The Principle of Party Autonomy - Assignment Example

The tradition today fails to hold any weight given the numerous contradictions arising from facts. The most prominent facts arise from the European Commission law’s goal of establishing an integrated market within the European territory. The aim was to have goods move freely between member states as a way of facilitating production efficiency through allowing direct competition amongst producers in the member states. Such an economic angle totally or partially makes the private law of any nation irrelevant.

In addition, a nation’s legal rule for the members is subject to internal market edification provided they belong to any branch of the summa division between public and private rules. However, the edification of an integrated European market within the European territory is contradicted by the diversity of legal systems in different nations that affect the costs of selling within their national public law rules and selling to other member states. The result of such alterations is a conflict of laws, and with this realization, today’s scholarly writing recognizes and focuses on mandatory international laws absent in case laws, international conventions, and national statutes.

Through mandatory international laws in the resolution of conflict, there is no requirement to apply courts to any given disputes provided conflicts fall within such scope and without dictating the application of foreign governing law. However, regardless of the emphasis on the purpose of forum rules in conflict of laws, the result is the weakening of their status due to widening opportunities for evasion by private operators. This weakened status of forum laws in conflict of laws is due to competition between legal systems that come as a by-product of national market interconnectedness and cross-border trade liberalization and augmented function of party autonomy that accompany them (Muir-Watt & Brozolo, 2004).

Consequently, the capacity of participants in transnational economic relations is enhanced, making it possible to arbitrage between various different legal systems. This paper evaluates individual roles of the principle of party autonomy and the applicable law, and their interrelated roles in international commercial arbitration.