Principal lawful system for conglomerates

What is International Arbitration?

International Arbitration is termed as an agreement between two parties (individuals, groups, states, organizations) which includes a rider for future conflicts in the contract.

International Arbitration comes into picture to avoid court proceedings, as it is different from domestic arbitration. It has non-country rules and ethics.

New York Convention:

More than 140 countries in the world have approved the New York Convention which was drafted under UN convention. Hence, the judgements can be passed across the world. Under NY Convention, if a party files a court case against violation of arbitration, the court will be obliged to stay the proceedings.

Elements in International Arbitration:

Some of the essential fundamentals need to be included in International Arbitration. They are:

• Agreement to arbitrate- scope of conflicts which are subjected to arbitrate

• Choice of arbitrators

• Option of arbitral seat

• Language in which arbitration can be conducted

• Option of applicable law

• Arbitrator ability

• Temporary relief

Some institutions that hire arbitrators and are also involved in law making policies:

• International Chamber of Commerce (ICC)

• British Columbia International Commercial Arbitration Centre (BCICAC, Canada)

• International Centre for Dispute Resolution (ICDR)

• American Arbitration Association, the London Court of International Arbitration (LCIA)

• Singapore International Arbitration Centre (SIAC)

The process of International Arbitration may seem more limited than a typical court case as it creates an amalgamation between common law and civil law legal systems. For instance, International Bar Association (IBA) mixes common and civil law systems so that the parties barely mould revelation to the agreement’s particular subject matter. During international agreements, when parties find it difficult to come to a common arbitral situation, the international arbitration experts recommend to use the arbitration clause that approve two arbitral organizations in the same city.