Adopted by the General Assembly on 12 December 2001, the main objective of the Convention is to promote the movement of goods and services across national borders by facilitating increased access to lower-cost credit. In order to achieve this objective, the Convention, inter alia: (i) removes legal obstacles to certain international financing practices, such as asset-based lending, factoring, forfaiting, securitization, refinancing and project financing (e.g. by validating assignments of future receivables and bulk assignments, and by partially invalidating contractual limitations to the assignment of receivables); (ii) unifies assignment law with respect to a number of issues, such as effectiveness of an assignment as between the assignor and the assignee and as against the debtor; (iii) enhances certainty and predictability with respect to the law applicable to key issues, such as priority between competing claims; and (iv) facilitates the harmonization of domestic assignment laws by providing a substantive law regime governing priority between competing claims that States may adopt on an optional basis.
Status map - provided by LegaCarta, the International Trade Centre's (ITC) database
