- Arbitral Award
- International Arbitration Court of the Chamber of Commerce and Industry of the Russian Federation
LONG-TERM CONTRACTS - LEASE CONTRACT - BETWEEN A RUSSIAN AND AN HUNGARIAN COMPANY - ARBITRAL TRIBUNAL APPLYING UNIDROIT PRINCIPLES DEFINED AS "DOCUMENT ADOPTED BY AN AUTHORITATIVE INTERGOVERNMENTAL ORGANIZATION AND REFLECTING THE MOST COMMON APPROACHES OF THE MAJORITY OF NATIONAL LEGAL SYSTEMS IN REGULATING PROBLEMS OF INTERNATIONAL COMMERCIAL TRANSACTIONS" AND "BROADLY APPLIED IN INTERNATIONAL COMMERCIAL PRACTICE AND WIDELY USED BY INTERNATIONAL BUSINESS COMMUNITY AS BACKGROUND FOR SETTLING DISPUTES".
REFERENCE IN PARTICULAR TO ARTS. 1.3, 1.7 (CONSIDERED TO BE THE FUNDAMENTAL RULE OF THE UNIDROIT PRINCIPLES), 7.3.1(1), 7.3.1(2), 7.3.2 AND 9.2.5.
Claimant, a Russian company, entered into an agreement with Defendant, a Hungarian company, for the lease of commercial premises.
In deciding a dispute arisen between the parties following Claimant's request to vacate the premises, the Arbitral Tribunal applied the UNIDROIT Principles which it defined a document adopted by an authoritative intergovernmental organization and reflecting the most common approaches of the majority of national legal systems in regulating problems of international commercial transactions. The Tribunal also pointed out that the UNIDROIT Principles were broadly applied in international commercial practice and widely used by international business community as a background for settling the disputes.
As to the merits of the case, the Tribunal referred in particular to Article 1.3, 1.7 (considered to be the fundamental rule of the UNIDROIT Principles), 7.3.1(1), 7.3.1(2), 7.3.2 and 9.2.5.