Governing Law

No body defines this term, and that is the answer rather than a gap. A clause of this kind means what the contract says it means, read under the governing law the parties chose. There is no standards body, regulator or treaty that settles it in the way the ICC settles Incoterms or the WTO settles rules of origin. Model wordings exist from several organisations, and they differ. Treat the description above as an orientation to the usual shape of the clause, and the contract in front of you — with advice under its governing law — as the only authority that matters.