Originally from: Precedent in International Arbitration

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I was asked to answer the question whether arbitral awards may be considered as a source of international law in accordance with Article 38 of the Statute of the International Court of Justice.

Firstly, we must remind ourselves of the text of the Statute, which provides that the International Court of Justice,

“whose function is to decide in accordance with international law such disputes as are submitted to it, shall apply:

(a) international conventions, whether general or particular, establishing rules expressly recognized by the contesting states;
(b) international custom, as evidence of a general practice accepted as law;
(c) the general principles of law recognized by civilized nations;
(d) subject to the provisions of Article 59, judicial decisions and the teachings of the most highly qualified publicists of the various nations, as subsidiary means for the determination of rules of law.”