Private International Trade Law Essay Example | Topics and Well Written Essays - 3000 words

Private International Trade Law - Essay Example However, it has no relevance regarding the validity of contract or its provision. The UNIDROIT (the International Institute for the Unification of Private Law) principles also provide a gap-filling role for international Commercial Contracts to support CISG1. Let us examine the case of Wholefoods Limited Company of UK, which is importing quality sea foods and the Russian Company Valadistok who supplies sea foods. It is interesting to note that the court system in UK does not allow application of law to the non-state law. However, under certain clauses, if it is part and parcel of an agreement between the two companies who are authorized to choose arbitration laws subject their dispute to general principles of law alike. At present, a trend is going on to recognize that the legal parameters of legal order that should not be limited to national law. Therefore, the regulations stemming from the reputable arbitration institutions in the globe believe in that legal relation should be governed by the most convenient â€Å"rules of law, take the example of lex mercatoria and the new PECL. It would be in the fitness of things if Lex Mercatoria will ensure that the legal orders of each country could be the principles since Lex is subservient to state concessions. It does exist as an entity to the international trade activity. Conflict of rules often bore results. Legal experts are of the view that national laws were primarily enacted to govern domestic transactions. Therefore, it fails to touch upon the requirements of international transactions. This had ended the impairment of world trade2. In the said case, the only way out to settle the issues between the importer and the exporter is nothing, but an arbitration process since UK is not the contracting party of the CISG whereas the lawyers of the Russian Company are not familiar with the Lex Mercatoria. As far as the commercial arbitration is concerned, it should not be localized