International Commercial Arbitration | Essay Furious


Introduction
International commercial arbitration is one of the most important legal institutions in international private law. This conclusion follows from the fact that the nature of arbitration depends largely on autonomy of the parties, who choose arbitration procedure as the procedure in which the dispute will be settled; place where the arbitration is to be held; arbitral tribunal etc. Probably the most important and considerable expression of the autonomy is the right to choose the law, which is to be applied to merits of the dispute. The chosen applicable law guarantees in large measure predictability of the outcome of the case and allows parties to control the scope of interpretation and application of the international commercialshow more contentThe subject of the research is the law applicable in international commercial arbitration. The paper will first deal with the law applicable to arbitration agreement. Secondly, the question of determination of law applicable to the merits of the dispute will be brought up including the case when the intention of the parties can be found and the situation when there is absence of the choice of law made by the parties. The significance of the selected research topic can be explained by the fact that international commercial arbitral proceedings is widely used by the parties of commercial transactions as the effective method of dispute settlement and the issue of applicable law to the merits of the dispute is one of the main which the arbitral tribunal has to decide.
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