Introduction

Question 1

What are the main differences between arbitration and litigation?

Answer 1

1. Costs borne entirely by parties, vs partly by state.
2. Forum agreed by parties vs determined by law.
3. Rules agrees by parties vs determined by law.
4. Rules adjusted for every arbitration vs standardised rules.
5. Challenge of award vs appeal of court decision.

Question 2

What ingredients are needed to ensure ICA is effective?

Answer 2

1. Agreement required regarding the conduct of arbitration.
2. Agreement by host country that arbitration is accepted form of DR.
3. Agreement between states as to how awards are to be treated.