UNIDROIT principles can help clinch that contract
Trading partners wrestling with conflicting national laws as they negotiate contracts increasingly turn to an international standard as their preferred solution.
searching for a way to reconcile differing views among potential business
partners about their contractual obligations find that the UNIDROIT Principles
of International Commercial Contracts can provide the answer.
principles have become equally useful in arbitration cases. How they are
applied in international commercial arbitration is the subject of a new
International Chamber of Commerce publication based on an ICC seminar in Paris
itself is an independent intergovernmental organization founded in 1926 under
the then League of Nations and dedicated to the harmonization of private law
between states. It has drawn up an array of international conventions governing
such commercial activities as financial leasing and factoring.
popularity of the UNIDROIT Principles of International Commercial Contracts
reflects the success of public and private business law specialists in
producing a comprehensive body of rules relating to the formation, validity,
interpretation, contents and performance of contracts.
Briner, Chairman of the ICC International Court of Arbitration, said:
"Rules that transcend cultural and legal differences and establish an
international standard that is acceptable to different nationalities and
traditions have an obvious appeal."
principles have a growing role in arbitration conducted under the ICC rules of
arbitration. ICC arbitration lawyers say they have proved invaluable in
providing a neutral basis for deciding the parties' claims. For example, they
may be applied in arbitration cases to supplement or interpret national laws.
Go to the
ICC Business Bookstore to order Unidroit Principles of International Commercial
Contracts - Reflections on their Use in International Arbitration