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This work contributes to the theory and practice of long-term international commercial transactions ("LTICTs"). Such transactions are becoming more of the norm than the exception in the sphere of international trade, since they are the most appropriate tool for meeting the demands of an ever-increasing sophistication in prevailing technology and financial techniques. They mobilize financial, operational and manpower capacities which are beyond the means of any single enterprise. It is this enormous increase in the use of LTICTs that makes a study of their conceptual basis one of significant importance and interest. This work explores the conceptual basis of these contracts, and analyzes international arbitral practice involving LTICTs in pursuit of defining the nature and content of such transactions. This work should appeal to practitioners and theorists interested in arbitration, providing them with a coherent structure of the theory and practice relating to the performance of LTICTs.