Table of Contents: I – Introduction; a) General description of the topic; b) Outline of the report; II – How conflict and contents of Law Issues affect arbitrators and parties; III – The determination of applicable law by National and International Courts; a) Court approaches to ascertaining applicable law; b) Limited relevance of Court approaches to ascertaining applicable law to International Commercial Arbitration; IV – Rules and principles on the ascertainment of the applicable law by Arbitral Tribunals; a) No general rules; b) Determination of applicable law by Arbitral Tribunals in practice; V – Conclusions and recommendations; a) General principles; b) Recommendations for arbitrators.