Discuss (a) Lex arbitri

The definition: the parties' agreement to resolve their cross-border commercial disputes through private adjudication (the arbitrator(s)'s award instead the court's judgment). The appeal: the neutrality (no home-court advantage); the expertise (the trade-savvy arbitrators); the confidentiality (the commercial privacy); the speed-and-finality (the limited challenge); the enforceability (the New York Convention's passport — the awards' near-global reach). The law'slayers: the arbitration agreement's law; the procedure's law (the lex arbitri — the seat's law); the merits' law; the award's recognition law.