International commercial arbitration - published: 29/09/2010

Extract

[...] International commercial arbitration I. Introduction International commercial arbitration is one of several forms of dispute resolution for international commercial agreements. The use of arbitration has increased along with the growth of international trade and commerce and the accompanying disputes springing from these pursuits. In its broadest sense, arbitration is a vehicle of dispute resolution in which parties to a contract select a neutral arbitrator (or a panel of arbitrators) to present their dispute for a legally binding ruling. Arbitration is often selected for the reasons of confidentiality, speed, enforceability of arbitral awards, and to eliminate the uncertainties in the choice of arbitrator and forum. [...]

[...] The process by which the parties to a dispute submit their differences to the judgment of an impartial person or group appointed by mutual consent or statutory provision. Law: the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle between labor and management). The act of deciding as an arbiter; giving authoritative judgment; “they submit their disagreement to arbitration”. "Arbitration agreement" is an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not. [...]

[...] One such is the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which limits the grounds upon which arbitral awards may be attacked. Over 130 nations have agreed to abide by its terms. There is also a current list of signatories. Most arbitration attorneys limit the universe of appropriate arbitration venues to those states that are a party to the New York Convention. IV. Examples The dispute resolution procedures of the International Chamber of Commerce specifically target international business disputes. [...]

[...] A decision by the arbitral tribunal that the contract is null and void shall not entail ipso jure the invalidity of the arbitration clause. A plea that the arbitral tribunal does not have jurisdiction shall be raised not later than the submission of the statement of defense. A party is not precluded from raising such a plea by the fact that he has appointed, or participated in the appointment of, an arbitrator. A plea that the arbitral tribunal is exceeding the scope of its authority shall be raised as soon as the matter alleged to be beyond the scope of its authority is raised during the arbitral proceedings. [...]

[...] Arbitration agreement and interim measures by court It is not incompatible with an arbitration agreement for a party to request, before or during arbitral proceedings, from a court an interim measure of protection and for a court to grant such measure Number of arbitrators The parties are free to determine the number of arbitrators. Failing such determination, the number of arbitrators shall be three. Competence of arbitral tribunal to rule on its jurisdiction The arbitral tribunal may rule on its own jurisdiction, including any objections with respect to the existence or validity of the arbitration agreement. [...]