Reflections on the Mexico Convention in the Context of the Preparation of the Future Hague Instrument on International Contracts

Abstract

The Hague Conference is creating a soft law instrument on international contracts, which is expected to promote a general admission of the principle of party autonomy. Even if it is nowadays accepted in developed countries, this principle still needs consolidation in other regions of the world, like Latin America. In this context, the importance of the modern solutions adopted by the Mexico Convention on the law applicable to international contracts is outstanding. It is not only that the Mexico Convention clearly accepts party autonomy, but it is also well known even outside the American continent, for its reception of lex mercatoria -an achievement that we do not find in the European Rome I Regulation. This article carries out an analysis of the main provisions of the Mexico Convention, in order to highlight some of the reflections it should provoke during the preparation of the Hague instrument.