• Journal of Arbitration Studies
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• v.16 no.2
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• pp.151-182
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• 2006

The International Institute for the Unification of Private Law (UNIDROIT) established UNIDROIT principles, which could be applicable as international unified rules. The UNIDROIT Principles plays the role of interpreting and complementing CISG and functions as a law applicable to international commercial disputes. As shown by cases of practical application so far, the principles are expected to be applied frequently to international commercial arbitration in the future. In the situation that there is no internationally unified judicature, it is necessary to promote rational dispute resolution and legal stability through arbitration by adopting the UNIDROIT Principles of Lex Mercatoria as a governing law of international commercial contracts. In conclusion, UNIDROIT principles, along with CISG, are expected to playa great role as the applicable law of international commercial contracts and as standards for resolving international commercial disputes.

• Journal of Arbitration Studies
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• v.33 no.2
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• pp.85-108
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• 2023

In international commercial arbitrations that arise from an international commercial contract, arbitral tribunals ruling on the merits of the arbitration apply the law governing the contract. The parties to contract are free to designate the law under the principle of parties autonomy. This paper examines this principle under the Korean Arbitration Act, and makes some legislative suggestions. For this purpose, this paper first discusses what is the scope of matters covered by the law governing the contract, what are the rules of conflict-of-laws for determining the law governing the contract, and what happens when the arbitral tribunal incorrectly applies the law governing the contract? Then, this paper further goes to examine issues such as the form of choice-of-law agreement, the explicit or implicit choice of law, the parties' ability to choose the rules of law including lex mercatoria, the change of choice-of-law agreement, the independence of choice-of-law clause.

• Korea Trade Review
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• v.45 no.1
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• pp.31-45
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• 2020

As FTAs are introduced, greater trade between the countries results in more disputes between parties to the agreement. Disputes in international trade have previously been settled mainly through international arbitration. However, with the recent rise in negative aspects of the arbitration system, the international community has begun to seek ways to utilize mediation for replacing the arbitration system. Mediation is a dispute settlement system that helps the parties settle their disputes on their own through negotiations. The UNCITRAL, which seeks to unify and develop international trade law, amended the Model Mediation Law in 2018 and adopted the 'United Nations Convention on International Settlement Agreements Resulting from Mediation' in August 2019 to enable the adoption of the international settlement agreement. This study analyzes the main contents of the 2018 Model Mediation Law and predicts the potential for the development of international commercial mediation as a dispute settlement procedure for future international trade.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.99-124
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• 2013

International commercial arbitration is a specially formed mechanism for the final and binding settlement of disputes arisen between contracting parties regarding procedures, structures or other contractual relationship agreed by them. It is a resolution system which is processed autonomously by arbitrators who are appointed by contracting parties without involving the national court. If the contracting parties want to settle their disputes by arbitration, there must be a valid agreement. With a valid agreement, the most important concern is which law(called as the substantive law) should be applied in order to determine the rights and obligations of both contracting parties in relation to the dispute. At this point, the substantive law is really important because it is applied to the dispute itself directly during proceedings as well as it plays an crucial role in scrutiny and enforcement of arbitral awards. This article discusses about the substantive law under international commercial arbitration, specially focusing on the regulations of the ICC rules of arbitration, which is the most widely used all over the world and UNCITRAL Model law, which most countries' rule and laws are based on. By discussing how these rules and regulations should be interpreted and applied, it is expected to provide practical help to practitioners when they agree on an arbitration agreement.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.50
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• pp.61-85
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• 2011

The agreement to arbitrate is a central feature of commercial arbitration and the lack of a valid arbitration agreement is recognised as a reason why any arbitral award may not be recognized as binding by the courts or may be set aside. The purpose of this paper is to clarify the China's present arbitration law and practice in respect of determination of the validity of international commercial arbitration agreement. Most arbitration laws only require an arbitration agreement to be "in writing". But the arbitration law of the China require an arbitration agreement shall contain the following: 1. The expression of application for arbitration. 2. Matters for arbitration. 3. The arbitration commission chosen. And China's present arbitration law and practice in respect of determination of the validity of international commercial arbitration agreement are somewhat different from the other nations.

• International Journal of Computer Science & Network Security
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• v.22 no.8
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• pp.129-134
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• 2022

Public policies are subject to the general strategies and agendas of the state and the enactment of law is subject to the superior laws. This paper will clarify in a practical way how the strategies and agenda of an Islamic state and the superior law (the primary sources of Sharia law) affect the mechanism of enacting laws and creating policies in an Islamic government. Especially, in the field of commercial law.

• Journal of Arbitration Studies
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• v.23 no.3
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• pp.39-59
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• 2013

This article discusses the use of the UNIDROIT Principles of International Commercial Contracts in international commercial arbitration. Because the Principles are designed specifically for cross-border commercial transactions, the use of the Principles avoids many of the legal rules that would govern from otherwise applicable domestic law that do not reflect the expectations of parties in international trade.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.69
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• pp.153-178
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• 2016

The United Nations Convention on the International Sale of Goods(CISG) leaves a number of aspects concerning commercial sales untouched. In particular, it is not concerned with the validity of the contract or of any of its provisions or of any usage. And UNIDROIT don't deal with all-round validity in International Commercial Contract. Especially, UNIDROIT includes declaration of intention department. The UNIDROIT contains the chapter 3 on the "validity" in terms of the defects of consent such as mistake, fraud, and threat as well as "gross disparity". Notwithstanding these provisions, the Principles did not deal with invalidity arising from the lack of capacity or authority, or immorality or illegality. On the other hand, there are arguments that the corresponding provisions of the Principles of International Commercial Contracts(UNIDROIT Principles; PICC). Therefore, Validity in International Commercial Contract is delegate by Each Country Law. So Trade practicer should know full well about Each Country Law Position. People(human, corporation, company) of position Trade practice classify each country civil law relation to validity of commercial contract. This paper is to examine the Validity of UNIDROIT Principles. Also this paper analyses comparison on each country position relation to capacity of right, capacity to act, illegality of contract, declaration of intention. In conclusion, This paper expect that people of trade practice makes use of analysis knowledge.

• Journal of Arbitration Studies
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• v.27 no.3
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• pp.95-107
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• 2017

Mongolian government enacted the Foreign Trade Arbitration Law to modernize the practice of commercial arbitration. Nevertheless, the Foreign Trade Arbitration Trade Law fell short on a number of fronts and arbitration itself remained a distant second option to litigation within Mongolia. Law on Arbitration of 2003 aimed to modernize the Mongolian arbitration framework so that it would mirror the UNCITRAL Model Law on International Commercial Arbitration. At the same time, the Law on Arbitration 2003 made a conscious decision to deviate from international norms with respect to certain aspects in order to accommodate for the unique circumstances and characteristics of Mongolia. For example, unlike its UNCITRAL counterpart, the Law on Arbitration of 2003 did not include an exhaustive list of grounds for refusing the recognition and enforcement of arbitral awards. In that sense, the Law on Arbitration of 2003 was a resounding success and a drastic improvement on the Foreign Trade Arbitration Law. These factors convinced the Mongolian government to once again revise its arbitration law. This process, which started in 2008 with the help of foreign law firms and institutions, ultimately culminated in the Law of Arbitration of 2017. The chief objective of the Law of Arbitration of 2017 was to more closely adhere to preexisting international norms on arbitration such as the Model Law on International Commercial Arbitration, and there is no question that Mongolia has succeeded in doing so. This article thus concludes by explaining some of the noteworthy improvements made by the 2017 revisions, and by noting that Mongolia is now equipped with a truly international legal framework for arbitration.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.31
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• pp.107-134
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• 2006

Enforcement of an arbitration award is an extremely important issue in arbitration. Arbitration, as a dispute settlement process, is rendered meaningless if it is not possible to enforce an award rendered by an arbitration tribunal. On the other hand, the present international arbitration system guided by the New York Convention and UNCITRAL Model Law is established on the dual supervision from the national courts. The nationality of the international arbitral award closely relates to the supervision of the national court, and the national court is entitled to decide the nationality of the international award in accordance with the conditions set in its own domestic law. The national court may set aside arbitral award made in its territory while the foreign court may refuge enforcement of foreign arbitral awards according to its own law and international convention to which it is a party. The conditions set in the Arbitration Law of the People's Republic of China are in agreement with those set in the UNCITRAL Model Law. The Chinese national court is entitled to set aside international awards made in China in accordance with the Chinese Law. The purpose of this paper is to clarify the Chinesr practice on the revocation of international commercial arbitral awards.