Lex mercatoria or Law Merchant (‘LM’) is said to be the self-made law of international commerce. According to its proponents, LM is an autonomous legal order that not only supplements state commercial law, but works as a substitute for it. The ‘ancient’ LM, which accompanied the...

In a concise formula, lex mercatoria has been defined as being a category of international law, separate from any national legislation, and which stems from, and applies to international commercial transactions. Although the notion of lex mercatoria does not have a well-defined content it is...