Over the past year, the Foundation has been supporting the private initiative research of one of the working groups, the PACL (Principles of Asian Civil/Commercial Law), by partially financing its operating costs. Modeled on the existing PECL (Principles of European Contract Law) project, the PACL seeks to develop common principles in matters of contract law for Asian countries. After the first two forums on the basic principles and the interpretation of contracts in March and August 2010, for three days in Seoul, on December 13, 14 and 15 of last year, a third exchange session was opened on "Breach of Contract and its Sanctions as part of PACL Development." The draft prepared by Professor Young June Lee (South Korea) was submitted for discussion based largely on European Contract Law Principles, the Common European Framework of Reference, the Vienna Convention on the Sale of Goods, and the UNIDROIT Principles of International Commercial Contracts. The draft's main provisions are stated as follows:

- General provisions
- Specific performance
- Price reduction and correction of the performance bid
- Resolution
- Damages
- Exemption resulting from an obstacle
- Change of circumstances

The next PACL "discussions" are already set for March 2011 in Tokyo. The theme will be announced shortly.