Functions Of Arbitration Agreement

Posted by Admin on Dec 9, 2020 in Uncategorized |

In principle, arbitration awards are final and binding. They can only be challenged in a state court in exceptional circumstances. For example, it applies to cases where the parties have never agreed to effective arbitration. Arbitration awards can be applied in most countries of the world. Unlike the individual arbitrator, a collegial body is usually composed of three arbitrators. As a general rule, each party appoints an arbitrator and the two arbitrators appointed to appoint the third party who presides over the arbitral tribunal. It is possible to create an arbitral tribunal with more than three arbitrators, particularly in the case of multi-party arbitration, or only two arbitrators, subject to the mandatory provisions of certain arbitration statutes that prohibit an even number of arbitrators. According to Michael Hay, a lawyer specializing in North Korean law, North Korea has an advanced arbitration system, which is even available compared to industrialized countries, and foreign companies face a balance in dispute resolution. Arbitration could be concluded in just six months. Hay said North Korea has an advanced dispute resolution system to facilitate foreign investment. [25] Like the courts, arbitration tribunals generally have the same power to award costs related to the decision of the dispute.

In international arbitrations and national arbitrations governed by the laws of countries where the courts can award costs to a losing party, the arbitral tribunal will also determine the part of the arbitrators` fees that the losing party must bear. Almost all of the world`s major trading countries are parties to the convention, while relatively few countries have a comprehensive network for cross-border enforcement of judgments before their courts. In addition, subsidies are not limited to damages. While as a general rule, only monetary judgments of national courts are enforceable in a cross-border context, it is theoretically possible (although unusual in practice) to obtain an enforceable injunction for a defined benefit in arbitration proceedings under the New York Convention. By far, the most important international instrument for arbitration is the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitration Awards, commonly referred to simply as the “New York Convention.” Almost all major trading countries are signatories and only a handful of countries are not parties to the New York Convention. As far as the procedure is concerned, arbitration offers considerable freedom and flexibility to arbitrators and parties.

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