The choice of law or any change in a choice of law must be clearly or explicitly included in the provisions of the treaty or in the circumstances. Giving a court or arbitral tribunal jurisdiction to decide disputes under the contract is not, in itself, a choice of law. Legally, an agreement in principle is a stepping stone to a contract. These agreements in principle are generally considered fair and equitable. Even if not all the details are known, an agreement in principle may, for example, indicate a royalty schedule. And I think that during the discussion we had reached an interim agreement in principle on the conditions of the cessation of hostilities, which could begin in the coming days. Legally, an agreement in principle is a stepping stone to a contract. These agreements in principle are generally considered fair and equitable. Even if not all the details are known, an agreement in principle may, for example, indicate a royalty schedule. Or another example could be tax reform, said the lawmaker in the United States, that the main supporters of the Republican Party have agreed on the principle of the final package. They spoke on condition of anonymity because they were not authorized to speak publicly about private negotiations, as reported by the Associated Press. A legally enforceable but insufficiently defined agreement between the parties, which identifies the fundamental conditions that must be agreed or agreed upon.
We have reached an interim agreement in principle on the conditions of the cessation of hostilities, which could begin in the coming days, and the terms of the cessation of hostilities are now complete. In fact, we are now closer to a ceasefire than before. This instrument contains general principles for the choice of legislation in international trade agreements. They reaffirm the principle of party autonomy, with limited exceptions. I.1 When the parties enter into a contract that has links to more than one state, the question inevitably arises as to what is the legislation applicable to the transaction. The answer to this question is obviously important for a tribunal or arbitral tribunal that must resolve a dispute between the parties, but it is also important for the parties themselves, in the planning of the transaction and the execution of the contract, to know the set of rules that govern their obligations. I.2 Determining the law applicable to a contract without taking into account the express will of the contracting parties may lead to unnecessary uncertainty due to differences between the solutions between the state and the state. This is why, among other things, the concept of “party autonomy” in determining the applicable law has developed and prospered. I.3 The autonomy of the parties, which relates to the power of the parties to choose the law applicable to this contract, increases security and predictability within the primary contractual agreement of the parties and recognizes that the parties are best placed to determine the most appropriate legal principles for their transaction.
Many states have come to this conclusion and that is why the effect of party autonomy is now the dominant view. However, this concept is not yet applied everywhere. I.4 The Hague Conference considers the benefits of party autonomy to be significant and encourages the dissemination of this concept to states that have not yet adopted it or have not adopted it significantly, as well as the development and refinement of the concept, if it is already accepted.