The UNIDROIT Principles of International Commercial Contracts, first published in 1994 and in a second edition in 2004, are taken by legislators worldwide as a model for contract law reform and
increasingly used in international contracting and arbitration practice, as well as by the courts to interpret and supplement the applicable domestic law.
The new edition of the Principles (“UNIDROIT Principles 2010”), prepared by a group of experts from all over the world including representatives of numerous international organisations and
arbitration centres, was formally adopted by the Governing Council of UNIDROIT in Spring 2011. In addition to some minor modifications and updating of the Comments and Illustrations, the UNIDROIT Principles 2010 contain new provisions dealing with:
• Restitution in case of failed contracts
• Plurality of obligors and of obligees