• Lakshay Sharma

Introduction: Lex mercatoria is derived from the Latin phrase “law of merchants and is the body of commercial law used by merchants throughout Europe during the medieval period. It evolved as a system of custom and best practice, which was enforced through a system of merchant courts along the main trade routes. Objectives: The aims of the paper are to describe the Emergence of the new lex mercatoria, to explore the relationship between the new lex mercatoria and international commercial arbitration and to explore the relationship between the lex mercatoria and party autonomy. Methodology: To fulfill this objectives researcher used empirical and rational. Moreover, following philosophical studies of its secondary data it is mainly helped by television, newspaper, book, journal, research paper, internet (web resources) and discussion of the people related to the issue. Conclusion: In conclusion, within an international arbitration conducted according to Turkish law (Law 4686), provided that the consent of the parties had been given, arbitrators may resolve the dispute in accordance with lex mercatoria comprising commercial rules and principles. Furthermore it should be stated that the Court of Appeals has also accepted that the primary consideration in arbitration is the best interests of the parties.

Lex mercatoria, law of merchants, commercial law, arbitration, party autonomy

"CAN A LEX MERCATORIA OF INTERNATIONAL ARBITRATION BE FORMULATED, IN ORFER TO ENFORECE THE PRINCIPLES OF CONTRACTUAL AND PARTY AUTONOMY?", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 3, page no.973-983, March-2019, Available :http://www.jetir.org/papers/JETIR1903K42.pdf

"CAN A LEX MERCATORIA OF INTERNATIONAL ARBITRATION BE FORMULATED, IN ORFER TO ENFORECE THE PRINCIPLES OF CONTRACTUAL AND PARTY AUTONOMY?", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 3, page no. pp973-983, March-2019, Available at : http://www.jetir.org/papers/JETIR1903K42.pdf