ABSTRACT
This chapter explores the features of International Commercial Law. International Commercial Law has the same objectives and guiding principles as domestic commercial law, although its focus is on commercial transactions that have an international dimension. A further component of International Commercial Law is private rule-making, or self-regulation. The recognition of trade customs and the debate about the lex mercatoria are an important reminder about the role of commercial law generally, and International Commercial Law in particular: its purpose is to facilitate commercial transactions and to allow businesses to deal in ways that work best for them. Many international organisations issue model contracts which can be selected by the parties to a relevant contract as a ready-made set of standard terms. The growth of ethical clauses in global value chains reflects a progressive adjustment in the nature of international commercial contracts.
