22 December 2014
With the entry into force of this legislation, companies from around the world that conclude international contracts with Paraguayan companies will have the freedom of choosing the law applicable to their international contract, enhancing legal certainty and predictability in their contractual dealings.
Being the first State to implement the Draft Principles, Paraguay plays a pioneering role in bringing into operation an instrument, which works towards the uniform application of party autonomy in international commercial contracts.
It is hoped that the Draft Principles will receive official approval by the Hague Conference's Council on General Affairs and Policy in the near future. This will pave the way for more uniform standards in the enforcement of international contracts and the role party autonomy plays in such contracts.