The notion of a transnational law has been under dispute for several decades. After Philip Jessup coined the phrase in his widely-known Storrs Lecture on Jurisprudence at the Yale Law School in 1956, it has been used in numerous contexts. One of the most influential narratives of transnational law is the one that equates transnational law with a “new law merchant”. In this context, transnational rules are seen as a source of law for cross-border trade law which exists as a third form of law besides national and international law. It is created by arbitrators but also by internationally acting private rule- and standard-setting organizations such as the International Chamber of Commerce (ICC) that creates and administers standard terms such as the International Commercial Terms (INCOTERMS) or the Uniform Customs and Practice for Documentary Credits (UCP). There are a number of organizations which – just like the ICC – create rules and standards that in some cases are more important for cross-border trade than national or international laws
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