- Arbitral Award
- International Arbitration Court of the Chamber of Commerce and Industry of the Russian Federation
LOAN AGREEMENT - BETWEEN A CYPRIOT COMPANY AND A RUSSIAN COMPANY - CONTRACT SILENT AS TO APPLICABLE LAW - ARBITRAL TRIBUNAL APPLIED ENGLISH LAW TOGETHER WITH THE UNIDROIT PRINCIPLES
FREEDOM OF CONTRACT - REFERENCE TO ARTICLE 1.1 UNIDROIT PRINCIPLES
Claimant, a Cypriot company, entered into a loan agreement with Respondent, a Russian company. Since Parties had not chosen the applicable law, the Arbitral Tribunal applied the law of England and Wales together with the UNIDROIT Principles of International Commercial Contracts. The Arbitration made reference to Article 1.1 of the UNIDROIT Principles, stating that the parties are free to enter into a contract and to determine its content.