THE PRINCIPLE OF GOOD FAITH IN DEALING WITH LEGAL SOURCES (THEORETICAL AND LEGAL STUDY BASED ON INTERNATIONAL TRADE ARBITRATION PRACTICE)

Abstract

The purpose of the study is to determine the meaning of the principle of good faith in international law practices. The author uses the method of comparative studies, which allows us to prove that in court procedures of different countries there is a system of requirements for the autonomous interpretation of international law sources. However, the sources of law cannot be applied without reliance on the concepts of national legal systems. The novelty of the study is to identify trends in legal practice, according to which the need to implement the principle of good faith to promote the rules of Autonomous Commercial Law («lex mercatoria») is obvious. The author reveals the essence of the implementation of the principle of good faith in the application of different sources of law, revealing the homeward trend, i.e. denial of the autonomous approach to the interpretation of international law sources and neglect of their international attributes. The study is both theoretical and practical and allows the law enforcement officer to see that the exact application of law and legal technique can lead to unfair decisions, violation of justice, turning certain relationships into the so-called severe cases (hard cases). The main conclusions of the author are that the adoption of an arbitral award on the basis of good faith and honesty does not mean that it is based only on a sense of law or on a fair assessment. It should be based on the circumstances of the case. Consequently, contemporary law, whether at the national, regional or international level, provides for appropriate remedial mechanisms in the form of the application of the principles of good faith, fairness, best practices and other standards.