BAFT Calls for U.S. Ratification of the UN Receivables Convention

by Ava Evans | Dec 20, 2017
On December 12, 2017 the Senate Foreign Relations Committee held a hearing on treaties, which included a discussion of the United Nations Convention on the Assignment of Receivables in International Trade (Receivables Convention), which was submitted to the Senate on February 10, 2016.

On December 12, 2017 the Senate Foreign Relations Committee held a hearing on treaties, which included a discussion of the United Nations Convention on the Assignment of Receivables in International Trade (Receivables Convention), which was submitted to the Senate on February 10, 2016. BAFT signed a coalition letter addressed to the Committee Chairman and Ranking Member in support for the Receivables Convention, asking the Committee to move expeditiously toward its ratification. The Receivables Convention is self-executing and would not change U.S. law in any material respect, because U.S. law already reflects the modern legal principles embodied in the convention. Enactment of the Convention would make it easier for U.S. small and medium-sized businesses to access additional financing from lenders based on their sales of goods and services to customers located in other countries that ratify the Convention.