Analyse: This work is intended to be a contribution to the theory and practice of long-term international commercial transactions ("LTICTs").

LTICTs are those contracts involving the performance of continuing obligations over a lengthy period of time.

Are LTICTs defined in terms of the parties' exchanged promises, or are they regarded as legal relationships under which contractual undertakings are not only defined by the parties' will, but are also product of prevailing rules and practices?

The search for an answer to these questions is a search for the doctrine underlying LTICTs, which is the subject matter of this work.

Thus, the aim of this study is to explore the conceptual basis of these contracts, and to analyze international arbitral practice involving LTICTs in pursuit of defining the nature and content of such transactions.