UNIDROIT Principles for Interpreting Private Contracts

Abstract

There are many conventions like CISG, European Principles, UNIDROIT Principles and others. These govern various disputes that may arise between the contracting parties and cover various facets. The contracting parties have to select the law which shall govern their contract. In the present scenario, generally these disputes are resolved by arbitral proceeding which follow these principle as guidance for arriving at a correct and amiable solution, thus making these principles of prime importance. The UNIDROIT Principles provide well drafted, thoughtful specific provisions on vexing problems. Their clarity of their provisions is further enhanced by avoidance of the formality of a code. The set of principles has become very useful and sought after in the present international legal scenario. The reasons behind the high success of the UNIDROIT Principles are discussed in detail along with the interpretation of the Principles in the paper.