LEGAL EFFECT OF THE PRINCIPLES OF UNIDROIT INTERNATIONAL COMMERCIAL CONTRACTS

Abstract

The article considers particular ways in which the UNIDROIT Principles
come into legal effect. Parties’ selection of the Principles as rules of
law governing the contract can be considered as incorporation of the rules
into the contract or as a selection of law with the exclusion of any national
law. The author supports the first approach. In international commercial
arbitration the Principles can be applied without any references in the contract;
however, in this case their legal effect is based on the implied will of
the parties which is determined by the circumstances of the case.