Lex Mercatoria An Efficient Law for Businessmen

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Karimi Mohammad; Kashani Javad; Mohebi Mohsen; Nasiran Dawood

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Journal Paper

Paper Information

Journal: Iranian Journal of Trade Studies Year:2022 | Volume:26 | Issue:103 Page(s): 233-263

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Information Journal Paper

Title

Lex Mercatoria An Efficient Law for Businessmen

Author(s)

Karimi Mohammad | Kashani Javad | Mohebi Mohsen | Nasiran Dawood | Issue Writer Certificate

Keywords

Lex Mercatoria

Economic Analysis of Law

Reasonable Choice

Transaction Cost

Abstract

Although Lex Mercatoria is considered one of the most important options for handling contracts in international trade territory, it can still be delegated to international contract offices which, compared to national legal systems, including Conflict resolution rules, have a greater ability to meet the needs of the business community. Therefore, the choice of Lex Mercatoria can be preceded by the choice of national laws, which in practice can be more effective for traders, facilitating and promoting contracts concluded in international trade, thereby boosting international markets and increasing the level of social welfare. In this study, we analyze Lex Mercatoria based on criteria such as cost reduction and economic goals outlined for contract rights. The material presented in this article shows that Lex Mercatoria is a more appropriate option for traders in the international business domain.

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