The Future of Contract Law
The Future of Contract Law
This chapter discusses the implications of international commercial arbitration culture for the future of contract law. In particular, it identifies the substantive law doctrines that arbitrators are likely to prefer and predicts the directions in which international commercial law is likely to evolve. Without a sufficient sample of international arbitral decisions on substantive law matters, definitive predictions of how arbitrators will decide such issues are impossible. However, a sociological analysis of international commercial arbitration culture makes possible more accurate predictions than could otherwise be made.
Keywords: international arbitration, international commercial arbitration, international private law, unification of law, harmonization of law, rules of law, lex mercatoria, arbitral decision-making, trade usages, business custom, socio-legal approaches, grounded theory
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