The Implications of Harmonization of European Contract Law on International Business Practice

Katarzyna Jagodzinska

Abstract


This paper strives to enhance the reader’s understanding of the concept of harmonization of European contract law from the point of view of modern business practice. The aim of the article is to critically assess the harmonization proposal in view of its’ practical benefits. The article commences with a brief historic overview of the harmonization proposal aimed at highlighting the multiple controversies linked to the harmonization efforts. The historical, theoretical, legal and business aspects of the harmonization proposal are successively taken into account. The ultimate goal of this paper is to draw the reader’s attention to those aspects of the harmonization proposal which could impact operational management, in particular at the level of international companies. The author identifies such potential benefits as: reduction of barriers to internationalization and stimulation of economic growth at the SME level, enhanced understanding of standards and procedures of business conduct, reinforced communication between international parties, lower transaction and operational costs, less need for external expertise and legal advice, and prevention of potential conflicts. This paper shows that a results-driven, clear focus on the practical advantages of the harmonization of European contract law can ultimately transform what is now merely an academic exercise into a practical business tool.

Full Text: PDF DOI: 10.5539/ilr.v3n1p16

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International Law Research  ISSN 1927-5234  (Print)  ISSN 1927-5242  (Online)

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