Book contents
- Frontmatter
- Contents
- Preface to the Second Edition
- Foreword to the First Edition
- Chapter One Introduction to International Commercial Arbitration
- Chapter Two The Arbitration Agreement
- Chapter Three Drafting the Arbitration Agreement
- Chapter Four Applicable Laws and Rules
- Chapter Five Judicial Assistance for Arbitration
- Chapter Six The Tribunal
- Chapter Seven The Arbitral Proceedings
- Chapter Eight The Award
- Chapter Nine Attempts to Set Aside an Award
- Chapter Ten Enforcement of the Award
- Chapter Eleven Investment Arbitration
- Appendix A The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (The New York Convention) (1958)
- Appendix B UNCITRAL Model Law on International Commercial Arbitration (original 1985 version)
- Appendix C Revised Articles of the UNCITRAL Model Law on International Commercial Arbitration (2006)
- Appendix D UNCITRAL Recommendation Regarding the Interpretation of Article II, Paragraph 2, and Article VII, Paragraph 1, of the New York Convention
- Appendix E IBA Rules on the Taking of Evidence in International Arbitration
- Appendix F IBA Rules of Ethics for International Arbitrators 1987
- Appendix G IBA Guidelines on Conflicts of Interest in International Arbitration
- Appendix H The AAA–ABA Code of Ethics for Arbitrators in Commercial Disputes
- Appendix I Model Clauses
- Appendix J Useful Arbitration Websites
- Index
- References
Chapter One - Introduction to International Commercial Arbitration
Published online by Cambridge University Press: 05 June 2012
- Frontmatter
- Contents
- Preface to the Second Edition
- Foreword to the First Edition
- Chapter One Introduction to International Commercial Arbitration
- Chapter Two The Arbitration Agreement
- Chapter Three Drafting the Arbitration Agreement
- Chapter Four Applicable Laws and Rules
- Chapter Five Judicial Assistance for Arbitration
- Chapter Six The Tribunal
- Chapter Seven The Arbitral Proceedings
- Chapter Eight The Award
- Chapter Nine Attempts to Set Aside an Award
- Chapter Ten Enforcement of the Award
- Chapter Eleven Investment Arbitration
- Appendix A The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (The New York Convention) (1958)
- Appendix B UNCITRAL Model Law on International Commercial Arbitration (original 1985 version)
- Appendix C Revised Articles of the UNCITRAL Model Law on International Commercial Arbitration (2006)
- Appendix D UNCITRAL Recommendation Regarding the Interpretation of Article II, Paragraph 2, and Article VII, Paragraph 1, of the New York Convention
- Appendix E IBA Rules on the Taking of Evidence in International Arbitration
- Appendix F IBA Rules of Ethics for International Arbitrators 1987
- Appendix G IBA Guidelines on Conflicts of Interest in International Arbitration
- Appendix H The AAA–ABA Code of Ethics for Arbitrators in Commercial Disputes
- Appendix I Model Clauses
- Appendix J Useful Arbitration Websites
- Index
- References
Summary
PURPOSE
Arbitration is a private system of adjudication. Parties who arbitrate have decided to resolve their disputes outside any judicial system. In most instances, arbitration involves a final and binding decision, producing an award that is enforceable in a national court. The decision makers (the arbitrators), usually one or three, are generally chosen by the parties. Parties also decide whether the arbitration will be administered by an international arbitral institution, or will be ad hoc, which means no institution is involved. The rules that apply are the rules of the arbitral institution, or other rules chosen by the parties. In addition to choosing the arbitrators and the rules, parties can choose the place of arbitration and the language of arbitration.
Arbitration thus gives the parties substantial autonomy and control over the process that will be used to resolve their disputes. This is particularly important in international commercial arbitration because parties do not want to be subject to the jurisdiction of the other party's court system. Each party fears the other party's “home court advantage.” Arbitration offers a more neutral forum, where each side believes it will have a fair hearing. Moreover, the flexibility of being able to tailor the dispute resolution process to the needs of the parties, and the opportunity to select arbitrators who are knowledgeable in the subject matter of the dispute, make arbitration particularly attractive. Today, international commercial arbitration has become the norm for dispute resolution in most international business transactions.
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- Publisher: Cambridge University PressPrint publication year: 2012