7 Implementation and Conclusion
- Stateless applicable law — Substance and procedure — Contractual obligations — Foreign arbitral awards — Legal risk in multi-state transactions — Applicable law in multi-state transactions — Substance and Procedure
This chapter discusses the implementation of a (modified) Art 4 Rome Convention rule for arbitral conflicts through the reform of arbitration rules and the reform of arbitral laws. It argues that, on the current state of arbitral law and practice, there are significant difficulties with the regulatory status quo concerning conflicts of laws in international commercial arbitration. Nevertheless, these difficulties may give way to a test properly adapted to party expectation, party intention, and the appropriate prioritization of substantive certainty over procedural flexibility in arbitral conflicts of laws—should this book’s recommendations be adopted through reform to arbitration rules, the reform of arbitral laws, or through some other appropriate implementation methodology.