The Uniform Commercial Code (UCC) is a uniform act that governs the law of sales and other commercial transactions in all 50 states within the United States of America. The UCC deals primarily with transactions involving personal property.
The Code, as the product of private organizations, is not itself the law, but only a recommendation of the laws that should be adopted in the states. Once enacted by a state, the UCC is codified into the state’s code of statutes. A state may adopt the UCC verbatim or a state may adopt the UCC with specific changes. [1]
The UCC is a starting point to understanding DoD contacting. Article 2 “Sales” covers contract types and methods that are similar to Federal Acquisition Regulations (FAR).
The UCC is composed of nine articles:
- Article 1. – General Provisions
- Article 2. – Sales
- Article 2A. – Leases
- Article 3. – Negotiable Instruments
- Article 4. – Bank Deposit
- Article 4A. – Funds Transfers
- Article 5. – Letters of Credit
- Article 6. – Bulk Transfers and [Revised] – Bulk Sales
- Article 7. – Warehouse Receipts, Bills of Lading and Other Documents of Title
- Article 8. – Investment Securities
- Article 9. – Secured Transactions
AcqTips:
- Understanding the UCC will allow you to understand DoD contracts and the FAR better.
AcqLinks and References:
- [1] Website: Wikipedia – Uniform Commercial Code
- Website: Cornel Law School – Uniform Commercial Code
Updated: 7/18/2017