Factoring (Uniform Law)
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Description
Although the trend towards worldwide unification of international trade law is at least one hundred years old, unification efforts in the area of substantive law are mainly associated with the second half of the last century. This is unsurprising, considering that in the 20th century, the globalization of most national economies has resulted in a dramatic increase in transnational commerce and, consequently, an urgent need for corresponding legislative policy designed to regulate such transnational commerce(—> Globalization and private international law). In other words, there appeared to be a growing demand for a body of law governing business transactions linked to a plurality of legal systems. To get to that body of law, it was necessary to overcome what has been considered to be its biggest obstacle, ie, the existence of a myriad of distinct domestic laws. Therefore, there has been a continuing effort to promote international trade through the unificat10n (and harmonization) of international commercial law.
Source Publication
Encyclopedia of Private International Law
Source Editors/Authors
Jürgen Basedow, Giesela Rühl, Franco Ferrari, Pedro de Miguel Asensio
Publication Date
2017
Volume Number
1
Recommended Citation
Ferrari, Franco, "Factoring (Uniform Law)" (2017). Faculty Chapters. 561.
https://gretchen.law.nyu.edu/fac-chapt/561
