Law 5110 Study Guide - Quiz Guide: Convention On The Recognition And Enforcement Of Foreign Arbitral Awards, Intergovernmental Organization, Trade Association
Document Summary
Advantages of arbitration over litigation: parties have the freedom to choose an arbitrator who they have confidence in. Parties prescribe the mode of appointment of the arbitrator- controls the proceedings himself within the limits set by the parties and the law (arbitration law) Parties have complete control over who the arbitrator is. Arbitration agreement provides that if the parties fail to agree on the appointment of an arbitrator, the appointment should be made by a designated appointing authority- e. g. an organisation like the icc= Proceedings conducted in accordance with the rules of a national or international arbitral organisation. Advantage of possessing a transparent framework outside the prescribed law within the possibility of an internal appeal system. Arbitral institution may control the level of fees payable to the arbitrator. Except for a few provisions relating to consumer arbitration, the arbitration. Act draws no distinction between non-commercial and commercial arbitration.
