chapter  8
26 Pages

Lex Mercatoria in Arbitration

The discussion of specific interpretative repertory in ICA would definitely be incomplete without an analysis of the role of the new lex mercatoria in arbitral decision-making (and, arguably even more significantly, the critical impact of arbitral case law on the formulation, consolidation and – as some authors would assert – creation of the rules of the New Law Merchant). The relationship between those two spheres has been differently characterized by the commentators – from a perception of their link as necessary and inevitable, through its conceptualization as a pragmatic bond, reinstated if appropriate on an a casu ad casum basis, to scepticism in regard to the practical significance of the New Law Merchant.