an additional four States, Austria, Finland, Mexico and Sweden, had become a party to the Convention. 6. The Convention is divided into four parts. Part One deals with the scope of application of the Convention and the general provisions. Part Two contains the rules governing the formation of contracts for the international sale of goods. Part Three deals with the substantive rights and obligations of buyer and seller arising from the contract. Part Four contains the final clauses of the Convention concerning such matters as how and when it comes into force, the reservations and declarations that are permitted and the application of the Convention to international sales where both States concerned have the same or similar law on the subject. 55 THE IC C MODEL INTERNATIONAL SALE C ONTRACT * This note has be en prepared by the Se cretariat of the United Nations Commission on International Trade Law for informational purposes; it is not an official commentary on the Convention
Part One Scope of application and general provisions A Scope of application 7. The articles on scope of applic ation state both what is included in the coverage of the Convention and what is excluded from it. The provisions on inclusion are the most important. The Convention applies to contra cts of sale of goods betwe en parties whose pla c es of business are in different States and either both of those States are Contracting States or the rules of private international law lead to the law of a Contracting State. A few States have availed themselves of the authorization in article 95 to declare that they would apply the Convention only in the former and not in the latter of these two situations. As the Convention b e comes more wid ely a dopte d, the pra ctic al signific anc e of such a de claration will diminish. 8. The final clauses make two additional restrictions on the territorial scope of applic ation that will be relevant to a few States. One applies only if a State is a party to another international agre ement that contains provisions conc erning matters governed by this Convention; the other permits States that have the same or similar domestic law of sales to de clare that the Convention does not apply betwe en them. 9. Contracts of sale are distinguished from contracts for services in two respects by article 3. A contra ct for the supply of goods to be manufa ctured or produc ed is considered to be a sale unless the party who orders the goods undertakes to supply a substantial p art of the materials ne c essary for their manufa cture or production. When the preponderant part of the obligations of the party who furnishes the goods consists in the supply of labour or other servic es, the Convention does not apply. 10. The Convention contains a list of types of sales that are excluded from the Convention, either be c ause of the purpose of the sale (goods bought for personal, family or household use), the nature of the sale (sales by auction, on exe cution or otherwise by law) or the nature of the goods (stocks, shares, investment se curities, negotiable instruments, money, ships, vessels, hovercraft, aircraft or ele ctricity). In many States some or all of such sales are governed by spe cial rules refle cting their spe cial nature. 11. Several articles make cle ar that the subje ct matter of the Convention is restricted to the formation of the contra ct and the rights and duties of the buyer and seller arising from such a contra ct. In particular, the Convention is not conc erned with the validity of the contra ct, the effe ct which the contra ct may have on the property in the goods sold or the liability of the seller for de ath or personal injury c aused by the goods to any person. B Party autonomy 12. The basic principle of contractual freedom in the international sale of goods is recognized by the provision that permits the parties to exclude the applic ation of this Convention or derogate from or vary the effe ct of any of its provisions. The exclusion of the Convention would most often result from the choic e by the parties of the law of a noncontra cting State or of the domestic law of a contra cting State to be the law applic able to the contra ct. Derogation from the Convention would oc cur whenever a provision in the contra ct provided a different rule from that found in the Convention. C Interpretation of the Convention 13. This Convention for the unific ation of the law governing the international sale of goods will better fulfill its purpose if it is interpreted in a consistent manner in all legal systems. INTERNATIONAL CHAMBER OF C OMMERCE 56
Gre at c are was taken in its preparation to make it as cle ar and e asy to understand as possible. Nevertheless, disputes will arise as to its me aning and applic ation. When this occurs, all parties, including domestic courts and arbitral tribunals, are admonished to observe its international chara cter and to promote uniformity in its applic ation and the observanc e of good faith in international trade. In particular, when a question conc erning a matter governed by this Convention is not expressly settled in it, the question is to be settled in conformity with the general principles on which the Convention is based. Only in the absenc e of such principles should the matter be settled in conformity with the law applic able by virtue of the rules of private international law. D Interpretation of the contract; usages 14. The Convention contains provisions on the manner in which statements and conduct of a party are to be interpreted in the context of the formation of the contra ct or its implementation. Usages agre ed to by the parties, pra ctic es they have established betwe en themselves and usages of which the parties knew or ought to have known and which are widely known to, and regularly observed by, parties to contra cts of the type involved in the particular trade conc erned may all be binding on the parties to the contra ct of sale. E Form of the contract 15. The Convention does not subje ct the contra ct of sale to any requirement as to form. In particular, article 11 provides that no written agreement is necessary for the conclusion of the contract. However, if the contract is in writing and it contains a provision requiring any modific ation or termination by agre ement to be in writing, article 29 provides that the contra ct may not be otherwise modified or terminated by agre ement. The only exception is that a party may be precluded by his conduct from asserting such a provision to the extent that the other person has relied on that conduct. 16. In order to a c commodate those States whose legislation requires contra cts of sale to be concluded in or evidenc ed by writing, article 96 entitles those States to de clare that neither article 11 nor the exc eption to article 29 applies where any party to the contra ct has his pla c e of business in that State. Part Two Formation of the contract 17. Part Two of the Convention de als with a number of questions that arise in the formation of the contra ct by the exchange of an offer and an a c c eptanc e. When the formation of the contra ct takes pla c e in this manner, the contra ct is conclud e d when the a c c eptanc e of the offer be comes effe ctive. 18. In order for a proposal for concluding a contra ct to constitute an offer, it must be addressed to one or more spe cific persons and it must be sufficiently definite. For the proposal to be sufficiently definite, it must indicate the goods and expressly or implicitly fix or make provision for determining the quantity and the pric e. 19. The Convention takes a middle position betwe en the doctrine of the revoc ability of the offer until a c c eptanc e and its general irrevoc ability for some period of time. The general rule is that an offer may be revoked. However, the revoc ation must re a ch the offere e before he has dispatched an a c c eptanc e. Moreover, an offer c annot be revoked if it indic ates that it is irrevoc able, which it may do by stating a fixed time for acceptance or otherwise. Furthermore, an offer may not be revoked if it was reasonable for the offere e to rely on the offer as being irrevoc able and the offere e has a cted in relianc e on the offer. 57 THE IC C MODEL INTERNATIONAL SALE C ONTRACT
INTERNATIONAL CHAMBER OF C OMMERCE 58 20. Ac c eptanc e of an offer may be made by me ans of a statement or other conduct of the offere e indic ating assent to the offer that is communic ated to the offerer. However, in some c ases the a c c eptanc e may consist of performing an a ct, such as dispatch of the goods or payment of the pric e. Such an a ct would normally be effe ctive as an a c c eptanc e the moment the a ct was performed. 21. A frequent problem in contra ct formation, perhaps espe cially in regard to contra cts of sale of goods, arises out of a reply to an offer that purports to be an a c c eptanc e but contains additional or different terms. Under the Convention, if the additional or different terms do not materially alter the terms of the offer, the reply constitutes an a c c eptanc e, unless the offeror without undue delay obje cts to those terms. If he does not obje ct, the terms of the contra ct are the terms of the offer with the modific ations contained in the a c c eptanc e. 22. If the additional or different terms do materially alter the terms of the contra ct, the reply constitutes a counter-offer that must in turn be a c c epted for a contra ct to be concluded. Additional or different terms relating, among other things, to the pric e, payment, quality and quantity of the goods, pla c e and time of delivery, extent of one party’s liability to the other or settlement of disputes are considered to alter the terms of the offer materially. Part Three Sale of goods A Obligations of the seller 23. The general obligations of the seller are to deliver the goods, hand over any documents relating to them and transfer the property in the goods, as required by the contract and this Convention. The Convention provides supplementary rules for use in the absence of contractual agreement as to when, where and how the seller must perform these obligations. 24. The Convention provides a number of rules that implement the seller’s obligations in respe ct of the quality of the goods. In general, the seller must deliver goods that are of the quantity, quality and description required by the contra ct and that are contained or pa ckaged in the manner required by the contra ct. One set of rules of particular importanc e in international sales of goods involves the seller’s obligation to deliver goods that are fre e from any right or claim of a third party, including rights based on industrial property or other intellectual property. 25. In conne ction with the seller’s obligations in regard to the quality of the goods, the Convention contains provisions on the buyer’s obligation to inspe ct the goods. He must give notic e of any la ck of their conformity with the contra ct within a re asonable time after he has discovered it or ought to have discovered it, and at the latest two ye ars from the date on which the goods were a ctually handed over to the buyer, unless this time-limit is inconsistent with a contra ctual period of guarante e. B Obligations of the buyer 26. Compared to the obligations of the seller, the general obligations of the buyer are less extensive and relatively simple; they are to pay the pric e for the goods and take delivery of them as required by the contract and the Convention. The Convention provides supplementary rules for use in the absenc e of contra ctual agre ement as to how the pric e is to be determined and where and when the buyer should perform his obligation to pay the pric e. C Remedies for breach of contract 27. The remedies of the buyer for bre a ch of contra ct by the seller are set forth in conne ction with the obligations of the seller and the remedies of the seller are set forth in conne ction with the
obligations of the buyer. This makes it e asier to use and understand the Convention. 28. The general pattern of remedies is the same in both cases. If all the required conditions are fulfilled, the aggrieved party may require performance of the other party’s obligations, claim damages or avoid the contra ct. The buyer also has the right to reduc e the pric e where the goods delivered do not conform with the contra ct. 29. Among the more important limitations on the right of an aggrieved party to claim a remedy is the conc ept of fundamental bre a ch. For a bre a ch of contra ct to be fundamental, it must result in such detriment to the other party as substantially to deprive him of what he is entitled to expe ct under the contra ct, unless the result was neither forese en by the party in bre a ch nor forese e able by a re aonsable person of the same kind in the same circumstanc es. A buyer c an require the delivery of substitute goods only if the goods delivered were not in conformity with the contra ct and the la ck of conformity constituted a fundamental bre a ch of contra ct. The existenc e of a fundamental bre a ch is one of the two circumstanc es that justifies a de claration of avoidanc e of a contra ct by the aggrieved party; the other circumstanc e being that, in the c ase of non-delivery of the goods by the seller or non-payment of the pric e or failure to take delivery by the buyer, the party in bre a ch fails to perform within a re asonable period of time fixed by the aggrieved party. 30. Other remedies may be restricted by spe cial circumstanc es. For example, if the goods do not conform with the contra ct, the buyer may require the seller to remedy the la ck of conformity by repair, unless this is unre asonable having regard to all the circumstances. A party cannot recover damages that he could have mitigated by taking the proper me asures. A party may be exempted from paying damages by virtue of an impediment beyond his control. D Passing of risk 31. Determining the exa ct moment when the risk of loss or damage to the goods passes from the seller to the buyer is of gre at importanc e in contra cts for the international sale of goods. Parties may regulate that issue in their contract either by an express provision or by the use of a trade term. However, for the frequent c ase where the contra ct does not contain such a provision, the Convention sets forth a complete set of rules. 32. The two spe cial situations contemplated by the Convention are when the contra ct of sale involves c arriage of the goods and when the goods are sold while in transit. In all other c ases the risk passes to the buyer when he takes over the goods or from the time when the goods are pla c ed at his disposal and he commits a bre a ch of contra ct by failing to take delivery, whichever comes first. In the frequent c ase when the contract relates to goods that are not then identified, they must be identified to the contract before they c an be considered to be pla c ed at the disposal of the buyer and the risk of their loss c an be considered to have passed to him. 59 THE IC C MODEL INTERNATIONAL SALE C ONTRACT
E Suspension of performance and anticipatory breach 33. The Convention contains spe cial rules for the situation in which, prior to the date on which performanc e is due, it be comes apparent that one of the parties will not perform a substantial part of his obligations or will commit a fundamental bre a ch of contra ct. A distinction is drawn betwe en those c ases in which the other party may suspend his own performanc e of the contra ct but the contra ct remains in existenc e awaiting future events and those c ases in which he may de clare the contra ct avoided. F Exemption from liability to pay damages 34. When a party fails to perform any of his obligations due to an impediment beyond his control that he could not re asonably have be en expe cted to take into a c count at the time of the conclusion of the contra ct and that he could not have avoided or overcome, he is exempted from paying damages. This exemption may also apply if the failure is due to the failure of a third person whom he has engaged to perform the whole or a part of the contra ct. However, he is subje ct to any other remedy, including reduction of the pric e, if the goods were defe ctive in some way. G Preservation of the goods 35. The Convention imposes on both parties the duty to preserve any goods in their possession belonging to the other party. Such a duty is of even gre ater importanc e in an international sale of goods where the other party is from a foreign country and may not ha v e a g ents in the country where the goods are loc a t e d. Und er c ert a in circumstanc es the party in possession of the goods may sell them, or may even be required to sell them. A party selling the goods has the right to retain out of the proceeds of sale an amount equal to the reasonable expenses of preserving the goods and of selling them and must a c count to the other party for the balanc e. Part Four Final clauses 36. The final clauses contain the usual provisions relating to the Se cretary-General as depositary and providing that the Convention is subje ct to ratific ation, a c c eptanc e or approval by those States that signed it by 30 September 1981, that it is open to accession by all States that are not signatory States and that the text is equally authentic in Arabic, Chinese, English, French, Russian and Spanish. 37. The Convention permits a c ertain number of de clarations. Those relative to scope of applic ation and the requirement as to a written contra ct have be en mentioned above. There is a spe cial de claration for States that have different systems of law governing contra cts of sale in different parts of their territory. Finally, a State may de clare that it will not be bound by Part II on formation of contracts or Part III on the rights and obligations of the buyer and seller. This latter de claration was included as part of the de cision to combine into one convention the subje ct matter of the two 1964 Hague Conventions. Further information c an be obtained from UNCITRAL Secretariat P.O. Box 500 / Vienna International Centre A-1400 Vienna - Austria Telex: 135612 Telephone: (43-1) 21131-4060 Telefax: (43-1) 237485 INTERNATIONAL CHAMBER OF C OMMERCE 60
ICC at a glance IC C is the world business organiz ation. It is the only representative body that spe aks with authority on behalf of enterprises from all se ctors in every part of the world. IC C's purpose is to promote an open international trade and investment system and the market e conomy worldwide. It makes rules that govern the conduct of business a cross borders. It provides essential servic es, foremost among them the IC C International Court of Arbitration, the world's le ading institution of its kind. Within a ye ar of the cre ation of the United Nations, IC C was granted consultative status at the highest level with the UN and its spe cializ ed agencies. Today IC C is the preferred partner of international and regional organiz ations whenever de cisions have to be made on global issues of importanc e to business. Business le aders and experts drawn from IC C membership establish the business stanc e on broad issues of trade and investment policy as well as on vital te chnic al or se ctoral subje cts. These include financial servic es, information te chnologies, tele communic ations, marketing ethics, the environment, transportation, competition law and intelle ctual property, among others. IC C was founded in 1919 by a handful of far-sighted business le aders. Today it groups thousands of member companies and associations from over 130 countries. National committe es in all major c apitals coordinate with their membership to address the conc erns of the business community and to put a cross to their governments the business views formulated by IC C. Some ICC Services IC C International Court of Arbitration (Paris) IC C International Centre for Expertise (Paris) IC C International Bure au of Chambers of Commerc e – IBC C (Paris) IC C Institute of International Business Law and Pra ctic e (Paris) IC C Centre for Maritime Co-operation (London) IC C Commercial Crime Servic es (London), grouping: IC C Counterfeiting Intelligenc e Bure au IC C Commercial Crime Bure au IC C International Maritime Bure au 61 THE IC C MODEL INTERNATIONAL SALE C ONTRACT
Selected ICC Publications E: English – F: French – D: German – S: Spanish – EF: English/French bilingual edition – E-F: separate edition in each language INTERNATIONAL TRADE AND CONTRACTS / INCOTERMS The ICC Model Commercial Agency Contract When negotiating agency agreements abroad, parties must rely on national laws on agency agreements which do not take into a c count the spe cific ne eds of international trade and which differ substantially from one country to another. Accordingly, IC C has prepared this model form, which incorporates prevailing pra ctic e in international trade as well as principles generally re cogniz e by domestic laws on agency agre ements. E-F 32 pages ISBN 92-842-1124-7 N°496 The ICC Model Commerical Agency Contract: a Commentary (+ diskette E-F-D-I) An IC C Publishing/Kluwer Law International co-public ation A clause-by-clause commentary by the experts who wrote the IC C Model Commercial Agency Contract, this publication provides extensive illustrations of the clauses of the contract and gives lawyers and business people a comprehensive explanation of the problems encountered by those who negotiate commercial agency agre ements. The commentary enriches the original text and provides new insights into the drafting proc ess. In addition, it also includes two disks (Apple and MS DOS) with English, French, German and Italian versions of the contra ct. This added fe ature is a useful tool for drafting agency agre ements in several languages. E 180 pages ISBN 92-842-1146-8 N°512 The ICC Model Distributorship Contract (Sole Importer–Distributor) In this model form, IC C provides a set of uniform contractual rules for those distributorship agreements where distributors a ct as buyers-resellers and as importers who organiz e distribution in the country for which they are responsible. Containing flexible and general rules, the contra ct c an also be employed on its own as a re ady-to-use balanc ed model form if the parties are not in a position to prepare a spe cific contra ct. E-F 40 pages ISBN 92-842-1153-0 N°518 The ICC Model International Franchising Contract The model contra ct on franchising, which applies to distribution franchise agre ements, overcomes the difficulties caused by a lack of uniform international rules on this subject. Complete with commentary and explanation, the IC C Model International Franchising Contra ct brings harmony to a field of growing commercial importanc e. E 76 pages ISBN 92-842-1211-1 No. 557 ICC Model Occasional Intermediary Contract (with diskette) Designed to take into a c count the interests of all parties involved in a non-circumvention and nondisclosure agreement, minimizing the risk of fraud and misunderstanding and so providing legal security. Includes general and spe cial conditions, both of which are provided on a diskette. E 35 pages ISBN 92-842-1272-3 No. 619 Incoterms 2000 IC C's standard definitions of trade terms has been fully revised for the first time in ten years. Incoterms such as FOB, CIF and DDU have become part of the language of international trade and are in constant use throughout the world. Most sales contra cts drafted after 1 January 2000 will make referenc e to this latest revision in the text of the contra ct. Incoterms 2000 will provide traders, lawyers, transport officials and insurers with a modern text refle cting the latest changes in the trading environment. EF 272 pages ISBN 92-842-1199.9 N°560 ICC Guide to Incoterms 2000 Written by Professor Jan Ramberg, international expert, chair of the revision of Incoterms 2000 and author of Guide to Incoterms 1990, the guide provides a term-by-term review of the new Incoterms, with commentary on e a ch of the seller and buyer's obligations. Cle arly written and attra ctively laid out, including full-colour illustrations, this is the indispensable companion to Incoterms 2000. E-F 192 pages ISBN 92 842 1269 3 No. 620 INTERNATIONAL CHAMBER OF C OMMERCE 62
Incoterms 2000 Wall Chart A full-colour chart, ide al for hanging on the offic e wall or for slotting into a file. With a cle ar illustration of the buyers' and sellers' responsibilities under each of the Incoterms, plus a list of the critical points, traders will find this the ide al tool for quick referenc e at a glanc e. E poster 29.7 x 63 cm No. 614 Transfer of Ownership in International Trade An IC C Publishing/Kluwer Law International co-public ation The issue of ownership, although vital in international trade, is not fully covered by existing international conventions. This unique comparative study, with its detailed analysis of the legal issues arising in connection with transfer of ownership in 19 countries, fills the gap in providing an extensive comparative study for international trade pra ctitioners. E 437 pages N°546 Key Words in International Trade (4th edition) This revised edition includes translations of more than 3,000 entries. The translated terms and abbreviations are those most commonly used in international law and commerc e, providing a sourc e of a c curate and up-to-date business terminology in the five main languages of Europe an trade. EFSDI 408 pages ISBN 92-842-1187-5 N°417/4 BANKING AND FINANCE Guide to the ICC Uniform Rules for Demand Guarantees by Prof. Roy Goode Explains the reasoning behind the rules and provides concrete examples of how they work in practice. Contains an introduction to the rules, a general overview and an Article-by-Article commentary; not only explains the key issues but analyses points of doubt or difficulty. For bankers, lawyers and students. (Se e also N°s 458 & 503.) E 140 pages ISBN 92-842-1145-X N° 510 ICC Guide to Bank-to-Bank Reimbursements By Dan Taylor A pra ctic al guide to daily operations in the are a of bank-to-bank reimbursements written from the perspective of each bank party to a reimbursement transaction – the Issuing Bank, Reimbursing Bank and Claiming Bank. The guide provides step-by-step guidanc e to e a ch party and includes detailed explanations of the principles behind e a ch part of a reimbursement transa ction. Mini c ase studies are provid e d for points of p articular interest to the p arties and, for e a ch b ank involve d in a reimbursement, a che cklist is provided, including pointers to common mistakes. There are crossreferenc es to URR 525 throughout the text. E 80 pages ISBN 92-842-1232-3 N° 575 Opinions of the ICC Banking Commission 1998-1999 Queries and responses on UCP 500, UCP 400 and URC 522 More than 80 Opinions of the Banking Commission are found in this valuable referenc e work, which will serve as a guide to bankers, traders, pra ctitioners and the courts as to how UCP 500 should be applied on a daily basis. The third volume in a series of IC C Banking Commission Opinions interpreting IC C's universally used rules on letters of credit. The new edition includes a consolidated key words index covering all thre e volumes. E 136 pages ISBN 92-842-1268-5 N° 613 More Queries and Responses on UCP 500 (1997) E 92 pages ISBN 92-842-1253-7 N° 596 Opinions of the ICC Banking Commission (1995-96) E 104 pages ISBN 92-842-1220-0 N° 565 Documentary Credits Insight This IC C newsletter, published four times a year, gives the reader a direct connection to the IC C experts who analyse how UCP 500 is implemented in everday situations. It also offers a country-by-country update on documentary credit developments from correspondents in more than thirty countries. E Periodical/subscription 4 issues a year 63 THE IC C MODEL INTERNATIONAL SALE C ONTRACT
DC-PRO Focus A web site developed by IC C providing bankers and traders with information relative to documentary credits. No more le afing through re ams of documents to find the L/C information ne eded. DC-PRO Focus puts it all on your scre en for immediate a c c ess. More information on ICC's web site at www.iccwbo.org. Trading and Investing in Emerging Markets by Nick Douch Written by an emerging market strategist and risk adviser, this public ation highlights the risks and reve als the opportunities to be had in investing in emerging markets. The emphasis is on maintaining a structured approa ch that will allow investment and/or trading with an a c c eptable risk/reward ratio. An invaluable primer which will be returned to again and again as new opportunities present themselves, this pra ctic al book is pa cked with referenc es to re al-life events. E 140 pages ISBN 92-842-1240-5 No. 582 Managing Interest Rate Risk by Nick Douch This public ation looks at what fa ctors may change interest rates and then goes on to examine how these changes can in themselves affect the economic and business environment. Setting out a simple model which any company or businessman c an adapt to their own ne eds, it covers the setting of obje ctives in interest rate management and how this should be linked to a firm's other obje ctives and then looks in-depth at the types of interest rate exposure a company may fa c e. Ea ch of the many ways of reducing the risks c aused by interest rate movements is examined in detail, as well as the tax and a c counting implic ations of interest rate hedging and an examination of the most appropriate me asurement systems for companies. A pra ctic al book pa cked with examples, many based on re allife incidents. E 104 pages ISBN 92-842-1228-6 N° 572 How to obtain ICC publications IC C Publications are available from IC C National Committees or Councils which exist in some 60 countries or from: ICC PUBLISHING S.A. ICC PUBLISHING, INC. 38, Cours Albert 1er 156 Fifth Avenue, Suite 417 75008 Paris (Franc e) New York, N.Y. 10010 Customer Servic e: USA Tel: +33 (1) 49.53.29.23/56 Tel: +1 (212) 206 1150 F ax: +33 (1) 49.53.29.02 F ax: +1 (212) 633 6025 E-mail: pub@ic cwbo.org E-mail : info@ic cpub.net To find out more about the latest ICC publications, visit our web site at www.iccbooks.com INTERNATIONAL CHAMBER OF C OMMERCE 64