English Commercial Law - UNIDROIT
An independent international organization, UNIDROIT is the International Institute for the Unification of Private Law. The UNIDROIT Statute, a global agreement to which its members are required to accede, served as the foundation for the 1940 establishment of the current Institute. There are currently 63 members, including the US and UK, representing five continents. Its goal is to research the requirements for modernizing and harmonizing private international law, particularly in the area of business law between States, and to develop international conventions to meet such requirements. In an effort to harmonize the law governing international business relationships, the UNIDROIT Principles of International Commercial Contracts (PICC) were originally published in 1994. In 2016, the PICC underwent its most current revision. They are a set of optional standards that parties to an international business contract may decide to include. Given that they are meant to apply to business contracts around the world, they have the broadest geographic scope of all the instruments we will examine.
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