The Unidroit Principles of International Commercial Contracts:An Overview of their Utility and the Role they have Played in Reforming Domestic Contract Law around the World

Efforts to promote the unification of private substantive law took off in the latter part of the 20th century due to globalization, which rapidly increased the volume of international trade. The increase in international trade brought a tremendous potential for economic growth, but with it came greater risks to the contracting parties, primarily due to new legal challenges that are unique to international transactions.