| what is arbitration? | A process by which parties consensually submit a dispute to a non-governmental decision-maker, selected by or for the parties, to render a binding decision resolving a dispute in accordance with neutral, adjudicatory procedures affording each party an opportunity to present its case |
| true or false: you need consent in order to have arbitration | true, in the contract there needs to be an arbitration agreement |
| true or false: the arbitration agreement must be in writing | true, not necessarily the contract, but somewhere |
| is arbitration a final and binding decision? | no, it is advisory. the award must be voluntarily complied with - although the New York Convention may intervene |
| what is commercial? | it refers to transactions entered into between parties in the course of their business activities. This leaves consumer contracts outside of the scope of the subject, as well as other aspects of private law, such as family or inheritance law |
| which convention has the largest and most enforced regime? | The New York Convention |
| what are the disadvantages of arbitration? | The arbitral tribunal does not have coercive powers
-In multi-party disputes, an arbitral tribunal does not have the power to join all the relevant parties because the jurisdiction of the tribunal derives from the arbitration agreement.
-Gender and ethnic diversity of the arbitrators |
| what are the advantages of arbitration? | -The neutrality of the forum and the ability to avoid the state courts of the other party.
-An arbitral award is generally easier to enforce than a national court judgment because there is no international litigation counterpart to the extremely successful New York Arbitration Convention.
-The New York Convention has a pro enforcement bias leading to the enforcement of the vast majority of awards.
-Party autonomy and procedural flexibility
-Confidentiality
-Subject matter expertise
-Arbitration is less expensive than litigation |
| true or false: arbitrators will be randomly assigned by the New York Convention | false, the parties will make a decision on who will arbitrate |
| what are the advantages of institutional arbitration? | arbitrators are appointed in a timely way
that the arbitration moves along in a reasonable manner
the parties pay fees and expenses in advance
more credible |
| what are the advantages of ad hoc arbitration? | more opportunity to tailor a procedure very carefully to the particular kind of dispute
considered less expensive
more flexible |
| true or false: state-owned entities are generally immune from suits by individual or companies | true |
| what is a last-offer arbitration? | this is a technique within an arbitration to try to bring both parties closer together in terms of what the amount awarded should be. Each party states its best offer as to the amount it thinks should be awarded, and the arbitrator has only the ability to choose either one proposal or the other, and cannot choose any other amount. Thus, each side has an incentive to be reasonable, because if one side is too extreme, the other side's number will be chosen. |
| what sections of what Act require arbitration to be used when agreed? | sections 5-7 of the English Arbitration Act 1996 require arbitrations to be used when the contract states in writing to use this dispute resolution. |
| what is the seat of arbitration? | a location selected by the parties as the legal place of arbitration, which consequently determines the procedural framework of the arbitration |
| how is the seat of arbitration chosen? | from what the parties agreed in the contract |
| if one party claims that the arbitration agreement is non-binding, what do they do? | go to the arbitration tribunal where the dispute will be commented on |
| how is the recognition and enforcement of a foreign arbitral award determined? | evidence of arbitration agreement and arbitral award |
| true or false: arbitral awards are only enforceable in the awarding state | false |
