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The Use Of The UNIDROIT Principles In Practice

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Chapter Summary

The UNIDROIT Principles, as the result of the work of a group of experts acting under the auspices of an intergovernmental organisation such as UNIDROIT with no legislative power, may at first sight have appeared to a sceptical observer to be little more than an academic exercise of no practical utility. Right from the start, the UNIDROIT Principles were the subject of numerous seminars and colloquia all over the world. A number of national legislators have chosen the UNIDROIT Principles as one of the sources of inspiration for the reform of their domestic contract laws. A significant example of an - undeclared - incorporation of individual provisions of the UNIDROIT Principles in the contract is the settlement agreement contained in a recent award of the International Centre for Settlement of Investment Disputes (ICSID).

Keywords: contract laws; ICSID; intergovernmental organisation; UNIDROIT Principles



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