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This book examines national reports on contract law in each of the BRICS countries (Brazil, Russia, India, China and South Africa) in order to provide a comparative analysis. It then establishes common principles, where possible, as well as a set of general “soft law” principles governing international commercial contracts in these countries. The importance of commercial transactions in the BRICS countries is rapidly growing, yet differences in contract law among these countries can lead to misunderstandings and disputes. The rapid development of the BRICS instruments (and the legal implications of their use) suggests the need to address common legal issues that could harm the continued development of the BRICS economies. Contract law represents one of the core areas in which this process can take place. Addressing the salient legal issues within the BRICS discourse requires a comprehensive, comparative approach that explores the different solutions provided by each member country, in order to identify similarities and convergences. This process may ultimately help to reduce the legal obstacles to, and indirect costs of, cross-border transactions by offering a transparent and predictable legal environment for any future attempt at adopting common legal instruments.
In the international trade and development arena, new and developing economies have created a block that is known as BRICS - Brazil, Russia, India, China and South Africa. Initially conceived to drive global change through economic growth, the financial crisis and reversal of fortunes of the BRICS nations have raised questions about their ability to have an impact on the governance of global affairs. This book explores the role of law in various areas of BRICS cooperation including: trade, investment, competition, intellectual property, energy, consumer protection, financial services, space exploration and legal education. It not only covers the specifics of each of the BRICS nations in the selected areas, but also offers innovative and forward-looking perspectives on the BRICS cooperation and their contribution to the reform of the global governance networks. This is a unique reference book suitable for academics, government officials, legal practitioners, business executives, researchers and students.
The survey compares the rules on contractual non-performance and remedies under the UNIDROIT Principles of International Commercial Contracts, the Principles of European Contract Law, and Indian statutory contract law (including the Indian Contract Act, 1872). Given that most Indian statutes were derived from English law and may therefore be viewed as «codified common law», this comparison may contribute to the question of whether, especially in view of contract law harmonisation in the EU, the civil-law and common-law traditions could be merged in a common code. Moreover, it may help identify legal differences that are relevant to doing business between India and Europe. The general conclusion of the survey is that the Principles and Indian statutory contract law share a close proximity especially because many of their provisions on non-performance and remedies appear to be derived from the same concepts and also provide for very similar consequences.
This book discusses how UNIDROIT principles are viewed and interpreted in different countries, presenting various perspectives and practical lessons learned. It also offers a detailed analysis of the use of the UNIDROIT principles to interpret and supplement domestic contract law. Written by experts in the field, it provides insights into how the principles are being used and applied in their respective countries. The findings are also summarized in a General Report that was presented at the 20th IACL General Congress in Fukuoka, Japan.
The Unidroit Principles of International Contracts, first published in 1994, have met with extraordinary success in the legal and business community worldwide. Prepared by a group of eminent experts from all major legal systems of the world, they provide a comprehensive set of rules for international commercial contracts. This new edition of An International Restatement of Contract Law is the first comprehensive introduction to the Unidroit Principles 2004. In addition, it provides an extensive survey and analysis of the actual use of the Unidroit Principles in practice with special emphasis on the different ways in which they have been interpreted and applied by the courts and arbitral tribunals in the hundred or so cases reported worldwide. The book also contains the full text of the Preamble and the 180 articles of the Unidroit Principles 2004 in Chinese, English, French, German, Italian and Russian as well as the 1994 edition in Spanish.
This book examines the convergences, divergences and reciprocal lessons that the BRICS countries (Brazil, Russia, India, China and South Africa) share with one another in developing the principles of private international law. The chapters provide a thematic understanding of the cornerstones of private international law in each of the BRICS countries: namely, (1) the procedure to initiate claims in civil and commercial matters, (2) the law that would govern such matters in litigation and arbitration, as well as (3) the mechanism to recognise and enforce foreign judgments and arbitral awards. Written by leading private international law scholars and practitioners, the chapters draw on domestic legislation and its interpretation through cases decided by the courts in each of these emerging economies, and explicitly cover the rules applicable in contractual and non-contractual concerns and issues of choice of court agreements. Issues around marriage, divorce, matrimonial property, succession and surrogacy are also addressed, considering the implication of such aspects through the increased movement of persons. The book is a useful comparative resource for the governments of the BRICS countries, legislators, traders, academics, researchers and students looking for an in-depth discussion of the reciprocal lessons that these countries may have to offer one another on these issues.