Stay updated with breaking news from Law shari diamond. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Although the principles which constitute conventional wisdom are intended to be universal and are theoretically esteemed for their acceptability, international arbitration practice shows that despite a general consensus as to the formulation of certain principles, the perception of the way in which they should apply is likely to be influenced by the background of the party representatives or arbitrators.(1) Legal backgrounds The legal background of an arbitrator or counsel often influences their perception of the best way in which to conduct arbitral proceedings and apply the substantive law. According to Pierre Tercier, justice is not dispensed in the same way globally. Thus, the preferred way of applying the law in one legal system may be inconceivable in another. This implies that when faced with the inherent diverse backgrounds of parties and their representatives in international arbitration, arbitrators should be ready to understand and apply rules with which th ....