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Max Planck Encyclopedia of Public International Law [MPEPIL]

Lex mercatoria

Stephan W Schill

From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 28 October 2020

Subject(s):
International trade — Good faith — Ancient Times to 1648 — General principles of international law — Recognition and enforcement

Published under the auspices of the Max Planck Foundation for International Peace and the Rule of Law under the direction of Rüdiger Wolfrum.

1 The term lex mercatoria or law merchant is used to designate the concept of an a-national body of legal rules and principles, which are developed primarily by the international business community itself based on custom, industry practice, and general principles of law that are applied in commercial arbitrations (Commercial Arbitration, International) in order to govern transactions between private parties, as well as between private parties and States, in transborder trade, commerce, and finance. It is a reaction to the increased complexities of modern...
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