What does the United Nations Convention on International Bills of Exchange and International Promissory Notes provide?

 
The United Nations Convention on International Bills of Exchange and International Promissory Notes (the Convention) was adopted by the general assembly of the United Nations on 9th December 1988. The Convention was the culmination of the work of UNCITRAL, the United Nations Commission on International Trade Law. UNCITRAL was set up in 1966 to coordinate the production and harmonisation of global trade laws, in response to the massive increase in international trade seen after the end of the Second World War. 
 
All the work of UNCITRAL is defined in the following set of aims:
  • Coordination of the work of bodies engaged in international trade law
  • Promote wider participation in existing international conventions on trade law
  • Preparing or promoting the adoption of international conventions, model laws and uniform laws
  • Promoting ways to ensure uniform interpretation and application of international conventions in trade law
  • Collecting and distributing information on trade law legislation, legal advice and developments and case law
  • Liaising with other United Nations organisations and agencies involved with international trade
At its first session in 1968, UNCITRAL agreed that the laws governing international payments should be prioritised to ensure the smooth running of international trade markets. This was in spite of the emergence of new electronic payment methods, as it was felt that the older methods would still be used in more important and valuable credit transactions. 
 
The Convention specifically covers bills of exchange, defined as signed and dated written instruments instructing another party to draw a definite sum of money at a certain time. It also covers promissory notes, defined as signed, dated written instruments containing a promise to pay a definite sum of money either on demand or by a set time and date. 
 
The UNCITRAL Convention on International Bills of Exchange and International Promissory Notes was devised to overcome problems relating to international payments. The Convention only applies to transactions where the parties indicate that the instrument is subject to the UNCITRAL Convention.
 
If you would like to obtain legal advice on the United Nations Convention on International Bills of Exchange and International Promissory Notes, Contact Law can put you in touch with a local specialist solicitor free of charge. So, if you have any questions or would like our help in finding local solicitors please call us on 0800 1777 162 or complete the web-form above.
 
 
Call
0800 1777 162
or fill in the form
Our trained advisor contacts you
Your chosen specialist solicitor calls you
Quick enquiry form
Area of law:
Name:
Town/City:
Email:
Phone:
Brands we work with

Brands we work with

Contact Law supports the endeavours of STAE and commends all the work they are undertaking to assist in the plight of the Asian Elephant

 

We use cookies on the Contact Law site to help us improve it.

If you would like to allow our cookies, please click 'Continue' or carry on browsing. For more information on cookies and how to change your settings, click 'More info'.