THE USE OF THE UNIDROIT PRINCIPLES IN INTERNATIONAL COMMERCIAL ARBITRATION IN THE ABSENCE OF AN AGREEMENT ON THEIR APPLICATION

The author analyzes various applications of the UNIDROIT Principles of International Commercial Contracts in the context of international commercial arbitration proceedings. In particular, the article provides a detailed overview of the situations in which the UNIDROIT Principles can be applied by arbitral tribunals proprio motu (when, for example, a choice of law clause mentions lex mercatoria or when the parties cannot agree on the applicable law). Additionally, the article considers the risks of annulment or refusal of recognition and enforcement of an arbitral award rendered on the basis of the UNIDROIT Principles.