Principle of Respecting the Agreements of the Parties – “Lex Voluntatis”
The parties to the contract have the freedom to choose the applicable law in contract disputes. In case a dispute arises, the dispute resolution body must respect this decision of the parties. The dispute resolution body can only request the parties to use other sources of law in cases where the law chosen by the parties cannot or is not sufficient to resolve the arising dispute.
Applicable Law Can Be International Treaties, National Laws, And International Trade Practices
The principle of respecting the agreements of the parties will only be limited in cases where the contract subject is real estate, labor contracts, or consumer contracts that affect the minimum rights of workers and consumers or the court’s choice of law affects public policy.
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