Friday, April 15, 2011

European Union Optional Contract Law Initiative to Facilitate Cross-Border Transactions: European Commission Welcomes EU Parliament Committee Support Vote

EUROPA - Press Releases - European Commission welcomes European Parliament committee vote in support of an optional European Contract Law
"The European Parliament’s Legal Affairs Committee approved a report today that favours the elaboration of an optional European Contract Law. This is in response to several options put forward by the European Commission for a more coherent approach to contract law (see IP/10/872). Such a measure could be chosen freely by consumers and businesses in their contractual relations. This optional instrument would be an alternative to the existing national contract laws and would be available in all languages. It could apply in cross-border contracts only, or in both cross-border and domestic contracts. It would have to guarantee a high level of consumer protection and legal certainty throughout the life cycle of a contract. In today’s vote, the Legal Affairs Committee adopted an own-initiative report by Diana Wallis.

Vice-President Viviane Reding, the EU's Justice Commissioner, said: 'It is good news for Europe's Single Market that the European Parliament’s Legal Affairs Committee favours work towards an optional European Contract Law to facilitate cross-border transactions, notably for small- and medium-sized enterprises and consumers. The Commission will take the European Parliament's views strongly into account in its further preparation of the European Contract Law initiative. We plan a first initiative on European Contract Law for the Polish Presidency.'
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