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DOI: LEGAL ISSUES CONCERNING THE APPLICATION OF THE LEX MERCATORIA IN INTERNATIONAL COMMERCIAL ARBITRATION
Zarif Juramirzaev , Master’s student, Tashkent State University of Law, UzbekistanAbstract
This particular paper attempts to outline the specific problems in the application of lex mercatoria in international commercial arbitration and suggests the way how the legislation of Uzbekistan should navigate in the existence of those problems in order to ensure its attractiveness as the seat of arbitration. The structure of the article is as follows. It first describes the historical evolution of the lex mercatoria until it finds its place in international commercial arbitration and later is mentioned in a number of international instruments, and more importantly, is implemented in the national laws consequently. The article then addresses modern sources of the lex mercatoria and specifically mentions the elements of lex mercatoria in the legislation of Uzbekistan. The paper also addresses the consequences such as setting aside the awards which were issued applying lex mercatoria. The paper concludes with the proposals of the author concerning the adaptation of Uzbekistan to the above-mentioned problems in the application of lex mercatoria.
Keywords
Lex mercatoria, applicable law, annulment of awards
References
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