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Providing payment for a product before the transfer of title can make for a more efficient trade between a seller and purchaser.
The United States has recently made changes to improve relations between itself and Cuba. One of the resolutions between the United States and Cuba is to facilitate authorized transactions, which will in turn include changes to regulatory definitions. ‘The statutory term “cash in advance” will be revised to specify that it means “cash before transfer of title”. This will provide more efficient financing of authorized trade with Cuba. The ultimate goal of these measures is to provide speed, efficiency, and oversight of authorized payments for product sales between the United States and Cuba.
- When arranging financing for an international product sales agreement, it is important to understand the laws that govern the transfer of title in all relevant jurisdictions.