Concerns have been expressed about plans by the European Commission (EC) to introduce a new regulation on the law applicable to contractual obligations – known as ‘Rome One’.
Experts have suggested that the regulation in its current form will create uncertainty in commerce, inappropriately restrict party autonomy, discourage cross-border business – the very objective the European Union (EU) is tasked with promoting – and, ominously, lead businesses to resolve their disputes out-side the EU to avoid the uncertainties created by the regulation.
