Investment Contracts and UPICC – 1st Working Group session held in Rome

From 23 to 25 October 2023, the Working Group on International Investment Contracts met for its first session at the seat of UNIDROIT in Rome. The meeting was attended by 30 Working Group Members and Observers.

The project on the UNIDROIT Principles of International Commercial Contracts (UPICC) and Investment Contracts – jointly undertaken with the ICC Institute of World Business Law – aims at developing guidance to foster the modernisation and standardisation of international investment contracts. It is a high priority project in UNIDROIT’s Work Programme for the 2023-2025 triennium.

In accordance with UNIDROIT’s working method, the Working Group on International Investment Contracts is composed of experts from different legal systems and geographical regions. The Working Group is chaired by Maria Chiara Malaguti (President of UNIDROIT) and Eduardo Silva Romero (Chair of the ICC Institute).

During its first session, the Working Group discussed general matters, such as how the future soft law instrument could draw upon the UPICC and the UNIDROIT/IFAD Legal Guide on Agricultural Land Investments Contracts, and how it would be useful to develop Model Clauses. The discussion then turned to the possible content of the future instrument, including aspects such as pre-contractual issues; rights and obligations of the parties to an international investment contract; change of circumstances; compensation and damages; and policy goals in the investment context, e.g., regarding sustainable development, responsible business conduct and human rights. At the end of the session, it was decided to establish thematic Subgroups to advance the work on these aspects in the intersessional period.

The next session of the Working Group on International Investment Contracts is scheduled for 13-15 March 2024 and will be hosted by the ICC Institute in Paris.

For more information about this project, please visit the UNIDROIT website:



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