Contract enforcement

Opening remarks by Emmanuel Maurice, General Counsel:International Conference on Contract Enforcement
London, 5 December 2003

Ladies and Gentlemen, I would like to welcome you to this international conference on contract enforcement in Central and South-eastern Europe and the Commonwealth of Independent States. The European Bank for Reconstruction and Development (EBRD), together with the British Institute of International and Comparative Law, represented today by its Director, Mr Mads Andenas, is very proud to host this event.

We are particularly honoured by the presence as Co-Chairmen to the Conference, of Mr Veniamin Yakovlev, Chief Justice and President of the Supreme Arbitral Court of the Russian Federation, and the Right Honourable, Lord Justice Mance, Lord Justice of Appeal at the Court of Appeal for England and Wales. In addition, we have been fortunate enough to secure the participation of a number of distinguished speakers and guests.

The UK government, through its department for international development “DFID”, is sponsoring this event and I would like to express the Bank’s sincere gratitude for their support.

Contract enforcement is the natural corollary of the Latin axiom “pacta sunt servanda” (agreements must be honoured) and, as such, is one of the pillars of the Rule of Law. When two parties strike a bargain, there must be some mechanism to ensure that each party will stick to the terms. This mechanism is provided mainly by courts and arbitration tribunals.

The role of the EBRD is to foster the transition towards market-oriented economies. The preamble to the treaty founding the Bank includes a commitment by member countries to the rule of law. However, in the 27 countries where the EBRD operates, the implementation of the rule of law has sometimes been difficult. In many instances, investors and financiers remain to be convinced that their contractual arrangements will be upheld if they need to seek legal remedies to enforce their rights or recover their claim.

Today, with eminent specialists from transition countries and other parts of the world, we will explore the important legal and practical issues related to contract enforcement in Central and South-eastern Europe and the CIS. It is my hope that after this conference all of us will go back to our activities with fresh ideas and renewed enthusiasm on how to make a difference in the daily practice of legal work and more particularly contract enforcement.

I wish you a stimulating and informative experience and a pleasant day at the EBRD.