Changes

Firstly, the International Chamber of Commerce (ICC) was founded in 1919 with the task of promoting trade and investment, open markets for goods and services and the free flow of capital. Over the years the organization has expanded dramatically and become a true world business organization with thousands of member companies. The work of the ICC is carried out by different commissions that compile voluntary “codes” on various topics relevant to international business. Probably the best known of these “codes” are the so called International Commerce Terms or Incoterms. The Incoterms are standard definitions most commonly used in international sales contracts. These Incoterms govern the method of delivery, transfer of the ownership, provide for various modes of transportation and indicate the method employed in determining the price of the goods sold. Another well-known voluntary “code” compiled by the ICC is the “Uniform Custom and Practice for Documentary Credits”, known as the UCP.<ref>Principles of Contract Law: A Compilation of Law Mercatoria? - http://blogs.law.nyu.edu/transnational/2012/11/principles-of-contract-law-a-compilation-of-lex-mercatoria/</ref> The impetus for drafting the UCP was provided by the importance the documentary letter of credit achieved after the First World War as an international payment instrument. Today, most banks worldwide issue letters of credit subject to the UCP and it can be said it has gained true universal application.

Secondly, reference needs to be made to the International Institute for the Unification of Private Law, known as UNIDROIT. Today, UNIDROIT is an inter-governmental organization based in Rome. Its purpose is “to study the needs and the methods for modernizing, harmonizing and coordinating private and in particular commercial law as between states and groups of states”. The most important instrument drafted by UNIDROIT is the UNIDROIT Principles of International Commercial Contracts of 1994. These Principles may be applied when the parties have agreed that their contract will be governed by “general principles of law”, the “lex mercatoria” or the like. Therefore, it is no surprise, that these very principles are commonly regarded as being part of the Lex Mercatoria itself. Moreover, the Principles “are sufficiently flexible to take account of the constantly changing circumstances brought about by the technological developments affecting cross-border trade practice”. The international character of the Principles is enhanced by the fact that they do not contain terminology particular to a national legal system.