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date: 06 July 2022

Abstract and Keywords

This chapter suggests that alongside a growing recognition that the traditional territorialist theory is limited in its ability to deal with intensifying cross-border dealings, a pluralistic converging of a multiplicity of legal orders (including domestic) to ensure the efficacy of cross-border commercial law is emerging. The future development of a transnational legal order will reflect the intensifying interactions between diverse norms, laws, actors, and institutions—mirroring not necessarily the end of the nation-state—but requiring a wider loyalty beyond the nation-state. To understand these dynamics, this chapter will explore developments in the field of transnational arbitration by examining the evolution of relevant substantive commercial law and procedure, key forces including global soft-law-making bodies, relevant actors including the nation-state, arbitrators, parties and institutions, and relevant norms and governance processes influencing the continued evolution of transnational arbitration.

Keywords: transnational law, commercial arbitration, dispute resolution, harmonization, diversity, global legal practice, nonstate actors, lex mercatoria

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