17.05.2012
In examining a dispute arising out of contractual relationships, the ICAC essentially relies on the terms and conditions of a contract (agreement) specifying the mutual rights and obligations agreed upon by the parties. This fact does not exclude the need for provisions of the applicable law to be invoked. Obligations arising from international business transactions are specific in that the parties are legally permitted to choose the law they want to apply to such transactions.
In accordance with § 26 of the Rules of the ICAC the dispute shall be settled in accordance with the rules of law, which the parties shall find applicable to their case. At the same time when the law or system of law of any state is indicated, it means that the substantive law of such state shall be applied, rather than its conflict of laws rules.
Unless the parties have made an appropriate choice, a decision on the choice of substantive law applicable to the substance of the dispute is made by arbitrators in accordance with the rules of conflict of laws that they may find applicable to the case.
Applicable law
In examining a dispute arising out of contractual relationships, the ICAC essentially relies on the terms and conditions of a contract (agreement) specifying the mutual rights and obligations agreed upon by the parties. This fact does not exclude the need for provisions of the applicable law to be invoked. Obligations arising from international business transactions are specific in that the parties are legally permitted to choose the law they want to apply to such transactions.
In accordance with § 26 of the Rules of the ICAC the dispute shall be settled in accordance with the rules of law, which the parties shall find applicable to their case. At the same time when the law or system of law of any state is indicated, it means that the substantive law of such state shall be applied, rather than its conflict of laws rules.
Unless the parties have made an appropriate choice, a decision on the choice of substantive law applicable to the substance of the dispute is made by arbitrators in accordance with the rules of conflict of laws that they may find applicable to the case.
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