Definition of the "Lex Mercatoria".
THE LEX MERCATORIA Definition of the Lex Mercatoria Many practitioners and commentators have criticized the lex mercatoria on a number of grounds, but especially on the ground that it is a concept too vague and uncertain to apply. 20 Although there is increasing agreement about what the lex mercatoria is, the definition is not uniformly agreed upon. Here are some characteristic definitions: § A loosely organized system of transnational legal principles, rules and standards derived from the usages, customs, and practice of international commerce. § General principles of law, transnational rules, a method of decision-making. § Customary commercial law. § “Transnational substantive rules of law and trade usages and the method of their application to international economic transactions.” § A set of substantive rules developed to regulate international trade in the business community, which are derived “not only from international commercial ...