Lex mercatoria as a non-state regulator of international commerce

The increased adoption of a set of legal rules, procedures and practices without state intervention and its bodies is designed to facilitate interactions between participants of legal relations within specific scopes of activity. The law of Lex mercatoria is the right thing. It is largely voluntarily formed by international traders themselves with in conditions of relative autonomy from the state. The overarching principle here is that of shunning legal technicalities and deciding cases ex aequo et bono. The history of lex mercatoria goes back deep into the past: from an amorphous law of earlier times the new Lex Mercatoria has transformed into an established system of law with codified legal rules. Nowadays, lex mercatoria can be considered as an effective legal tool for settling commercial disputes with foreign elements. However, this new Lex Mercatoria is still widely separated and largely fragmentary. It seems apparent that the more precise formulation and systematization of Lex mercatoria rules will be produced in the coming years, but it is unlikely that the latter will ever reach the same levels of harmonization that can be provided by codifying national laws.