Rule 47 – Rules applicable to the substance of the dispute Default
185.Rule 47 is a default rule. The dispute will be decided in accordance with the substantive rules decided on by the parties where possible according to the law. If the parties have made no such choice then the tribunal must decide, applying the conflict of law rules.
186.Rule 47(2) provides that a tribunal may only decide the dispute according to concepts like justice, fairness or equity if they form part of the law concerned or if the parties so agree. Because this is a default rule, the parties can agree that the arbitrator should have regards to other considerations.
187.Rule 47(3) provides that commercial and trade usage, custom or practices should also be taken into account as should any other relevant matters.