Party Autonomy in International Economic Arbitration: A Reappraisal – Vol. 4 No. 1

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AuthorKlaus Peter Berger*

Published: January 1993

Arbitrators and Arbitral Tribunals
Applicable Law
Lex Mercatoria
Practice and Procedure
Consolidation of Proceedings
New York Convention

Description: The primacy of party autonomy is usually regarded as the hallmark of contemporary arbitral legislation. In the past decade, the drive for maximum party autonomy has become the central theme for the ever growing number of legislatures that have discovered international arbitration as a lucrative source of revenues. In devising new arbitration laws to be used as “marketing strategies” in the worldwide competition for dispute resolution through international arbitration, domestic lawmakers seek to implement the concept of the “specificity” (“specificiteit,” “Spezifizität,” “specificità” or “spécificité”) of international economic arbitration. Whether used to build up a country’s image as an arbitral forum or as a means to maintain and improve the good reputation of a country with a long-standing tradition in international economic arbitration, the term is making its way around the world.

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*LL.M., University of Virigina; Dr. iur. University of Cologne; Banking Law Institute, Centre for International Trade and Investment Contracts (CITIC), University of Cologne.