CEU Electronic Theses and Dissertations, 2017
| Author | Khonikboeva, Tovus Khurramovna |
|---|---|
| Title | The Parties'Right to Choose the UNIDROIT Principles as the Law Governing their Contract |
| Summary | Parties negotiating an international contract have to deal with a number of challenges that are unique to international transactions. The most challenging part of the negotiations is the determination of the applicable law since parties have certain requirements with regard to the law that will govern issues not expressly dealt with in their contract. When agreeing on the applicable law parties often look for a neutral solution that does not favor either party. In the context of international business transactions, the UNIDROIT Principles – as a set of rules reflecting the needs of international trade - are the most effective choice. However, parties’ freedom to choose the UNIDROIT Principles as the governing law of their contract depends on whether they submit their dispute to arbitration or litigation. More specifically, parties’ ability to choose the Principles to serve as a governing law of their contract is confined to arbitration. Since the UNIDROIT Principles, in contrast to domestic laws, offer significant advantages in the context of international business transactions, this paper will examine why parties submitting their dispute to litigation are unable to choose the Principles as the governing law of their contract and derive full benefit from them, and whether it is necessary to eliminate the present distinction, i.e. give parties the right to choose the UNIDROIT Principles as the governing law of their contract even when they decide to submit their dispute to courts. |
| Supervisor | Petsche, Markus |
| Department | Legal Studies LLM |
| Full text | https://www.etd.ceu.edu/2017/khonikboeva_tovus.pdf |
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