Hague Principles on Choice of Law in International Commercial Contracts 2015

Nowadays the unification of applicable laws of international commercial contracts has become a universal attempt. According to the increase in the number of these contracts in legal systems, the importance of determination of international commercial contracts is a serious issue. One of the legal efforts in this scope could be the approval of “The Hague Principles on Choice of Law in International Commercial Contracts” in 2015, Hague Principles are designed to promote party autonomy in international commercial contracts as the first normative soft-law instrument. Because the partics to a contract may be best positioned to determine which set of legal norms is most suitable for their transaction, party autonomy enhances predictability and legal certainty which are the important conditions for effective cross-border trade and commerce. However there were some other legal efforts in scope of determination of applicable law for the international commercial contracts such as Rome Provisions I but there were operable only in European Union and also had lots of complexes and ambiguities. The Hague Principles are not formally binding, they provide a comprehensive blueprint to guide users in the creation. reforme or interpretation of choice of law regimes at the national, regional, or international levels.