Towards a Uniform International Arbitration Law?

Book excerpt: The growing acceptance of the concept of transnational rules, be they substantive or procedural, has directly contributed to a substantial decrease of the influence of local norms. Transnational principles often override domestic law, and the arbitral process sometimes takes precedence over court decisions. Moreover, the exceptional development of investment arbitration has called into question traditional values of commercial arbitration such as confidentiality and the privity of arbitral proceedings. Widespread publication of awards rendered has also rejuvenated the debate on the value of arbitral awards as precedents. This book critically explores the extent to which these phenomena contribute to the creation of a truly uniform international arbitration law.