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FrançaisThe clause in a marine cargo insurance policy that contains the agreed basis for determining the value of covered goods. This sets the amount due under any claim for lows or general average contribution. A valuation clause commonly in use…
Read MoreVendor agreement
A vendor agreement is a legal agreement that clearly states the provisions and conditions of the work to be performed by a contractor. The key points to be included in a vendor agreement include date, time and location where the…
Read MoreVienna Convention
Officially known as United Nations Convention on Contract for the International Sale of Good (CISG) is a 1980 international treaty signed by over 80 countries, between them most leading trading nations, that amounts to a virtual commercial code for international…
Read MoreVoidable contract
A contract that is valid but that can be declared invalid at the request of one of the parties because of a defect or illegality in making it. For example, if one party made a fraudulent misrepresentation on which the…
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