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References
in ARTICLE 7.4.9 PICC

PICC  
UNIDROIT Principles of International Commercial Contracts 2016

Zivilrecht

Int. Privat- & Wirtschaftsrecht

(1) If a party does not pay a sum of money when it falls due the aggrieved party is entitled to interest upon that sum from the time when payment is due to the time of payment whether or not the non-payment is excused.
(2) The rate of interest shall be the average bank short-term lending rate to prime borrowers prevailing for the currency of payment at the place for payment, or where no such rate exists at that place, then the same rate in the State of the currency of payment. In the absence of such a rate at either place the rate of interest shall be the appropriate rate fixed by the law of the State of the currency of payment.
(3) The aggrieved party is entitled to additional damages if the non-payment caused it a greater harm.
Source: UNIDROIT
Imported:

UNCITRAL Digest CISG, Art. 22

Art. 22 CISG
ZivilrechtInt. Privat- & Wirtschaftsrecht

This Digest of Case Law on the United Nations Convention on Contracts for the International Sale of Goods (CISG) was prepared by the UNCITRAL Secretariat in cooperation with national correspondents and international experts. It may serve as a commentary on the CISG. The following excerpt contains the commentary on Article 22 CISG.

Recommended citation: UNCITRAL, Digest of Case Law on the United Nations Convention on Contracts for the International Sale of Goods (2016), Art. 22, para. #.

 

Article 22

An acceptance may be withdrawn if the withdrawal reaches the offeror before or at the same time as the acceptance would have become effective.

 

 

OVERVIEW

1. Article 22 provides that an offeree may withdraw its acceptance if the withdrawal reaches the offeror before or at the same time as the acceptance becomes effective. An acceptance is generally effective at the moment it reaches the offeror in accordance with article 18 (2) (although in certain circumstances an acceptance by an act is effective when the act is performed, as provided in article 18 (3)). Article 24 defnes when an acceptance and a withdrawal of an acceptance “reaches” the offeror. There are no reported cases applying this article.

 

© United Nations. This text is reproduced with permission of the United Nations.

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