International Commercial Law and Arbitration
Lex mercatoria precepts have been reaffirmed in new international mercantile law. National trade barriers are torn down in order to induce commerce. The new commercial law is grounded on commercial practice directed at market efficiency and privacy. Dispute resolution has also evolved, and functional methods like international commercial arbitration is now available. The principles of the medieval lex mercatoria—efficiency, party autonomy, and choice of arbitrator—are applied, and arbitrators often render judgements based on customs. The new Merchant Law encompasses a huge body of international commercial law.
Read more about this topic: Lex Mercatoria
Famous quotes containing the words commercial and/or law:
“The cultivation of one set of faculties tends to the disuse of others. The loss of one faculty sharpens others; the blind are sensitive in touch. Has not the extreme cultivation of the commercial faculty permitted others as essential to national life, to be blighted by disease?”
—J. Ellen Foster (1840–1910)
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—Nadine Gordimer (b. 1923)