Lex Mercatoria An Efficient Law for Businessmen

Document Type : Research Paper

Authors

1 Ph.D. Student, Department of Law, Najaf Abad Branch, Islamic Azad University, Najaf Abad, Iran.

2 Associate Professor of Law, Allameh Tabatabai University, Tehran, Iran.

3 Assistant Professor, Faculty of Public and International Law, Islamic Azad University, Tehran, Iran.

4 Assistant Professor of Law, Najafabad Branch, Islamic Azad University, Najafabad, Iran.

Abstract

Although Lex Mercatoria is considered one of the most important options for handling contracts in international trade territory, it can still be delegated to international contract offices which, compared to national legal systems, including Conflict resolution rules, have a greater ability to meet the needs of the business community. Therefore, the choice of Lex Mercatoria can be preceded by the choice of national laws, which in practice can be more effective for traders, facilitating and promoting contracts concluded in international trade, thereby boosting international markets and increasing the level of social welfare. In this study, we analyze Lex Mercatoria based on criteria such as cost reduction and economic goals outlined for contract rights. The material presented in this article shows that Lex Mercatoria is a more appropriate option for traders in the international business domain.

Keywords

References

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History

  • Receive Date: 17 October 2019
  • Revise Date: 27 July 2020
  • Accept Date: 29 July 2020

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