Is an Open-Price Contract Valid, and if Yes, on What Price under the CISG

This article primarily deals with two conflicting and complicated provisions of the CISG, Articles 14 and 55, which concern the problem of a contract without a definite price, called "an open price contract". The purposes of this article are as follows. It scrutinizes the two conflicting provisions of the CISG and their interrelationship in light of respective legislative history and scholars' various views. In addition, it attempts to provide business people and lawyers in practice with some guidelines on the application of Article 55 of the CISG by means of analyzing and comparing current cases in which courts or arbitral tribunals have dealt with controversy between parties on the decision of price.