International Relations Researches

International Relations Researches

Arbitration on the basis of “Equity”, “Amiable Composition”, and “Lex Mercatoria”

Document Type : Original Article

Authors
Mohammad Karimi 1
Javad Kashani 2
Mohsen Mohebbi 3
Davod Nasiran Najaf Abadi 4
1 PhD student in Private Law, Islamic Azad University, Najafabad Branch
2 Associate Professor, Department of Economic Law, Allameh Tabatabai University
3 Assistant Professor, Department of Public and International Law, Faculty of Law, Theology and Political Science and Research, Science and Research Branch, Islamic Azad University
4 Member of the Faculty of Law, Faculty of Law, Islamic Azad University, Najafabad Branch
10.22034/irr.2019.103895
Abstract
There are still numerous idea disputes about different suitability in relation to “Lex Mercatoria”, or transnational business law, despite the passing of some decades. One of the most important idea disputes in this field is about the using of “equity” and “amiable composition” in the international trade arbitration and this subject is explained in this way: Can the arbitrator express this parties, stipulation as the arbitration authority for managing the contract on the basis of “Lex Mercatoria” if, in a contract about the international trade field, parties agree that their contract is managed on the basis of “equity” and “amiable composition”? The root of idea disputes about this subject is for this reason that “equity” expresses one of the most important principles of “Lex Mercatoria” and therefore some professors believe the determination of “equity” as a governing law on the dispute or the arbitrator authority in the action as an “amiable composition” permits arbitrators the possibility of the using of “Lex Mercatoria” Against this reason, some scientists believe although the “equity” principle is one of the most important principles of “Lex Mercatoria” in the management of the Contract on the basis of “LexMercatoria”, the judge or arbitrator has to act or make decisions on the basis of “Lex Mercatoria”.Even though the result of his/her decision is not according to “equity”. The dispersion of votes led to the minds of the authors of the analytical approach and using the library for an independent investigation to be focused in this area.
Keywords
Equity
“Lex Mercatoria”
“international trade arbitration”
“amiable composition ”
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International Relations Researches
Volume 9, Issue 2 - Serial Number 32
Winter 2019
Pages 215-238