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Simple English definitions for legal terms
lex solutionis
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A quick definition of lex solutionis:
Term: LEX SOLUTIONIS
Definition: Lex solutionis is a Latin term that means "law of the place of solution." It refers to the law of the place where a contract is supposed to be performed, especially when it comes to payment. In simpler terms, it means that the rules and regulations of the place where a contract is being fulfilled will apply to the payment process. Lex solutionis is often abbreviated as such.
A more thorough explanation:
LEX SOLUTIONIS
Lex solutionis is a Latin term that refers to the law of the place where a contract is to be performed, especially by payment. It is often shortened to lex loci solutionis.
For example, if a contract is signed in New York but the payment is to be made in California, the lex solutionis would be the law of California, where the payment is to be made.
Another example would be if a contract is signed in France but the payment is to be made in Germany, the lex solutionis would be the law of Germany, where the payment is to be made.
These examples illustrate how the lex solutionis determines the law that governs the payment of a contract. It is important to know the lex solutionis when entering into a contract to ensure that all parties are aware of the applicable laws and regulations.