This book deals with the contractual platform for arbitration and the application of contractual norms to the parties' dispute. Arbitration and agreement are inter-linked in three respects: (i) the agreement to arbitrate is itself a contract; (ii) there is scope (subject to clear consensual exclusion) in England for monitoring the arbitral tribunal's fidelity and accuracy in applying substantive English contract law; (iii) the subject-matter of the arbitration is nearly always a ‘contractual’ matter. These three elements underlie this work. They appear as Part I (arbitration is founded on agreement), Part II (monitoring accuracy), Part III (synopsis of the English contractual rules frequently encountered within arbitration). The book will be a useful resource to foreign lawyers or English non-lawyers, English lawyers seeking a succinct discussion, and to arbitral tribunals.​

The vast bulk of claims in international commercial arbitration are contractual in nature. Viewed through that lens, what comes to occupy centre stage in the arbitration of disputes is the choice of applicable contract law. This book breaks new ground by for the first time focusing in depth on the contract law chosen by the parties to be applied to disputes. The author uses a comparative-inductive methodology to analyse why – according to statistics of the International Chamber of Commerce – English, New York, and Swiss contract law outperform transnational and other contract law regimes in the choice-of-law provision of business contracts. He finds that these three bodies of law share a firm commitment to enforcing the contract as written, thus prioritizing certainty, stability, and predictability, and clearly recognizing the parties’ right to determine for themselves (and have arbitrators and courts respect) central issues such as risk allocation and price. Starting from a detailed comparative examination of traditional and contemporary theories of contract, the author develops a minimalist approach that is acceptable to lawyers with a civil or common law background and that facilitates dealmaking by providing a clear set of hard-edged rules in four areas – formation of contracts, invalidity and public policy, contract interpretation, and damages for breach – and showing how each of the three contract regimes that are dominant in practice manifests his approach. With its emphasis on pragmatic adjudication grounded on facts and consequences rather than on conceptualisms and generalities, the book greatly enhances the ability of arbitrators to make decisions based on legal arguments that fit the setting of international commercial arbitration. It is sure to become established as a tool to achieve the defined objective of facilitating cross-border commercial transactions as well as providing arbitrators with a set of rules for the interpretation of contractual provisions and the quantification of damages. ‘Peter Sester confronts the reality that disputes in commercial arbitration are overwhelmingly contract-based, and properly directs our attention away from the contract by which the parties agreed to arbitrate to the contract by reference to which they intended their disputes to be adjudicated. This is a most welcome move and one that cannot help stimulate those whose interests are similarly situated on the frontier between the law of arbitration and the law of international contracts.’ Prof. George A. Bermann Columbia University, New York City ‘This is a book that is not only useful but also close to market expectations. ... Summing up, I would like to congratulate Peter Sester for giving us a free-market society book. He provides his readers with much food for thought and a remarkable admonition not to replace the parties’ work with public policy considerations.’ Prof. Dr Peter Nobel Emeritus Universities St. Gallen and Zurich, Switzerland

Provides an analysis of the issues arising from multiparty-multicontract arbitrations, including those involving States and groups of companies. This work analyses theories on the basis of which courts and arbitral tribunals determine who are parties to the arbitration clause; and whether an arbitration clause may be extended to non-signatories.

The growth of national economic regulation and the process of globalisation increasingly expose international transactions to an array of regulations from different jurisdictions. These developments often contribute to widespread international contractual failures when parties claim the incompatibility of their contractual obligations with regulatory laws. The author challenges conventional means of dispute resolution and argues for an interdisciplinary approach whereby disciplines such as international economic law, conflict of laws, contract law and economic regulations are functionally united to resolve international and multifaceted regulatory disputes. He identifies the normative foundation of contract law as an important determinant in this process, contending that contract law is essentially neutral and underpinned by the concept of corrective justice, while economic regulations are mainly prompted by distributive justice. Applying this corrective/distributive justice dichotomy to international contracts, the author critically assesses major conflict of laws approaches such as `proper law', `the Rome Convention' and `governmental interest analysis', which could disregard either public interest or private rights. The author, taking these theories into account, proposes an alternative two-dimensional interest analysis approach. He tests the viability of this approach with reference to arbitral awards and court decisions in various jurisdictions and concludes that it uniquely fits into the structure of international commercial arbitration. In adopting this approach arbitrators would take into account both corrective and distributive justice, and to the extent that corrective justice prevails, would be able to avert a total failure of the contract.

A less-expensive grayscale paperback version is available. Search for ISBN 9781680923018. Business Law I Essentials is a brief introductory textbook designed to meet the scope and sequence requirements of courses on Business Law or the Legal Environment of Business. The concepts are presented in a streamlined manner, and cover the key concepts necessary to establish a strong foundation in the subject. The textbook follows a traditional approach to the study of business law. Each chapter contains learning objectives, explanatory narrative and concepts, references for further reading, and end-of-chapter questions. Business Law I Essentials may need to be supplemented with additional content, cases, or related materials, and is offered as a foundational resource that focuses on the baseline concepts, issues, and approaches.

With this newly updated edition of the Freshfields Guide to Arbitration Clauses in International Contracts - still in the concise, attractive format that made the original so popular - lawyers and business people will confidently negotiate contracts that ensure a speedy, clear-cut resolution of any dispute likely to arise. Taking into account the many significant developments in the law and practice of international arbitration that have occurred over the years since the previous editions, it offers: ; clear, uncomplicated contract-drafting advice, derived from the authors' wide-ranging practical experience; model clauses that ensure the effectiveness of dispute resolution provisions - and avoid pitfalls, and important reference materials.

"This book, by a leading international arbitration practitioner, offers suggested language for every option that a drafter of an international arbitration clause may need. Following a succinct assessment of the choice between arbitration and litigation and commentary on the choices among arbitration fora and formats, the author presents an accessible how-to for drafting. While other works offer theory and a smattering of drafting tips, there is no other comprehensive collection of workable language, presented accessibly with easy-to-reference appendices. This book will be a standard reference for both in-house counsel and outside practitioners. This book provides, in an accessible format, clauses that address all the significant issues that contracting parties face, and in any event should consider, when they decide to draft a dispute resolution clause for an international contract. Those who wish immediate access to suggested language may turn directly to the Appendices. Those who wish to understand the analysis that leads to the suggested language should read the text."--Publisher's website.

Verifies the impact of national law and transnational rules on international contracts, particularly those with an arbitration clause.

The vast bulk of claims in international commercial arbitration are contractual in nature. Viewed through that lens, what comes to occupy centre stage in the arbitration of disputes is the choice of applicable contract law. This book breaks new ground by for the first time focusing in depth on the contract law chosen by the parties to be applied to disputes. The author uses a comparative-inductive methodology to analyse why - according to statistics of the International Chamber of Commerce - English, New York, and Swiss contract law outperform transnational and other contract law regimes in the choice-of-law provision of business contracts. He finds that these three bodies of law share a firm commitment to enforcing the contract as written, thus prioritizing certainty, stability, and predictability, and clearly recognizing the parties' right to determine for themselves (and have arbitrators and courts respect) central issues such as risk allocation and price. Starting from a detailed comparative examination of traditional and contemporary theories of contract, the author develops a minimalist approach that is acceptable to lawyers with a civil or common law background and that facilitates dealmaking by providing a clear set of hard-edged rules in four areas - formation of contracts, invalidity and public policy, contract interpretation, and damages for breach - and showing how each of the three contract regimes that are dominant in practice manifests his approach. With its emphasis on pragmatic adjudication grounded on facts and consequences rather than on conceptualisms and generalities, the book greatly enhances the ability of arbitrators to make decisions based on legal arguments that fit the setting of international commercial arbitration. It is sure to become established as a tool to achieve the defined objective of facilitating cross-border commercial transactions as well as providing arbitrators with a set of rules for the interpretation of contractual provisions and the quantification of damages. 'Peter Sester confronts the reality that disputes in commercial arbitration are overwhelmingly contract-based, and properly directs our attention away from the contract by which the parties agreed to arbitrate to the contract by reference to which they intended their disputes to be adjudicated. This is a most welcome move and one that cannot help stimulate those whose interests are similarly situated on the frontier between the law of arbitration and the law of international contracts.' Prof. George A. Bermann Columbia University, New York City 'This is a book that is not only useful but also close to market expectations. ... Summing up, I would like to congratulate Peter Sester for giving us a free-market society book. He provides his readers with much food for thought and a remarkable admonition not to replace the parties' work with public policy considerations.' Prof. Dr Peter Nobel Emeritus Universities St. Gallen and Zurich, Switzerland

International commercial gas sale agreements are often characterised by a duration of twenty years or more. Consequently, when unforeseen events alter market conditions the contractual equilibrium originally found by the parties is disrupted, giving rise to the necessity to renegotiate and adapt the agreement. If negotiation fails, the parties in most cases submit the matter to arbitration. This comprehensive analysis of what can happen under such circumstances proceeds from an in-depth consideration of the power of arbitrators to intervene on the agreement in the light of arbitrability and procedural law. The author fully explains the complex special nature of gas pricing and contract clauses, and takes into account such features as the following, especially in the wake of the 2009 crisis as it affected the gas sector: - take or pay clauses; - mechanisms for gas price calculation; - price review and price re-opener clauses; - hardship provisions; - problems arising from the absence of a specific clause providing for adaptation/adjustment; - effect on contracts of the emergence and development of spot or traded gas markets; and - trend toward introducing spot-market elements into an oil-indexed price formula. The analysis draws on interviews with lawyers and arbitrators who have been involved in recent proceedings regarding gas sale contract adaptations, and also considers court decisions issued in setting aside or enforcing arbitration awards handed down in energy disputes. A central discussion throughout this book is the possible responses to the question of whether it is possible to determine a principle of law justifying the arbitrator’s power to intervene in contract adaptation. All professionals involved in the production, wholesaling, or distribution of gas will find this book indispensable. It will also be of special value to practitioners, policymakers, and regulators in the fields of energy law and environmental law.