Part I Fundamental Principles and the Legal Framework within which the Arbitral Tribunal Operates, Ch.3 Applicable Law
David D. Caron, Lee M. Caplan, Matti Pellonpää
David D. Caron, Matti Pellonpää, Lee M. Caplan
This chapter discusses the law applicable to the substance of the dispute, sometimes referred to as lex causae. Article 33 of the UNCITRAL Rules addresses the applicable substantive law. Article 33(1) expresses the overriding principle of party autonomy, supplemented by a provision for the cases in which the parties have failed to designate applicable law. Article 33(2) addresses the authority of the arbitral tribunal to decide as amiable compositeur or ex aequo et bono. Finally, Article 33(3) emphasizes the importance of the terms of the contract and applicable trade usages. Article 33 contains the basic elements found in many other arbitration rules.