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Limitation Periods

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Chapter Summary

The Unidroit Principles of International Commercial Contacts is an entirely new approach to international contract law. They are widely recognized now as a balanced set of rules designed for use throughout the world irrespective of the legal traditions and the economic and political conditions of the countries in which they are applied. The Unidroit Principles in Practice provides a comprehensive collection of international case law and bibliographic materials relating to the Principles. These Principles set forth general rules for international commercial contracts. This chapter discusses provisions on limitation periods which include scope of the chapter, modification of limitation periods by the parties, new limitation period by acknowledgement, suspension by judicial proceedings, suspension by arbitral proceedings, alternative dispute resolution, effects of expiration of limitation period, right of set-off and restitution.

Keywords: arbitral proceedings; dispute resolution; international case law; international commercial contacts; international contract law; Unidroit Principles



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