Between 25-27 November 2024, the UNIDROIT Working Group on International Investment Contracts met for its fourth session at the seat of UNIDROIT in Rome and online.
The project on International Investment Contracts is a high-priority project jointly undertaken by UNIDROIT and the ICC Institute of World Business Law (ICC Institute). The project aims at developing guidance to foster the modernisation and harmonisation of international investment contracts.
The discussions during the fourth session focused on proposals for draft guidance, including principles and model clauses, prepared by thematic Subgroups that had been established after the first Working Group session, on topics such as “stabilisation” and renegotiation clauses, provisions on hardship and force majeure, contract language relating to policy commitments such as sustainable development (e.g., contractual due diligence clauses), applicable law and dispute settlement clauses, and clauses pertaining to matters of general contract law (e.g., on validity and pre-contractual issues, compensation and damages) against the background of the UNIDROIT Principles of International Commercial Contracts. The Working Group also took note of input that had been provided by the Consultative Committee for this project – which is composed of experts appointed by States – in response to questions about issues that are under discussion in the Working Group.
At the end of the session, it was agreed to establish a Drafting Committee with the aim of developing a preliminary draft text of the future instrument for the next Working Group session, which will be held from 1-3 April 2025 and will be hosted by the ICC Institute in Paris.
For more information about the project on International Investment Contracts, please visit the dedicated webpage:
https://www.unidroit.org/work-in-progress/investment-contracts-upicc/