Unidroit Principles and the COVID-19 Economy

The international economy was drastically changed by COVID-19. As the pandemic is causing similar problems in different jurisdictions, uniformized solutions are required to have more certainty in a global economy. This is an opportunity for the uniform regulation of international contracts such as the Unidroit Principles. The provisions of the Unidroit Principles, such as force majeure and hardship, may provide parties, adjudicators, and legislators with uniform solutions to common problems caused by the pandemic.

Overcoming Obstacles to the Application of the Unidroit Principles: Proposal for a Descriptive Choice of the Unidroit Principles Clause

The article builds on a similar article written ten years ago and published in the Uniform Law Review. It tries to build a bridge between the academic world and the world of practitioners with regard to the perception of the Unidroit Principles.

Increasing standardization for smart(er) contracts

Legal standardization traditionally played an important role in contractual relations. With technological and commercial development and expansion of trade from the individual and collective levels to internationalization, it became necessary to create a set of standards to keep pace with this development and facilitate the contractual process. Although smart contracts are considered a leap in the contractual relationship, it cannot be overlooked that these contracts share many characteristics with traditional contracts. To gain a greater position in the global market, smart contracts also need to be well functioning and efficient. In this context, the article tackles the phenomenon of legal standardization and identifies the main weaknesses of smart contracts—to answer two crucial questions: how can these contracts be smarter, and how should we employ standardization to ensure their efficiency?

Long-term contracts and the Unidroit PICC: towards a realistic regulation

The 2016 Unidroit Principles of International Commercial Contracts (PICC) were the first instrument that explicitly regulated long-term contracts in international commerce. Its main goal was to actualize uniform contract law for the emerging needs of international commerce. Despite this effort, scholars have briefly researched how uniform contract law instruments address international commerce as an economic reality or whether the PICC’s attempt is adequate. The gap in uniform contract law’s—particularly the PICC’s—literature on long-term contracts is odd compared to the completeness of economic literature on the matter. After revealing the pitfalls of the PICC’s regulation, demonstrating the convenience of a thorough review of the economics of long-term contracts, this article elaborates on the necessary character of the connection between uniform contract law and economics. It further reviews the economic research on the factors that prompt long-term contracting and the mechanisms that economic agents designed to address their needs. The overhaul reveals that two paradigmatic economic structures—competitive and cooperative—generally determine the design of long-term contracts. Finally, the article addresses the consequences of including the paradigmatic economic structures of long-term contracts in the PICC rules on contract interpretation and gap-filling.

Identifying a system-neutral meaning of a title transfer financial collateral arrangement in the Financial Collateral Directive

European Union (EU) directives adopt a functional method. This implies that they are drafted on the assumptions that implementing laws are functionally equivalent and, crucially, that the concepts they contain are system neutral without doctrinal commitment. This article primarily tests these assumptions by exploring the definition of title transfer financial collateral arrangements (TTFCA) in the Financial Collateral Directive. It is argued that the Directive offers a stable meaning of a TTFCA that can be identified in most systems, although, in some cases, there are slight conceptual tensions that require a more contextual, rather than a functional, perspective.

Supply chain management and sustainability: the new boundaries of the firm

A directive on supply chain due diligence applicable to all companies operating on the European Union (EU) market is currently under consideration by the EU institutions. This project, which represents an example of harmonization at the regional level and whose presentation is expected in 2021, places the issue of enterprises’ private procurement process at the heart of the debate. Supply chain strategies are an essential element of any business ecosystem. Therefore, in order for firms to effectively address social and environmental concerns along with the economic dimension, it is necessary to adopt and spread the use of sustainable business practices across the entire supply chain. Currently, due to (i) the diffusion of the ‘triple bottom line’ approach; (ii) the reputational and economic damages arising from numerous scandals concerning the supply chain; and (iii) the growing market value of sustainability, an increasing number of firms have included sustainability requirements in their entire supply chain. This has led to the enhancement of ‘preferred procurement’ policies, such as the green, social, and sustainable procurements. After a brief analysis of the current legal framework and the best practices applied in the field of sustainable private procurement, this study offers some conclusions on (i) the impact of sustainability on the definition of the boundaries of the firm and (ii) the policy shift from self-regulation to statute law in private procurement governance and the benefit of a model statute designed to be adopted by different jurisdictions.

Electronic Transferable Records: A Gap in Qatari Law That Urgently Needs Filling

Qatar has sought to encourage the development of international trade and investment through advancements in its law. In light of the growing importance of electronic operations, it has adopted the United Nations Commission on International Trade Law’s (UNCITRAL) model laws on electronic commerce and electronic signatures. However, they alone are insufficient to respond fully to the present-day needs of international trade. An area in which Qatari law is still wanting is the electronic transfer of records that originated on paper. This article assesses the extent to which current Qatari legislation relating to the assignment of rights, bills of lading, and commercial papers is suited to the transfer of such records by electronic means and identifies aspects on which it falls short. To fill this gap, Qatar should adopt the 2017 UNCITRAL Model Law on Electronic Transferable Records and ensure that it is applied as widely as possible, internally, internationally, and in civil and commercial dealings.