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Capital construction Contract - Essay Example

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CAPITAL CONSTRUCTION Capital Construction Contract The Agreement Leena Table of contents- 1. Introduction 3 2. Purpose of report 3 3. Commercial arbitration 4 a. The New York convention 4 b. UNCITRAL arbitration rules 5 4. Structure of the guiding law 6 5…
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Capital construction Contract
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Download file to see previous pages The draft that needs to be reviewed is as below: “Any dispute or whatever nature arising out of or in any way relating to the Agreement or to its construction or fulfilments can be referred to arbitration. Such arbitration shall take place in Dubai or Sana’a, or any other place as the parties may agree, and shall proceed in accordance with the Rules of Arbitration of the LCIA-DIFC in Dubai. Both parties hereby agree that, at least, one arbitrator should be Dr Karim Akram.” Many factors influence the path chosen to resolve expected and unexpected disputes that may arise during the course of the agreement between the parties and may depend on the identities of the parties, the courts and their jurisdiction in play and location of assets among others. And without a clear clause for dispute resolution, any dispute arising may be tossed at some court which may not be the first choice of either or both the parties (International Arbitration – An Overview, 2012). 2. Purpose of report Firstly, it is observed that there is a general ambiguity between going for arbitration or a litigation when there is a conflict of interest between two parties in agreement, which calls for a thorough consideration of the advantages of both and choosing the best course in the interest of both the companies and the general public at large. Being the Contract Manager and Arbitration Specialist at the company, I am entrusted with this job of reviewing the best course of action to enable the smooth conduct of the agreement between the company and the other company based in Yemen. Secondly, as the other party is based in another country with many of the International conventions ...Download file to see next pagesRead More
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