A Study on the Contractual Contents, Rights of Third Party and Conditions under PICC

Abstract

As the general principle of international commercial contract, the UNIDROIT Principles of International Commercial Contracts (PICC) is not the rule of law ensuring legal binding, but functions as a so-called General Principles that can be universally applied to or used to international commercial contracts. Hence, the PICC responds to the expectation that the contracting parties pursues or adjust appropriately mutual interest at a complicated international commercial contract, and furthermore, assures the faithful execution of the contractual obligations between the contracting parties, thereby it has a characteristic that it plays a legal role in promoting fast, lively and stable international commerce. Furthermore, the PICC plays as the guideline to conclude or implement the contract to contracting parties, and also clearly recognizes the right functional legal benefits based on its universal feasibility as the legal basis for settling disputes arising from the international commercial contracts to the court or arbitration body of each country, in addition to the Supplementary Role in applying and using all domestic and international laws and regulations in relation to international commercial contracts. This study is the paper which infers the clear legal basis thereon by taking the Chapter 5 of the PICC on the Contractual Contents, Rights of Third Party, and Conditions of the contract parties to a international commercial contract as its scope and analysis subject.