ABSTRACT
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.
