THE CONCEPT AND SOURCES OF LEX MERCATORIA

Abstract

Lex mercatoria, refers to a body of principles and rules that govern international commercial transactions. Emerging as a response to the complexities and cross-border nature of modern commerce, lex mercatoria represents a set of norms derived from international customs, practices, and agreements rather than from national legal systems. This paper seeks to explore the evolution, sources, and contemporary relevance of lex mercatoria in the context of global trade.

The primary purpose of this paper is to provide a comprehensive definition of lex mercatoria and to analyze its sources. These sources encompass a variety of international instruments, such as conventions, model laws, standard contracts, and arbitration rules, which collectively contribute to the formation and application of lex mercatoria. By examining these sources, this paper aims to illustrate how lex mercatoria adapts to the evolving needs of international trade, facilitating efficient and predictable resolution of disputes across different jurisdictions.Methodologically, this study employs a doctrinal approach, synthesizing and analyzing existing legal literature, treaties, and case law related to lex mercatoria.

This paper contributes to the ongoing discourse on lex mercatoria by offering a nuanced understanding of its definition, sources, and role in shaping the landscape of international commerce. It underscores the importance of lex mercatoria in promoting uniformity and efficiency in global trade while acknowledging the need for continuous adaptation and integration with national legal frameworks.