Nobody downloaded yet

International Commercial Arbitration Law - Assignment Example

Comments (1) Cite this document
Summary
This paper attempts to analyse the significance of the arbitration agreement in matters of international arbitration. It also attempts to support the validity of the notion that the presence of a valid agreement is a prerequisite for the arbitration process…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.2% of users find it useful
International Commercial Arbitration Law
Read TextPreview

Extract of sample "International Commercial Arbitration Law"

Download file to see previous pages The paper tells that an international commercial arbitration has been an element of study owing to some of the unique features it is associated with. In the era of globalization, the volume of disputes between parties in trade has increased significantly, and often the judgment provided by the local jurisdiction fails to satisfy the parties to the action. The delay in the procedure of judgment also hampers trade activities between them and becomes significant in determining market conditions. International commercial arbitration tries to solve a few of these problems by providing a mutual solution to the issues on the basis of judgment provided outside the legal framework of either country. In matters of international arbitration, the agreement covering arbitration has gained importance over the years. The method of international arbitration is widely popular for resolving disputes that arise from international commercial agreements and a wide variety of international relationships. The main advantage of international arbitration lies in the fact that parties originating from different backgrounds of culture and legal framework can resolve disputes without the consideration and formalities of the legal systems of their respective countries. Other advantages of international arbitration include the fact that it allows the avoidance of uncertainty and the practices associated with local courts regarding the procedure of litigation so that quick and efficient decisions can be reached and the dispute resolved within a short time. The process of international arbitration also grants a high amount of flexibility to the parties in the process of designing the arbitral procedures. In casesof international commercial transactions, the parties have various choices in including mechanisms for resolving disputes that arise under the contract. If a party in the arbitration remains silent for a period of time, then the disaffected party can initiate legal proceedings in a court and can attain jurisdiction over the other with ease (Redfern, 2005: 15). International Commercial Arbitration International commercial arbitration tends to resolve disputesinvolving commercial contracts under the guidance and supervision of a number of international institutions and bodies framing international rules. The popular bodies that deal with the issues are the International Chamber of Commerce and the International Centre for Dispute Resolution. Most of these bodies use the “terms of reference” to summarize the claims and issues of the disputes in a particular procedure, and this is then signed by the parties before the start of the legal proceedings. One of the important characteristics of international commercial arbitration is that thearbitrators try to mitigate disputes before moving to the courts. The decision imposed by international commercial arbitration is binding on both parties. Another attraction of international commercial arbitration is that distrust of foreign legal systems often influences the parties in the action, as does the anticipated cost of using such legal systems. However, switching to international commercial arbitration reduces these types of risks considerably. Arbitrators have significant ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“International Commercial Arbitration Law Assignment”, n.d.)
Retrieved from https://studentshare.org/law/1394664-international-commercial-arbitration-law
(International Commercial Arbitration Law Assignment)
https://studentshare.org/law/1394664-international-commercial-arbitration-law.
“International Commercial Arbitration Law Assignment”, n.d. https://studentshare.org/law/1394664-international-commercial-arbitration-law.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
mu
muelleremilie added comment 1 year ago
Student rated this paper as
This assignment was always my weak point. I could never finish it successfully. Still, after I found this particular document, I understood how it should be done. So, I performed my research afterward and completed the assignment in several hours, instead of months as it was previously.

CHECK THESE SAMPLES OF International Commercial Arbitration Law

International commercial arbitration

...will have no right to amend or otherwise alter these limitations. ADVANTAGES AND DISADVANTAGES OF INTERNATIONAL COMMERCIAL ARBITRATION: ADVANTAGES: The international arbitration is gaining increased popularity for the resolution of commercial international commercial disputes. The advantages associated with the use of arbitrations have actuated the businesses to refer to these instead of court of law. Various advantages associated with the use of arbitrations as opposed to litigation are as under. 1. Speedy Resolution: The resolution of the disputes may...
14 Pages(3500 words)Essay

International Arbitration Law

..., the arbitration agreement that comprises of mandatory clauses are enforceable in law without further evaluation or decision making by the courts. The non-mandatory clauses can be adopted (1) by the parties to the contract per se or (2) they can follow their own terms and conditions or (3) adopt the rules of their respective association like UNCITRAL, International Chamber of Commerce and London Court of International Arbitration (LCIA). The mandatory clauses include the following checklist which is not exhaustive in nature: seat and place of the arbitration tribunal, providing the general means of fulfilling the non-mandatory clauses,...
18 Pages(4500 words)Essay

Enforcing Arbitration Agreements and Awards for non-signatories in International Commercial Arbitration - Law

...? Enforcing Arbitration Agreements and Awards for non-signatories in International Commercial Arbitration International Commercial arbitration is a grand instrument which is used as a primary key to fairly invoke major settlement changes that can or has occurred in a deal or transaction during a business venture. Some of these transactions will take place at issues of important cases concerning involvement related to non-signatories as well as parent and sister companies including its subsidiaries being intrinsic to the corporate veil while adhering to follow convention laws that are used to enforce...
28 Pages(7000 words)Essay

Sharia Law and International Commercial Arbitration and Enforcing Foreign Judgments

...? School of Law LL.M in International Trade Law DISSERTATION Sharia Law, International Commercial Arbitration and Enforcing Foreign Judgments Accommodating Sharia Law to International Commercial Arbitration and Enforcing Foreign Judgments in Saudi Arabia. Abstract This dissertation is an inquiry into the differences existing between international commercial arbitration and arbitration pursuant to Sharia law as it is practiced in the Kingdom of Saudi Arabia. The...
60 Pages(15000 words)Dissertation

International Commercial Arbitration and Privity of Contract

...?International Commercial Arbitration and Privity of Contract Introduction The formation and development of international commercial arbitration has grown in importance as the world of business progresses on a global level. Contracts are increasingly formed on a worldwide basis between different countries. In the response to the difficulties caused by conflicts in laws and contract disputes, international commercial arbitration devised a way in which such conflicts could be avoided and disputes solved easily out of court. This paper will assess whether the principle of...
14 Pages(3500 words)Essay

The Relationship Between Sharia Law and International Commercial Arbitration

...?The Relationship Between Sharia Law and International Commercial Arbitration Outline International Commercial Arbitration a) Arbitration under different legal systems Arbitration is a dispute-settlement mechanism which may only be used with the consent of the parties, but when resorted to, renders binding decisions mong them.1 The overlap between international commercial arbitration and private international law – issues of applicable law, international jurisdiction, recognition and enforcement of judgments, and arbitral awards – is complex because it involves not only the controversy of which is the applicable system of laws, but also the applicable system of private international law. The application of international commercial... ...
14 Pages(3500 words)Dissertation

Case about International Commercial Arbitration

...for explanation. Supreme Court is supposed to seek whether there is any bribery and accordingly decides on setting aside of award or dismissing the appeal. The challenges to the jurisdiction are can be addressed to the courts at the seats of arbitration when these courts have enough power to intervene an international arbitration like ICC during the proceedings. Here IndCo takes the risk of adverse decision that it will enhance the standing of arbitration and more likely to make it more difficult to resist enforcement of any subsequent awards against IndCo due to lack of jurisdiction. Conclusion This paper provides a case study analysis about...
3 Pages(750 words)Essay

Law of international commercial arbitration

...be interpreted narrowly. “The New York convention’s Article V” obliges the courts of signatory nations to implement an overseas award without evaluating the merits of the arbitrator’s verdict. For instance, English Court has refused to interfere in international arbitration awards as demonstrated in the decision made in “Lesotho Highlands Development Authority v. Impreglio SpA and others “by the House of Lords. Lesotho government engaged contractors to build a dam in Lesotho. The contract specifically stated that currency for the contract purpose will be the maloti, the local currency of Lesotho government. Under the section 69 of the English Arbitration Act, there...
3 Pages(750 words)Essay

INTERNATIONAL COMMERCIAL ARBITRATION

...International Commercial Arbitration (Lex Mercatoria) Introduction Globalization has paved the way for complex commercial transactions to exist. There are spheres in trade and commerce that are not well-regulated by the “law of nations.” As such, more and more conflicts arise with regard to the system of exchanging goods and services. Property and civil rights are the two main subject matters involved in almost every dispute that calls for an impartial resolution. The rights and obligations of the contracting parties as expressed in a contract are always given the highest consideration in arriving at a fair judgment. Nonetheless, due to the clash of trading principles, it is often difficult to come up with an equitable decision... which is...
10 Pages(2500 words)Essay

The principle of party autonomy and the applicable law are playing different but interrelated roles in international commercial arbitration. Critically evaluate this Statement

...The principle of party autonomy and the applicable law are playing different but interrelated roles in international commercial arbitration. Critically evaluate this Statement By Student Name Course Code and Course Name Institutional Affiliation Department Submission Date Table of Contents The principle of party autonomy and the applicable law are playing different but interrelated roles in international commercial arbitration. Critically evaluate this Statement 1 By Student Name 1 Course Code and Course Name 1 Institutional Affiliation 1 Department 1 Submission Date 1 Introduction 3 Party autonomy Rules...
21 Pages(5250 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic International Commercial Arbitration Law for FREE!

Contact Us