LEX MERCATORIA IN INTERNATIONAL COMMERCIAL ARBITRATION AND THE ROLE OF WHICH IN IRAN LEGAL SYSTEM

International business disputes are usually resolved through the use of international commercial arbitration. However, beside the formation of the ICA as a transnational reference to resolve the business disputes, a particular legal system, distinctive from national and international legal systems, was gradually set up and called "Lex Mercatoria", with the main distinction of independence from the state or government. Today, arbitral awards upon Lex Mercatoria are widely recognized and enforced in a great number of legal systems and international documents.In Iran, although by approving the "ICA Act" and joining the New York convention, some restrictions on the enforcement of arbitral awards which are based on Lex Mercatoria were removed, some other measures including the amendment of the regulations for explicitly accept this rules, limiting the number of revocation on this awards, and improving the legal procedures to limit the concept of public order are required.