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International Agreement of two companies - Coursework Example

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Law No: Date: University: Scenario: George Ltd is a plumbing firm in London. It has entered into a five year agreement with the Malaysian company CheapStock Corp. for the supply of toilet flushes. Their contract contained the following term:  Any disagreement or dispute between the parties is to be settled by arbitration.  A year after the signature of the contract, George Ltd wishes to terminate the agreement due to changes in the business environment…
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Download file to see previous pages The decision of arbitrator is binding and easy to implement. CheapStock Corporation and George Limited are engaged in an agreement for five years. According to the contract, the involved parties should ask for arbitrator’s involvement if there is some dispute or disagreement. George Limited soon after a year wanted the termination of the agreement, which is regarded as a violation of the agreement by CheapStock due to which, suitable arbitration process is required. This paper includes a number of laws related to breach, termination of agreement and arbitration. Basis of Arbitration Arbitration is consensual: Arbitration process can be implementable if both parties agreed on it. In order to resolve the issues through arbitration, the parties at the time of agreement includes arbitration clause in it. The parties in disputes may refer the matter to arbitrator by submission of agreement executed between them. No one can withdraw from arbitration unilaterally1. The parties choose the arbitrator: Under the Arbitration rules parties can chose sole arbitrator to settle the disputes. Arbitration is neutral: The applicable law, language and venue of the arbitration is utmost important. Arbitration is a confidential procedure: In specific circumstances, the Rules empower a party to restrict access to its trade secrets or other confidential information to the arbitral tribunal or its advisor. The decision of the arbitral tribunal is final and legally enforceable by both sides2. Merits and Demerits of Arbitration Merits of arbitration are a) if the disputed matter is highly technical, arbitrators should have an expertise to deliver b) it is faster than the court proceedings c) cheaper and flexible d) its proceedings can be made confidential e) here language of arbitration can be chosen, whereas in judicial proceedings it cannot be chosen f) easily enforceable g) it limits the duration of the dispute and associated liability3. Demerits of arbitration are i) highly complex ii) in case arbitration is mandatory and binding, the parties deprive their rights to access the courts iii) ambiguous decisions cannot be reverted since limited scope for an appeal iv) fewer enforcement options than judgments in other legal systems v) not directly enforceable4. Arbitration Agreement In theoretical terms, it is a consensual process duly agreed by both the parties to comply with. Such sorts of agreement can be categorized as: a) if a dispute arises; it can be resolved through arbitrator b) submission agreements are those that signed after a dispute has arisen5. In the common wealth countries, the earlier is considered suitable. In the cited countries, each executor has to bear the cost in conventional arbitration and not in submission agreement. The law accepts validity of arbitration clauses in spite of its language not linked with legal contracts. Those clauses are: a) English law is applicable if venue arbitration is London b) suitability of clause c) if it is in line with the ICC Rules in London6. The competent court of law respect the clauses to resolve the disputes provided i) arbitrator should take into account the principles of practical business ii) globally acclaimed principles of law governing ...Download file to see next pagesRead More
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