Eighth Session of the Working Group on International Investment Contracts

The eighth session of the Working Group on International Investment Contracts was held at the seat of UNIDROIT in Rome from 19 to 21 January 2026. Co-chaired by Professor Maria Chiara Malaguti and Eduardo Silva Romero, the Working Group is developing a set of Principles, commentary, and model clauses aimed at fostering the modernisation and standardisation of international investment contracts, building upon the UNIDROIT Principles of International Commercial Contracts (UPICC). The project is conducted by UNIDROIT in partnership with the Institute of World Business Law of the International Chamber of Commerce (ICC).

During the first day of the session, the Working Group discussed the draft chapters of the instrument concerning remedies, applicable law, and dispute settlement. The second day was devoted to the draft chapter on change of circumstances (including stabilisation/renegotiation, hardship, and force majeure) as well as to the guidance provided throughout the draft instrument on sustainable investment, including sustainability due diligence and the need for continuous sustainability monitoring. During the third day, the Working Group discussed draft Chapters 1, 2, 4, and 5 addressing (i) general provisions concerning the instrument (e.g., its scope and purpose); (ii) general principles applicable to international investment contracts; (iii) validity; and (iv) the rights and obligations of the investor and the State counterparty.

As a next step, the Drafting Committee will update the draft instrument in line with the outcome of the discussions, followed by a consultation of the Consultative Committee for this project. It is envisaged that the full draft instrument will be submitted to the UNIDROIT Governing Council for consideration at its session in May 2026, together with a proposal to launch a consultation.

For further information on the UNIDROIT Project on International Investment Contracts, please visit the dedicated webpage: https://www.unidroit.org/work-in-progress/investment-contracts-upicc/.

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