Dipl.-iur. Leonid Shmatenko is a Junior Fellow and Doctoral candidate at the Chair of German and Foreign Public Law, European Law and Public International Law at the Heinrich-Heine-University of Düsseldorf.
The following article discusses the application of lex mercatoria by domestic courts and international arbitral tribunals instead of or supplementary to domestic substantive law. Emphasising the legal status of lex mercatoria, the article evaluates its value compared to substantive law. To provide legal certainty, it also tries to establish certain criteria regarding the recognition of certain business principles as lex mercatoria.*