Punitive Damages ? A Rising Star in International Commercial Arbitration?

Michaela Garajová ()
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Michaela Garajová: Masaryk University, Faculty of Law

No 7409814, Proceedings of Law and Political Sciences Conferences from International Institute of Social and Economic Sciences

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.

Keywords: Arbitral award; international commercial arbitration; punitive damages; compensatory principle; enforcement and recognition of arbitral award. (search for similar items in EconPapers)
JEL-codes: K13 K33 K40 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2018-11
New Economics Papers: this item is included in nep-law
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Published in Proceedings of the Proceedings of the 3rd Law & Political Science Conference, Lisbon, Nov 2018, pages 53-67

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Persistent link: https://EconPapers.repec.org/RePEc:sek:ilppro:7409814

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