UNIDROIT: Tackling COVID-19 through Private Law

Abstract

The outbreak of the COVID-19 pandemic has exposed humankind to a global health crisis unprecedented in its scope and impact. The pandemic struggle, however, is not limited to our biological survival; it extends to preserving our cultural and growth achievements by avoiding an economic catastrophe on both global and regional levels. Nevertheless, only a few narrow measures have been taken to restore the equilibrium in affected business relationships. This lack of rigorous regulatory intervention raises the question of whether private law regimes can fairly cope with the effects of the pandemic on international trade. Attempting to answer this enquiry, this paper explores the role of the Institute for the Unification of Private Law (UNIDROIT) in tackling the effects of the COVID-19 pandemic. The study comprises three parts, which correspond to: i. the successful resolution of disputes and the salvage of existing business relationships, ii. the reinstatement of trust and the creation of new opportunities in international trade, and iii. the promulgation of private law mechanisms that foresee such crises and allocate the burden of such major events between the parties.

Keywords: COVID-19, UNIDROIT, International Uniform Law, Transnational Law, Private Law, International Trade