Abstract

Soft law has gained increasing importance in the context of international arbitration. Soft law regulating the arbitral procedure endowers the effectives of the arbitration. Firstly, the author deals with the right to a fair trial and the discretionary power of arbitrators in the framework of the notion of soft law and then the binding character of this soft law is determined. The aim of this article is to answer the question whether the regulation of the arbitral proceedings by soft law is still welcomed or if it represents a threat for the discretionary powers of the arbitrator and arbitration as such. Given the limited financial and human resources available to UNCITRAL, UNIDROIT, and The Hague Conference, should these organizations be in the business of producing soft law? This Article argues that they should. Given the increased globalization of the world economy, the development of international commercial law has had an exponential growth. In this article, the author examines the codification of soft law in arbitration and its consequences. The main purpose of this article is to show that soft law instruments create many positive effects for international arbitration.