International Commercial Contracts
International contracts are those agreements aimed at creating a legal relationship between two or more subjects belonging to different countries or, otherwise, belonging to the same country, but aimed at producing legal effects outside it (for example, international distribution contracts).
Thus it involves the exchange of goods, services, labor, or capital5 between entities from different nations. This chapter will present a helpful background to the study of the law governing these transactions through discussion of (I.) the theory, the institutions, and the law of international trade. The first method of enforcing ones rights pursuant to an international agreement is through a lawsuit or judicial action. When a dispute involves multiple parties from multiple countries, it becomes an issue as to how and where to handle the dispute.
You can’t do many projects to change something without spending a bit of cash. And when money is involved, a contract is essential! Generally you’ll come across one of three types of contract on a project: fixed price, cost-reimbursable (also called costs-plus) or time and materials. International contract law is a branch of private international law. This type of law is frequently applied to as international sales law. International sales contracts are governed by the United Nations Convention on Contracts for the International Sale of Goods (CISG) from 1980.
The Principles of International Commercial Contracts 2016 (most frequently referred to as UNIDROIT Principles and often also referred to as PICC) is a set of 211 rules for international contracts. They have been drawn up since 1984 by an international working group of the inter-governmental organization UNIDROIT, and they were ratified by its Council representing 64 governments of member states. As soft law, these principles help harmonize international commercial contract law by providing rules supplementing international instruments like the CISG and even national laws. Most importantly in private practice, they offer a neutral contractual regime which the parties can choose, either by incorporation into their contracts (in whole or in parts), or by a straightforward choice of the UNIDROIT Principles (e.g. “This contract is governed by the UNIDROIT Principles of International Commercial Contracts 2016”; in practice such a clause is often combined with an arbitration clause).
The UNIDROIT Principles were first released in 1994, with enlarged editions published in 2004, 2010, and most recently in 2016 (including issues related to long-term contracts). Established with an international mind-set, they address many issues on which national legislators do not concentrate, such as foreign-currency set-off or hardship. Practitioners who use the principles describe them as a state-of-the art tool which is particularly useful when parties from different legal systems desire to agree on a neutral contractual regime. International law firm networks have an increasing number of committees concentrating on promoting the use of the UNIDROIT Principles in practice.
Our legal team in coballt consulting group has a high level experiences and legal knowledge in field of International Commercial Contracts such as :
- Internatioanal Sales and Marketing Contracts
- International Transportation and Shipment Contracts
- Aviation Contracts
- Banking and Finance Contracts
- International Insurance Contracts
- Join Venture and Participation Contracts
- International Investment Contracts ( BOT; EPC ; EPCF ; BOLT etc)
- Energy & Renewables Contracts
- Oil and Gas Contracts
- Constrauction and Frustructure Contracts