The UNIDROIT Principles of International Commercial Contracts 2016, a Bridge over Troubled Waters - An Overview of the UNIDROIT Principles from the Perspective of a Long Time User

Abstract

With a particular focus on the perspective of readers from common law legal systems, this article sets forth why the UNIDROIT Principles of International Commercial Contracts 2016 constitute an important tool for international contract drafting. Using the picture of a “bridge over troubled waters”, the article starts by setting the scene with some examples of different approaches to legal issues in different legal cultures (“troubled waters”). There exists a business need for a bridge across these troubled waters. The article then describes the reasons why the UNIDROIT Principles can serve as a such a – stable – bridge, with due regard to the circumstances of their making and their contents. It gives examples from the authors practical experience with the UNIDROIT Principles since 2001, in arbitration and in international contracting. The article further discusses existing freedoms and limits in using the UNIDROIT Principles. In concluding, the article goes so far to argue that, in some circumstances, using the UNIDROIT Principles 2016 as a tool may avoid malpractice for lawyers and ensure state of the art conduct of international business as required as a matter of corporate law.

Keywords: UNIDROIT Principles, Commercial Law, Contract Law, Corporate Law, International Contract Law

JEL Classification: K12, K22, K33, K40