Arbitration Flashcards

1
Q

WHAT IS ARBITRATION?

A
  1. arbitration is a mechanism for the settlement of disputes;
  2. arbitration is consensual;
  3. arbitration is a private procedure; and
  4. arbitration leads to a final and binding determination of the rights and obligations of the parties.
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2
Q

There are two basic methods of defining an international arbitration:

A
  1. Considering the transaction; does it involve a transaction that is either in a state other than the place of arbitration or that takes place in two or more states.
  2. Considering the parties; do they come from different states.
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3
Q

WHY PARTIES CHOOSE INTERNATIONAL COMMERCIAL ARBITRATION?

A

1.Arbitration permits the parties to choose persons with specialized knowledge to judge their
dispute.

  1. Arbitrators are chosen for a specific dispute.
  2. Procedure in arbitration is flexible and can be adapted to the needs of the particular dispute.
  3. Faster decisions as compared to litigation in the courts has been one of the traditional arguments in favor of arbitration.
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4
Q

HOW TO CONFIRM (LOCAL ARBITRATION AWARD) AN ARBITRATION AWARD?

A

At the end of the arbitration, the arbitrator issues a written decision and delivers a copy to each party.At this point, the arbitration award does not have the same effect as a judgment issued by a court, but it can become a judgment. In order to do that, you must first have the award confirmed by a court.

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