Arbitration

Arbitration

Definition.

Arbitration refers to a procedure where by parties involved in dispute agree on not going to court but then choose one or more arbitrators whom they submit their case to. It is then the role of the Arbitrators to make decision on the conflict between the parties. The decision which is made by the Arbitrator is the final and parties involved have to adhere to the binding decision made (Horton, 2018).

Summary

The principle and practice of international commercial arbitration an article which is written by Margaret L. Moses and published in the 2017. It basically provides an overview of the world of the international commercial arbitration. The world of international commercial arbitration has need to be understood by the legal personnel’s, the clients involved and also the people who may often find themselves taking part in resolving disputes privately basically outside the court system. The purpose of the article is providing knowledge concerning the international commercial arbitration where people are able to understand easily and comprehensively the processes involved in arbitration. There are requirements which are normally set for arbitration and there changes which have taken place in arbitration laws, rules and regulations. There are processes which are involved in the arbitration process such as the drafting of the arbitration agreement which is core in this case. People have to agree first on the resolution platform which they are eventually going to use (Moses, 2017).

Analysis.

Defining arbitration is the method which is used to resolve conflicts outside the court. However, there are many of the methods which are used to resolve conflict outside the court, arbitration method involves the parties which are involved referring their disputes to an arbitrator, when keenly and skilled reviews the evidence provided and takes time to listen to the parties involved and then makes informed decision. In general, comparing the arbitration process and the courtroom process one can clearly state that arbitration process is less official to the court room process. Arbitration is also less expensive but then it is more formal as compared to mediation process or the negotiation process.

The article provided more information on the international commercial arbitration. This is a more advanced field of arbitration process. The knowledge which is provided by the author is critical to all parties who might be involved in the arbitration process. As most of the arbitrations normally arise due to the arbitration clause existing in the contract, which the parties involved in the dispute have independently agreed to resolve any kind of dispute arising out of the contract through arbitration. The arbitration clause does not need to be complex it can be simple while stating that the claims which are made will be settled according to the applicable arbitration rule and then they should be enforced by the law court.

However, arbitration clauses sometimes may be more complex especially when controlling a large number of concerns which might include how the arbitrators will be chosen, where the arbitration process will take place which party should be responsible for the attorney’s fees and whether the final decision which is made should be kept confidential. Lastly, it is good to note that arbitration clauses can be mandatory or voluntary and also the decision of arbitrator may be binding or non-binding (Estlund, 2017).

References:

Moses, M. L. (2017). The principles and practice of international commercial arbitration.   Cambridge University Press.

Horton, D. (2018). Arbitration About Arbitration. Stan. L. Rev., 70, 363.

Estlund, C. (2017). The black hole of mandatory arbitration. NCL Rev., 96, 679.