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Punitive Damages ? A Rising Star in International Commercial Arbitration?

Author

Listed:
  • Michaela Garajová

    (Masaryk University, Faculty of Law)

Abstract
Punitive damages in international commercial arbitration has been considered more a theoretical than a practical issue, especially in civil law countries. Nevertheless, the national law regulations must provide a way how to react on such claims, particularly in the area of international commercial arbitration. This article is considered primarily with the analysis of the current status quo of certain civil law countries related to punitive damages since not only applicable substantive law, but also procedural law of the seat of arbitration has an impact on the availability of punitive damages in international arbitration. It also discusses legal reasons why punitive damages are of limited relevance in international commercial arbitration that consequently leads to a minimal number of arbitral awards of punitive damages. Despite of infrequency, the importance and clear approach to whether punitive damages should have a place in international commercial arbitration must be drawn.

Suggested Citation

  • Michaela Garajová, 2018. "Punitive Damages ? A Rising Star in International Commercial Arbitration?," Proceedings of Law and Political Sciences Conferences 7409814, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:ilppro:7409814
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    File URL: https://iises.net/proceedings/3rd-law-political-science-conference-lisbon/table-of-content/detail?cid=74&iid=003&rid=9814
    File Function: First version, 2018
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    More about this item

    Keywords

    Arbitral award; international commercial arbitration; punitive damages; compensatory principle; enforcement and recognition of arbitral award.;
    All these keywords.

    JEL classification:

    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General

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