With increasing installation of wind and solar gen-eration, conventional synchronous generators in power systems are gradually displaced resulting in a significant reduction in system inertia. Maintaining system frequency within acceptable ranges becomes more critical for the stability of a power system. In this paper, we first study the impact of inter-area oscillations on the system rate-of-change-of-frequency (RoCoF) security; then, the limitations on locational RoCoFs accounting for G-1 contingency stability are derived. By enforcing these frequency related constraints, a location based RoCoF constrained security constrained unit commitment (LRC-SCUC) model is proposed. Furthermore, an effective piecewise linearization (PWL) tech-nique is employed to formulate a RoCoF linearization problem and linearize the nonlinear function representing the location based RoCoF constraints in SCUC. Simulation results reveal that the inclusion of inertia-related constraints can substantially im-prove the system stability at the cost of higher operation cost. The results also show that deploying virtual inertia techniques not only reduces the total cost, but also improves the system market efficiency.