24/08/2017 - THE UNIDROIT PRINCIPLES, PUBLISHED THE NEW 2016 EDITION

The International Institute for the Unification of Private Law (“UNIDROIT”) has published the new edition of “The UNIDROIT Principles of International Commercial Contracts” (UNIDROIT Principles 2016 – C.D. (95) 15)). The new edition of the Principles was adopted by the UNIDROIT Governing Council at its 95th session (Rome, 18-20 May 2016). The latter authorized the Secretariat to prepare and publish a new edition, that amends the previous edition of 2010.

The UNIDROIT Principles establish general rules and principles to be applied to international commercial contracts. The UNIDROIT Principles apply to commercial agreements only if they are explicitly chosen as applicable law by the parties; but, they have increasingly become an important term of reference for the drafting of domestic laws and for international commercial dispute settlement.

The 2016 UNIDROIT Principles modify the previous 2010 version and introduce amendments to deal with long-term contracts, i.e. contracts “to be performed over a period of time and which normally involves, to a varying degree, complexity of the transaction and an ongoing relationship between the parties”. Examples of long-term contracts include commercial agency, distribution agreements, franchising, etc.

 

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avv. Sondra Faccio