Applicable Convention refers to a set of rules, principles, or guidelines that are relevant and can be applied in a specific context or situation. It is a commonly accepted practice or standard that is deemed appropriate and applicable to a particular field, industry, or domain. Applicable Conventions are often established to ensure consistency, fairness, and efficiency in various areas such as business, law, technology, or social interactions. They serve as a framework for decision-making, problem-solving, and conducting activities in a manner that aligns with established norms and expectations.
The Applicable Convention refers to a legal framework or treaty that is applicable to a specific situation or jurisdiction. It is a set of rules and regulations that govern the rights and obligations of parties involved in a particular matter.
The Applicable Convention can vary depending on the subject matter or the geographical location. For example, in international trade, the United Nations Convention on Contracts for the International Sale of Goods (CISG) is often the Applicable Convention that governs the sale of goods between parties from different countries.
The purpose of having an Applicable Convention is to provide clarity and consistency in legal matters. It ensures that parties involved are aware of their rights and obligations and provides a mechanism for resolving disputes.
When a dispute arises, the Applicable Convention is used as a reference point to determine the applicable law and resolve the issue. It may include provisions on jurisdiction, choice of law, dispute resolution mechanisms, and remedies available to the parties.
Overall, the Applicable Convention plays a crucial role in ensuring legal certainty and facilitating international transactions by providing a standardized set of rules and regulations that parties can rely on.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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