The Governing Council of UNIDROIT at its 90th session formally adopted on 10 May 2011 the third edition of the Principles of International Commercial Contracts ("UNIDROIT Principles 2010"). The UNIDROIT Principles 2010 contain new provisions on restitution in case of failed contracts, illegality, conditions, and plurality of obligors and of obligees.
UNIDROIT Principles 2010 in book form is available at UNIDROIT. >>> order form
The new edition of the Principles is being given the widest publicity by, among others, the organisation of events aimed at promoting it in the various regions of the world. >>> read more
The Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Space Assets was adopted at the diplomatic Conference held in Berlin, at the kind invitation of the Government of the Federal Republic of Germany, from 27 February to 9 March 2012. This new Protocol seeks to extend the Cape Town regimen to commercial financing in outer space.
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UNIDROIT has started work on the preparation of principles and rules on close-out netting which is a mechanism applied by financial institutions and other participants in the financial market in their daily operations to reduce their credit risk exposure. Three meetings of the UNIDROIT Study group were held in Rome from 18 to 21 April 2011, from 13 to 15 September 2011 and from 7 to 9 February 2012. >>> Further information and documentation
UNIDROIT is envisaging the development of a legislative guide on Principles and rules capable of enhancing trading in securities in emerging markets. As a first step, the UNIDROIT Secretariat is preparing a guidance document intended to provide advice for countries that ratify the 2009 Geneva Securities Convention on how best to incorporate the Convention and integrate it into their domestic legal systems (“Accession Kit”). >>> Further information and documentation
The UNIDROIT Secretariat will conduct informal consultations, with a view to ascertaining the scope and feasibility of the project, in particular whether such an instrument might, following the example of most liability instruments, set a liability limit, that would also help the insurability of the activities, and cover aspects such as liability channelling, provision for supplementary compensation to guarantee satisfactory recovery of losses, and criteria for identifying the competent jurisdiction. >>> Read more
The UNIDROIT Secretariat will conduct informal consultations with relevant sectors, including industry sectors, so as further to develop an understanding of the potential scope and advantages of the project.
UNIDROIT is considering possible activities in the area of agricultural investment and production. A Colloquium on “Promoting Investment in Agricultural Production: Private Law Aspects” (Rome, 8-10 November 2011) has explored the scope of possible work by UNIDROIT and has covered the following main topics: Investment in agricultural land; Commercial agriculture for small farmers; Capital mobilisation and equipment finance for agricultural production.
These Model Provisions, established by a group of experts convened by the UNESCO and UNIDROIT Secretariats, are intended to assist domestic bodies in the establishment of a normative framework for heritage protection, to adopt effective legislation for the establishment and recognition of the State’s ownership of undiscovered cultural objects with a view, inter alia, to facilitating restitution in case of unlawful removal. They are followed by guidelines aimed at better understanding the provisions. >>> Read more