It would be hard to imagine a more illustrious gathering of international trade law specialists than that which took place at the International Chamber of Commerce in April 2001. The purpose of the meeting was to revisit the UNIDROIT Principles of International Commercial Contracts seven years after their promulgation. These Principles aim to set a widely acceptable standard in international contract law. Understandably, therefore, they have become closely associated with international arbitration, the preferred method of dispute resolution in the international business world. Indeed, international arbitrators have been most receptive to the Principles, as attested by the significant number of awards in which they are mentioned.

The UNIDROIT Principles of International Commercial Contracts, like international commercial arbitration, are the outcome of private initiatives, reflecting the aspirations of lawyers and business people to facilitate cross-border commercial relations by transcending the sometimes limited perspective of national laws and proceedings. The value of the Principles has been acknowledged not only in practical situations of contract negotiation and dispute settlement, but also as a possible resource for legislators. It is important therefore periodically to review the ways in which they are being used so as to see how they may be further developed. It was to this end that the International Institute for the Unification of Private Law (UNIDROIT) and the International Court of Arbitration of the International Chamber of Commerce organized the 2001 seminar, at which academics and practitioners were invited to exchange views prior to the continuation by UNIDROIT of the work it has been pursuing over the past decade.

The papers and discussions that took place at the seminar are reproduced in this publication, some of them in expanded form. They present at one and the same time an overview, an assessment and pointers towards possible future developments. It was a tribute to the two organizers of the seminar, and in particular their respective Secretaries General, Herbert Kronke and Horacio Grigera Naón, and an acknowledgement of the stature of the Principles that the seminar attracted so many distinguished specialists. The success of the event owed much to their insight and analysis. On behalf of the organizers I thank them all for their generous and stimulating contributions.

Robert Briner

Chairman

ICC International Court of Arbitration