Post the establishment of the World Trade Organisation (WTO), cross border transactions have become much easier globally. Enforcement of contracts and adjudication of disputes is crucial if markets are to function effectively. This requires the parties to have a clear understanding of the nature of the contract, legal measures which can be taken to protect themselves, and compliance with all global requirements
The expression “International Commercial Agreements” has not been expressly defined anywhere per se. However, a reference to Article 1(1) of the United Nations Convention on Contracts for the International Sale of Goods indicates that the term “international” is used when the parties originate from two different States. The term “commercial” as envisaged under Article 1(1) of The Hague Principles is used where “each party is acting in the exercise of its trade or profession.”