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No. I.1.1 - Good faith and fair dealing in international trade
(a) Parties to international business transactions must act in accordance with good faith and fair dealing in international trade. This standard applies to the negotiation, formation, performance and interpretation of international contracts.
(b) The standards and requirements imposed on the parties by this Principle vary depending on the individual circumstances involved, such as the trade sector in which the parties are operating, their size and degree of professional sophistication, and the nature and duration of the contract.
(c) The parties may not exclude or limit the application of this Principle to their legal relationship.
This document is cited by:CENTRAL-List of Lex Mercatoria - Principles, No. IV.6.8 - (Re-) Negotiation Agreement / Clause (Pactum de negotiando)
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