| 摘 要： | One of the characteristics of arbitration is the freedom of the parties to choose the applicable law, i.e., the law governing the merits of the dispute. According to the FAT Rules （art. 15.1）, ＂Unless the parties have agreed otherwise the Arbitrator shall decide the dispute ex aequo et bono, applying general considerations of justice and fairness without reference to any particular national or international law.＂ In fact in almost all the cases ruled by FAT, the parties choose the application of ex aequo et bono.
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