Abstract
This commentary focuses on Article 1.5, which recognizes that the UNIDROIT Principles of International Commercial Contracts (PICC) are, with some exceptions, default rules that may be modified and, indeed, excluded, by the parties. In other words, the parties may exclude the application of the PICC or derogate from or vary the effect of any of their provisions, except as otherwise provided in the Principles. Art 1.5 does not mention any formal requirements for excluding or modifying the PICC. Thus, in accordance with Art 1.2 PICC, it must be concluded that exclusion or modification of the PICC may be either express or implied. Art 1.5 covers complete exclusion of the application of the PICC, derogation from or variation of particular provisions of the PICC, providing for the application of several legal regimes, and mandatory provisions of the PICC.
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