Working Group on International Investment Contracts holds ninth and final session

From 19 to 21 October 2026, the Working Group on International Investment Contracts (IICs) held its ninth session in Rome. The project on the UNIDROIT Principles of International Commercial Contracts (UPICC) and Investment Contracts, undertaken jointly by UNIDROIT and the International Chamber of Commerce’s Institute of World Business Law, aims to develop guidance to foster the modernisation and standardisation of IICs in light of the evolving developments in investment law and arbitration.

Over the course of its previous eight sessions, the Working Group developed a draft soft-law instrument comprising Principles, Commentary, and Model Clauses: the draft UNIDROIT-ICC Principles and Model Clauses for International Investment Contracts. The instrument seeks to strike an appropriate balance between the interests of States and investors at the contractual level, as well as the interests of society as a whole by offering guidance to promote sustainable investment.

The draft Principles and Model Clauses build on the UPICC, incorporating their provisions by reference and adapting and supplementing them where necessary to address the specificities of IICs. The Commentary further explains how certain UPICC provisions should be applied in the context of IICs.

The main objective of the ninth session was to discuss the feedback received on the draft instrument during the public consultation, which ran from 24 June to 15 September 2026 (please see the consultation page). In response to the public consultation, the Secretariat received 40 submissions comprising 540 comments. These came from a broad range of stakeholders, including international organisations, chambers of commerce and business associations, law firms, arbitration institutes and associations, research centres and academics. In addition, the Working Group discussed feedback submitted by UNIDROIT Member States and by participants in the project’s Consultative Committee, chaired by Governing Council Member José Antonio Moreno Rodríguez and comprising experts appointed by 35 States.

The Working Group considered the consultation feedback on a thematic, chapter-by-chapter basis. At the end of the session, it mandated the Drafting Committee and the Secretariat to revise the draft instrument in light of the discussions. Following a final review by the Working Group, the draft instrument is expected to be submitted to the UNIDROIT Governing Council for consideration and adoption in December 2026.

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