By Xia Dongxia and Yang Ting King & Wood Mallesons’ Dispute Resolution Group
The Interpretation of the Supreme People’s Court on Issues Concerning the Application of Law for Hearing Cases of Sale and Purchase Contract Related Disputes (the “2012 Interpretation”) was promulgated on June 5, 2012, and came into effect on July 1, 2012. The 2012 Interpretation, which includes eight sections and forty-six articles, explicitly regulates the establishment and validity of sale and purchase contracts, delivery and transfer of title, risk allocation, inspection and acceptance of subject matter, liability for breach, retention of title, and special sale and purchase contracts. The 2012 Interpretation clarifies several ambiguous issues in judicial practice, and also supplements the PRC Contract Law[i](the “Contract Law”).
This article summarizes the main content of the 2012 Interpretation.
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