Governing law
From ACT Wiki
Law - international law - contract.
Governing law means the system of law to be applied to determine a dispute under a contract with non-domestic elements, usually specified by a governing law clause in the contract.
In the absence of a governing law clause, the applicable system of law is determined by convention, regulation or general law.
- LIBOR transition - USD markets - check the governing law
- "Check the Governing Law of your contracts – for example fallbacks may differ depending on the governing law of your contract (e.g. English or New York) as legislative solutions differ by jurisdiction.
- Do not assume that all USD contracts work in the same way."
- ACT blog - Sarah Boyce - Associate Director, Policy & Technical - June 2022.
- LIBOR ended in September 2024.
- Cross-border pooling - importance of differing legal systems
- "The governing law for the intra-group cash pooling agreements is often English law for cross-border pooling.
- Alternatively the jurisdiction of the parent entity will be stipulated as applicable.
- For a Zero Balancing Agreement or a Notional Pooling Agreement, the bank will in many cases provide for a standardised agreement, with the bank’s domicile providing the legal jurisdiction.
- Treasurers should make themselves aware of the implications of using differing jurisdictions."
- Legal implications of cash pooling structures - the Treasurer's Wiki.
Contracts and other relationships without foreign elements will generally be governed by domestic law.
See also
- Capacity
- Contract
- Convention
- Court
- Domicile
- Extraterritorial jurisdiction
- Fallback
- International law
- Jurisdiction
- Law
- Legal implications of cash pooling structures
- Notional pooling
- Private international law
- Proper law
- Regime
- Regulation
- Repatriated
- Resident
- State
- State immunity
- Zero balancing
