Few principles are as widely recognized as the autonomy of parties to international contracts to designate the law that will apply to their transactions and the forum in which they will resolve their disputes. Traditionally, the scope of this autonomy has been limited to matters that would otherwise be governed by private law, which, in the context of commerce, essentially means the main body of contract law. In this context, parties to international contracts are free to designate the law or principles that will govern their transaction to the exclusion of any otherwise applicable law. They are also free to privately arbitrate any dispute that may arise between them, to the exclusion of any otherwise mandatory public dispute. Say no to plagiarism. Get Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get Original EssayThe Autonomy of Parties to International Contracts to Select Private Arbitration for Dispute Resolution to the Exclusion of National Courts has a somewhat shorter and more tumultuous history than that of the autonomy of the parties to designate the applicable law to the exclusion of the law otherwise applicable. However, both types of autonomy emerged from their respective pasts virtually without restriction; and the story of each is thoroughly documented in a large and growing literature. Party autonomy is now accepted in international law and recognized in almost all national jurisdictions. This principle confers the right on parties to an international trade agreement to choose the applicable substantive law. When the parties have made a choice of substantive law, this choice generally refers to the law governing the contractual relationship between the parties. Unless otherwise provided, this choice does not refer to conflict rules arising from private international law. The modern view is that the parties have the freedom to choose all substantive laws or rules of law, even if these have no connection with the parties. or the specific dispute. The parties are not only free to choose a system of national law, but can also choose to rely on commercial usage, a-national rules of law, transnational law, lex mercatoria, general principles of law or general principles of international law. The main advantage of party autonomy is that the parties can choose a law that they are familiar with and whose provisions are adapted to the agreement in question. The parties may also avoid the application of a law having a close connection with the transaction, and which would therefore be applicable, by choosing another applicable law. By making a clear choice of law, the parties will know what they can expect from each other and from the arbitral tribunal. Party autonomy is therefore often invoked to ensure certainty and predictability..