May 01, 1999
“Use of General Principles of International Law in International Long-Term Contracts”, International Business Lawyer, May 1999, vol. 27, n°5, p. 214.
In international business relations today, it is widely accepted that the parties to a contract may elect to have their contractual relations governed by general principles of law. It appears particularly appropriate that the parties to an intemational longterm contract should have the option of submitting their contractual relationship and, perhaps even more importantly, the resolution of any ensuing disputes, to general principles of international law, in that this source of rules may prove to be well adapted to the needs of the international business community and can—contrary to common wisdom—offer greater reliability than the choice of a national law, particularly in the presence of a longterm agreement during the course of which any national legislation may undergo profound modifications.