What to do when parties are silent?. Modernizing Peruvian rules on the applicable law to international contracts in the absence of choice by the parties in light of the new trends in private international law

Abstract

This paper makes an analysis regarding the law applicable to international contracts when the parties have not exercised their faculty to choose the law applicable to regulate their international contract and subsidiary connecting factors come into play. To this end, it studies the new Codes, Laws, Legal bodies and Draft Norms of Private international law of the first and second decade of the 21st century, with special emphasis on Latin American regulations - such as those of Argentina, Chile, Dominican Republic, Panama, Paraguay, Perú, and Uruguay -. The analysis allows knowing and accessing the different modern formulas consecrated by the latest Latin American legal bodies regarding party autonomy and the lex contractus in the absence of choice of the parties. It also allows comparing the new legislative options used by other countries in the region with the Peruvian legislation of Private International Law (PIL)  and the Preliminary Draft of Book X of PIL of the Peruvian Civil Code of 2019 on lex contractus and subsidiary connecting factors, with the intention to identifying the modificationsthat should be incorporated in Peru to optimize Peruvian legislation on the subject, and thus
provide our country with a more coherent, modern and predictable legal framework that
offers greater legal security to international contracts.