 |
A. Specification of System of Law Article 42(1) of the Convention provides that a Tribunal shall decide a dispute in accordance with such rules of law as may be agreed by the parties. The parties are free to agree on rules of law defined as they choose. They may refer to a national law, international law, a combination of national and international law, or a law frozen in time or subject to certain modifications. 13 B. Ex Aequo et Bono Power Article 42(3) of the Convention provides that a Tribunal may decide a dispute ex aequo et bono if the parties so agree. If the parties wish to give the Tribunal the authority so to decide, they may use a clause such as follows. 13 - If the parties do not reach agreement on the matter, then Article 42(1) of the Convention specifies that the Tribunal shall apply "the law of the Contracting State party to the dispute (including its rules on the conflict of laws) and such rules of international law as may be applicable."
| ||||||||
