The UNIDROIT Principles of International Commercial Contacts, published in 1994, are an entirely new approach to international contract law. Prepared by a group of eminent experts from around the world as a restatement of international commercial contract law, the Principles are not a binding instrument but are referred to in many legal matters. They are widely recognized as a balanced set of rules designed for use throughout the world irrespective of the legal traditions and the economic and political conditions of the countries in which they are applied.