According to what principles is the law of procedure for international commercial arbitration applied?
There are several different principles that are applied but the prevailing one is the so-called lex loci arbitri, which means that the law of the place of arbitration is applied. Arbitration conducted under lex loci arbitri may receive the nationality of that state and further, as a foreign award, be recognized by contracting states to the 1958 New York Convention. According to the theory the place of arbitration has actual and effective jurisdiction over arbitration conducted in its territory.
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