Is Lex Mercatoria Jeopardizing the Application of Substantive Law?
Czech (& Central European) Yearbook of Arbitration, Volume III, 2013, Borders of Procedural and Substantive Law in Arbitral Proceedings (Civil versus Common Law Perspectives)
31 Pages Posted: 16 Apr 2013 Last revised: 29 Apr 2013
Date Written: April 15, 2013
The following article discusses the application of lex mercatoria by domestic courts and international arbitral tribunals instead of or supplementary to domestic substantive law. Emphasising the legal status of lex mercatoria, the article evaluates its value compared to substantive law. To provide legal certainty, it also tries to establish certain criteria regarding the recognition of certain business principles as lex mercatoria.
Keywords: lex mercatoria, CISG, UNIDROIT, Handelsbrauch, merchant law, customary law, substantive law, arbitration, requirements, apllicable law, UNIDROIT, Russia, Ukraine, Germany
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