An Agreement To Submit To The Decision Of Arbitrators
(a) An arbitration agreement is an agreement between the parties to submit to arbitration, whether managed (institutional arbitration) or not (ad hoc arbitration) – any or certain disputes or disagreements that have arisen between them regarding a defined legal relationship. An organization that manages arbitration proceedings that take place within the framework of the arbitration rules it issues. Some institutions have adopted UNCIT`s arbitration rules. Its role is more or less extensive, depending on its rules of arbitration, but under no circumstances does it have a judicial function, the latter is part of the arbitrators. In addition to establishing arbitration rules, their primary role is to assist the parties in resolving certain difficulties and in monitoring the proper execution of the arbitration process, including, in some cases, such as the ICC, the formal review of arbitration projects. Language used in written and oral submissions of the parties, in procedural decisions and in referees issued by arbitrators. It is decided by the Court of Arbitration on the basis of the common agreement of the parties, usually in the compromise clause. The flexibility of the arbitration process allows the parties and arbitrators to ensure the most appropriate solutions, the only limits to the imagination of the parties being the cost of translation and interpretation. Thus, it is possible to provide an arbitration procedure in several languages, for example. B each party speaking orally in its own language, while procedural decisions and arbitration are written in only one language. It is also possible to process written submissions and price in two different languages. Arbitration has many advantages for dispute resolution, particularly in today`s global environment.
While the parties generally have access to these benefits by inserting a compromise clause into a contract that requires them to settle future disputes, the parties may also decide to settle existing disputes that are not subject to a compromise clause by entering into a filing agreement. This article explains why the parties want it and practical advice on how to do it effectively. Power given by the parties to the arbitrator to seek a fair solution to their dispute by judging, if necessary, the rule of law that would otherwise be applicable, or the strict application of the contract, and instead of resolving it according to national law or lex mercatoria. It is said that in this case the arbitrator decides ex quo ex bono, as an amicable compound, or in justice, these three expressions often considered interchangeable. The only restriction of the arbitrator`s power lies in international public order, the offence of which would constitute grounds for refusal to enforce the sentence or annulment (see appeal for annulment). In accordance with WIPO rules, the parties agree to implement the decision of the Arbitration Tribunal without delay. International prices are imposed by national courts under the New York Convention, which allows them to be set aside in very limited circumstances. More than 165 states are parties to this Convention. Third parties may at any time accept the link to this arbitration agreement in any document that must be forwarded to the parties to this contract (agreement).
In accordance with WIPO arbitration regulations, parties can jointly choose a single arbitrator. When they opt for a three-member arbitration tribunal, each party appoints one of the arbitrators; these two people agree on the presiding arbitrator. In addition, the Centre may nominate potential arbitrators with appropriate expertise or appoint direct members of the Arbitral Tribunal. The Centre has an extensive list of arbitrators ranging from experienced litigation generalists to highly specialized practitioners and experts, covering the entire legal and technical spectrum of intellectual property.