In June 2012, the Supreme People's Court promulgated a new set of interpretations concerning a range of contract law issues. This latest document, which came into effect in July, explicitly regulates the issues of establishment and validity of sale and purchase contracts, delivery of subject matter and transfer of title, bearing of risk of subject matter, inspection and acceptance of subject matter, default liability, retention of ownership, and special sale and purchase. In addition to clarifying various issues in judicial practice, the 2012 interpretation also fills certain gaps left by the PRC Contract Law.
This detailed article from King & Wood Mallesons provides an overview of the most notable changes and developments.
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