USCIB has been invited to participate in a new workstream to develop guidance for modernization and standardization of international investment contracts.
The International Institute for the Unification of Private Law (UNIDROIT) and the International Chamber of Commerce’s Institute of World Business Law (ICC Institute) have launched a Working Group on International Investment Contracts. The Working Group will explore not only the interaction between the UNIDROIT Principles of International Commercial Contracts and common provisions in international investment contracts, but also recent developments in international investment law, such as the increasing focus on corporate social responsibility and sustainability. USCIB member Lauren Mandell, USCIB General Counsel Nancy Thevenin, and USCIB Vice President for International Investment and Trade Policy Alice Slayton Clark will serve as official observers.
“This complements the work that USCIB is undertaking as a non-governmental delegate to Working Group III of the UN Commission on International Trade Law (UNCITRAL), which is negotiating reforms to the investor state dispute settlement process,” said Clark.
According to Clark, by participating in the UNIDROIT-ICC process, USCIB demonstrates its commitment to ensuring that business interests are advanced as the world reevaluates how to address investor rights in laws and practices. “While investment contracts currently are uncommon outside of concession contracts in fields like energy and infrastructure, they may become more important as some nations turn away from ISDS,” added Clark.
The first Working Group session will take place October 23-25, 2023, at the UNIDROIT headquarters in Rome, Italy.