The new lex mercatoria and security agreement in the arbitration case law

Abstract

The new Lex Mercatoria on the international markets goes beyond the local business relationships. The custom, usage, principles and standard contracts conform their elements in the national contractual relations. The insurance contract as an expression of the new Lex Mercatoria, is characterized by a non-consensual formation (from standard contract to contract of adhesion). Such formation, sometimes, may tend to lead to unfair clauses. Such clauses can be reviewed by the Colombian arbitral jurisdiction, and also express the new Lex Mercatoria, which will determine their validity in order to ensure contractual rebalancing. This national arbitral jurisdiction, through its court case, acknowledge the existence and effect of the elements of the new Lex Mercatoria in the insurance contract, whether by means of the invalidity of clauses or special reference to the formation of this by imported formats, unfair clauses or compelled by international actors of the New Lex Mercatoria.

Keywords

• Nueva Lex Mercatoria, Contratos Tipo, Contrato de Seguro, Contrato de Adhesión, Cláusulas Abusivas, Jurisdicción Arbitral