What is an Escrow? An escrow is a neutral third party who assists with secure payment in a transaction. Escrows are typically used in sales agreements where the buyer and the seller are doing business for the first time. In such agreements, the buyer and the seller agree to entrust the escrow with the sale […]
LAW ON INTERNATIONAL SALE OF GOODS What is CISG? The United Nations Treaty on Contracts for the International Sale of Goods (“1980 Vienna Convention” or shortly “CISG”) is an international agreement that was ratified 1980. It regulates the rights and obligations of the buyers and the sellers in international sale of goods. What is the
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Is it Legal to Make Contract Based on Foreign Currency in Turkey? What Changed in the Turkish Law on Foreign Currency Contracts? The Turkish legal system underwent significant changes on September 13, 2018, affecting contracts in foreign currency. These alterations were introduced to stabilize the Turkish Lira and impact certain agreements within Turkey. What is
INCOTERMS 2020: Terms of Delivery for International Sale of Goods What are INCOTERMS 2020? INCOTERMS, an acronym which stands for international commercial terms, are standard terms published and trademarked by International Chamber of Commerce (ICC), for and used in international commerce, maritime law and basically all modes of transport under shipping law. INCOTERMS 2020 are
SHIP MORTGAGE IN TURKISH MARITIME LAW Maritime Law plays a pivotal role in Turkey’s economy, with ships being central to commercial activities. Acquiring ships usually involves credit arrangements, with mortgages serving as primary security for such loans. This article delves into the intricacies of ship mortgages in Turkish law, highlighting the legal frameworks and processes
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Escrow Agreements in Turkey What is an Escrow Agreement in Turkish Law? An escrow agreement in Turkish law involves a neutral third party, known as the escrow agent, who is entrusted with holding funds or assets from the buyer. This arrangement continues until the seller fulfills specific, predefined conditions. Upon satisfaction of these conditions, the
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