TIẾNG ANH KINH TẾ Arbitration

 It is a settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides..  Is most commonly used for the resolution of co

Unit 10: Arbitration

Thu Huong & Winthrop

Faculty of ESP

FTU

Three branches of the U.S Federal Government

US judicial system

Vietnam’s Judicial System

decision (the “award") they agree to be

bound

 It is a settlement technique in which a

third party reviews the case and imposes

a decision that is legally binding for both sides.

 Is most commonly used for the resolution

of commercial disputes, particularly in the context of international commercial

transactions.

 Can be either voluntary or mandatory and can be either binding or non-binding

 Can be binding or not binding

 An alternative to court action

 Eg: in divorce situations – in America 50% marriages end up at divorces.

 Takes place in private place, unlike

litigation in the court.

 A neutral forum with a panel of three

arbitrators:

 One chosen by one party

 One chosen by the other party

 One chosen either by the parties or the two party-appointed arbitrators

 Main centres for international arbitration are: Paris, London, Geneva, Stockholm, New York, Hong Kong and Singapore.

 Stockholm: east-west trade disputes

 London: shipping & commodities

Name recognition

 Paris: home of the International Chamber

of Commerce and its rules.

 London: home of the London Court of

International Arbitration.

 Geneva

 Arbitration bodies try hard to get their

standard arbitration clause put into

people contracts, so they have a captive market once disputes arise.

 They do this by publicising their activities and their rules.

The choice of the venue depends on:

 The availability of good experienced arbitrators.

 The availability of good experienced arbitration lawyers, and expert witnesses such as

accountants and engineers.

 The cost of these people.

 The support that local legal system gives to

arbitration.

 Accessibility: flight access, good facilities,

administrative back-up, good

telecommunications, IT support, and climate.

 National legislation has to lend its support

to such an important economic activity as arbitration.

 Voluntary

 Mandatory

 International commercial disputes

 Shipping / Commodities / Construction

 In private place

 Litigation in the court.

 A panel of three arbitrators