What is the common governing law?
Frequency/market practice: Polish law is the most common choice (unless the Polish target is part of a multijurisdictional transaction).
Is litigation or arbitration more common? If arbitration, where?
Frequency/market practice: Both common; if arbitration, usually either the Polish Chamber of Commerce, ICC or ad hoc arbitration under the United Nations Commission on International Trade Law (UNCITRAL) (Warsaw is common as a venue). Sometimes Stockholm or Vienna is used.