International Commercial Arbitration

Question: Discuss about the International Commercial Arbitration. Answer: Introduction: Arbitration can be defined as an ADR process whereby the related parties refer the problem to the third party that has an independent existence. The determination is made by the arbitrator. Arbitration is vital when the matter is technical in the scenario and the parties engaged in a dispute hunts for confidentiality and transparency. Arbitration can be selected on a mutual basis or as per the discretion of the court. Moreover, it can be defined as a method whereby the dispute is registered by an agreement between the parties to a single or more arbitrators and a binding decision is expected on the dispute. Arbitration carries the advantage that the parties vouch for a resolution instead of knocking the court gate. The main features of Arbitration are as follows: Consensual in nature Arbitration can happen when both the parties to the agreement have agreed upon. There are ample scenarios when the future dispute arising in a contract is referred to arbitration and a clause is inserted. Through a submission agreement, a current dispute can be dealt under arbitration. It is different from meditation in the fact that a party cannot step back from arbitration. The arbitrator is selected by the parties to the contract and both have agreed to it. In the case of a single arbitrator, the parties select it. However, when it comes to the three-member tribunal, every party appoints an individual arbitrator further two people agree on the arbitrator that will preside. However, the center can prescribe potential arbitrator that have the expertise and high skills. Neutral No parties to the contract can have a home court advantage. The parties to the contract are able to select factors like law, language and the place of the arbitration. This helps them to have an advantage just like the home court. Confidentiality As per the rules of WIPO, it safeguards the confidentiality of the presence of arbitration and any disclosures provided during the process and even the award. In some scenario, the WIPO rules enable a party to limit the access to secrets of the trade or any other information that is confidential in nature. Decision is final and binding The decision of the arbitral tribunal is final and binding that indicates the parties to the contract need to adhere to it without any delay. The national court enforces the international award that allows them to be kept aside in certain circumstances. The process of arbitration is influenced by the autonomy of the party and hence the choice of action depends entirely on them. Hence, arbitration involves immense flexibility. The parties are in a strong position to select a slow or a fast arbitration. The main reason why arbitration is selected is due to speed, accuracy, and efficiency. When proper plans are into practice then arbitration can be a fast process as compared to litigation and especially when it comes to the process of international arbitration. The flexibility of procedure is termed as the major highlight of arbitration. References Born, Gary. International Commercial Arbitration. Frederick, MD: Wolters, 2014 Jane, Jenkins. International Construction Arbitration Law. Kluwer Law International, 2014 Kluwer, Wolters. International Commercial Arbitration. Austin: Walters, 2014 Manuel Indlekofer. International Arbitration and the Permanent Court of Arbitration, Kluwer Law International, 2015