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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › RATIFICATION OF CONVENTION
Hi Sir,
kindly explain me, what does it mean by ratification of convention ? (eg:states in territories with different laws)
Ref:bpp text (glo)pg no.62
To ratify means “to sign or give formal consent to for example, a national state may ratify a treaty, contract or on agreement, making it officially valid”
States with territories that have different laws (for example the USA) may find that only some (and not all) of the member states are prepared to adopt the treaty or convention
In that situation, where not all of the respective territories have accepted or ratified the treaty, it is said that the country is not a contracting state
Is that better?
Two or more contracting states may ratify the convention but opt out of the convention in relation to each other, or in relation to persons whose places of business are in each other’s states. what does it exactly mean?
Ratification involves complete acceptance for a state to be known as a “contracting state”
So it’s not possible to adopt / ratify only a part of a convention
However … it IS possible for two contracting states to declare mutually that, in transactions between those two states, the convention shall not apply (think Israel and any one of Israel’s neighbours)
Is that better?
Thank u so much sir, for the clarification .
You’re welcome
