Law Commons^™

Law & Globalization, Giovanni Iudica

Bocconi Legal Papers

This article explores the position of law vis-à-vis the complex phenomenon of globalization. It begins by defining globalization as the change brought about by the onset of market economy and by the technological revolution of the twentieth century. The article goes on to sketch a short history of the institutions which globalization has had the greatest destabilizing impact on: the national State and—for civil law jurisdictions—codifications. The declining role of States (and their codes) is then presented as the main reason for the enhanced importance of lex mercatoria in regulating international exchanges. This change translates, in practice, in the increased …

Chronicles Of A Failure: From A Renegotiation Clause To Arbitration Of Transnational Contracts, Luigi Russi

Bocconi Legal Papers

The present paper recounts the various steps which parties to a transnational contract containing a renegotiation clause may need to go through, should the circumstances accounted for in the renegotiation clause come to existence. To this end, the article sets off from an outline of the most relevant structural features and functions of renegotiation clauses, and of the typical obligations which may derive therefrom.

Secondly, the paper's focus narrows down to the - by no means infrequent - case of failure to renegotiate in presence of an arbitration clause governing the parties' agreement. In the latter case, in particular, several …