The Principles of UNIDROIT and the Procedure for the Conclusion of Commercial Agreements.

The article deals with the procedure for the conclusion of international commercial agreements regulated by the principles of UNIDROIT – a document drawn up by the International Institute for the Unification of Private Law (UNIDROIT) which formulates a code of provisions of a legal nature and is addressed directly to partners in international transactions. It is noted that an agreement may be concluded both by negotiation and by means of offer and acceptance. The author draws the conclusion that the approach of UNIDROIT to the conclusion of agreements is more consonant with contemporary trade turnover as, on one hand, it reduces the number of formal reasons for declaring such an agreement invalid, and on the other – allows the parties sufficient legal means to determine their intentions.

A.V. Kukin

Source publication: Legislation and Economics. [Zakonodatelstvo i ekonomika], 1999, No.11