Principles Of International Commercial Contracts

Unidroit Principles of International Commercial Contracts 1994/2004 in Maritime Law

Note: There is more information on maritime/admiralty law here.

The following is a definition of Unidroit Principles of International Commercial Contracts 1994/2004, produced by Tetley, in the context of admiralty law: A major restatement of fundamental principles applicable to international commercial contracts, prepared by a working group of respected specialists in contract law and international trade law from all the major legal traditions, approved by the Governing Council of UNIDROIT in 1994, and then amended in 2004 to include a number of new topics, notably the authority of agents, third party rights, set-off, assignment of rights, transfer of obligations and assignment of contracts, limitation periods and waiver. The new edition also has an expanded Preamble and new provisions on “Inconsistent Behaviour” and on “Release by Agreement” and has adapted the 1994 edition to meet the needs of electronic contracting. The Principles constitute a basic formulation of the modern lex mercatoria (see this maritime law term in this legal dictionary) in respect of international commercial contracts, which may be applied if the parties to such a contract expressly choose them as the law governing their contract or agree to subject it to the lex mercatoria. The Principles may also be applied when it proves impossible to establish the relevant rule of the applicable law, when the parties have not chosen any law to govern their contract, to interpret or supplement international uniform law instruments, as well as domestic law, and as a model for national and international legislation on commercial contracts. For the English version of the original Principles of 1994, see J.M. Perillo, “UNIDROIT Principles of International Commercial Contracts: The Black Letter Text and a Review” (1994) 63 Fordham L. Rev. 281. For the text of the Principles 2004, see website: https://www.unidroit.org/english/principles/contracts/main.htm.

For commentary on the Principles 2004, se M.J. Bonell, “UNIDROIT Principles 2004 – The New Edition of the Principles of International Commercial Contracts adopted by the International Institute for the Unification of Private Law”, Uniform Law Review 2004, 5-40 and at website: link.