Ch.10 Limitation periods, Art.10.1

Abstract

This commentary analyses Article 10.1 of the UNIDROIT Principles of International Commercial Contracts (PICC). Art 10.1 provides an overview of the scope of Chapter 10 of the PICC concerning ‘limitation periods’. According to this provision, the exercise of rights governed by the PICC is barred by the expiration of the limitation period. Chapter 10 does not govern the time within which one party is required under the PICC, as a condition for the acquisition or exercise of its right, to give notice to the other party or to perform any act other than the institution of legal proceedings. This commentary discusses the rights governed by the PICC, exclusion of notice requirements with regard to limitation periods, and prevailing mandatory rules of domestic law on limitation periods. It also considers the implications of inconsistent behaviour, good faith and fair dealing for limitation periods.