27 July 2011 #Dispute Resolution
The single European currency may be undergoing a difficult period, but the European Commission is nevertheless pressing ahead with its plans for the formation of a single European contract law aimed at supporting trade across countries within the European single market.
At the moment, each country has its own laws governing the formation and enforcement of commercial and consumer contracts, and this of course creates challenges for any businesses wishing to trade with other European partners. The enforcement of judgments within the European Union is now reasonably straightforward, as is the service of legal proceedings, and many disputes handled by us involve parties in other European countries. However the European Commission`s vision is for a single contract law governing transactions throughout the European Union.
At a speech given in June 2011 to mark the end of a lengthy consultation process, the EU Justice Commissioner and Vice President of the European Commission, Viviane Redding, signalled the commitment of the European Community to adopting a European-wide contract law and identified the following as key issues:-
Following the Commissioner`s speech on 3 June, the European Parliament, by an overwhelming majority, approved the development of European contract law at a vote on 8 June 2011 and has now authorised the Justice Commissioner to progress the development of European contract law in consultation with Member States.
Watch this space!