The rise of reasonableness in enforcement

This article examines the increasing reliance in international commercial law instruments on open standards such as commercial reasonableness and good faith in the context of the enforcement of secured transactions. Whereas limiting the role of independent third parties (such as courts or experts) in enforcement may have advantages in certain settings, the reliance on open standards may be detrimental where weaker economic actors are involved. Moreover, international law instruments apply reasonableness, good faith and comparable standards in a variety of ways. This calls for a more balanced approach.