Important definitions

Question 1

Exequator and Compromis

Answer 1

These are both methods to make an arbitration award legally binding.
Exequator: It is when a court judge co-signs the arbitration award.
Compromis: When the parties involved sign an agreement to respect the arbitration award before the arbitration process begins.

Question 2

Umpire

Answer 2

The arbitration court has 3 arbitrators, both parties involved choose a single arbitrator, the third arbitrator is then chosen by both parties and this third arbitrator automatically becomes president of the court, and is called the umpire.

Question 3

Debtor

Answer 3

The loser of an arbitration award who does not receive the arbitration award.

Question 4

Creditor

Answer 4

The party to whom the arbitration award is passed in his favor.

Question 5

Arbitral/arbitration awards

Answer 5

It is the final decision of the arbitration tribunal, that completely settles the case before them.