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Of Contracts and Treaties in the Global Market

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What used to be a useful comparison between international law and a separate domestic legal framework - treaties and contracts - has now become a part of a single legal structure which encompasses both contracts and treaties as well as a host of other instruments.

This article seeks to explain the process leading to this profound transformation of the law, with particular reference to the internationalization of contracts and the way how they have begun to interact with treaties. Both private and public international law developments are intertwined in this process to a degree that they become difficult to distinguish. In addition, the influence of lex mercatoria provides for a further enlargement of the governing legal framework. All of this leads in turn to a most meaningful role of international arbitration in consolidating the legal trends emerging from this state of flux.


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