Arbitration Flashcards
1
Q
WHAT IS ARBITRATION?
A
- arbitration is a mechanism for the settlement of disputes;
- arbitration is consensual;
- arbitration is a private procedure; and
- arbitration leads to a final and binding determination of the rights and obligations of the parties.
2
Q
There are two basic methods of defining an international arbitration:
A
- 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.
- Considering the parties; do they come from different states.
3
Q
WHY PARTIES CHOOSE INTERNATIONAL COMMERCIAL ARBITRATION?
A
1.Arbitration permits the parties to choose persons with specialized knowledge to judge their
dispute.
- Arbitrators are chosen for a specific dispute.
- Procedure in arbitration is flexible and can be adapted to the needs of the particular dispute.
- Faster decisions as compared to litigation in the courts has been one of the traditional arguments in favor of arbitration.
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.