From 3 to 5 June 2024, the Working Group on International Investment Contracts met for its third session at the seat of UNIDROIT and online via Zoom. The meeting was attended by 35 Working Group Members and (representatives of) Observers.
The project on the UNIDROIT Principles of International Commercial Contracts (UPICC) and Investment Contracts is a high-priority project jointly undertaken with the ICC Institute of World Business Law. It aims at developing guidance to foster the modernisation and standardisation of international investment contracts.
The main object of the deliberations during the third session were the proposals of the Subgroups that had been established after the first session on different thematic areas. The Working Group discussed, inter alia, pre-contractual issues relating to international investment contracts; validity; change of circumstances; policy goals (e.g., ESG obligations); choice of law; and dispute settlement clauses. The Working Group also discussed a preliminary draft structure of the future soft law instrument. The discussions were guided by a Revised Issues Paper prepared by the UNIDROIT Secretariat.
The next session of the Working Group is scheduled for 25-27 November 2024 at the seat of UNIDROIT.
For more information about this project, please visit the dedicated webpage: https://www.unidroit.org/work-in-progress/investment-contracts-upicc/.