A consensual agreement of two parties to have a private dispute as opposed to a court proceeding
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What case law gives the definition of arbitration?
O'Callaghan v Coral
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What are the main principles of arbitration?
1. Fairness. 2. Party Autonomy. 3. Limited intervention by the court. 4. Impartiality and independence of arbitrators. 5. Avoidance of unnecessary delays and expense.
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Why use arbitration? (advantages)
The parties get to chose their own arbitrator, who has speciality in a specific area, privacy/confidentiality, dispute is resolved faster than litigation
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Why not use arbitration? (disadvantages)
It is binding and appeals are limited, it ca be more expensive depending on the arbitrator's specialty, if there is an appeal it will end up in court anyway
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What are some arbitration statistics according to the QMUL survey?
1. 97% of respondents stated that Arbitration is their favourite method of ADR. 2. Enforceability of awards are the most valuable characteristic. 3. Cost is the worst feature
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What are the two types of arbitration?
1. Ad Hoc. 2. Institutional
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What is Ad Hoc?
Parties establish their own rules of procedure
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What are advantages of Ad Hoc?
Flexible, cost effective
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What are the disadvantages of Ad Hoc?
Depends wholly for its effectiveness on the cooperation between the parties
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What is institutional arbitration?
Administered by a specialist arbitral institution under their own rules
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Examples of some institutions?
ICC, LCIA
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What are the advantages of institutional arbitration?
Rules have proven to work well in practice, has undergone periodic revision, specialist staff
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Disadvantages of advantages of institutional arbitration?
Tends to be more expensive, parties spay a fixed fee in advance
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What section holds the arbitration agreement?
S6(1) of the Arbitration Agreement 1996
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What are the two types of an arbitration agreement?
What section states that the arbitration agreement must be in writing?
S5(1) 'The arbitration agreement must be in writing'
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What section covers the separability principle?
S7
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What is the principle of separability?
The arbitration is a separate agreement
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What section covers the stay of legal proceedings?
S9
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What is the principle of stay of legal proceedings?
States that if one of the parties tries to take the matter to court, the other party can apply for a stay of the legal proceedings which means that the court cannot decide the case itself
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What is the lex arbitri?
The seat of the arbitration, the law that governs the contract
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Other cards in this set
Card 2
Front
What case law gives the definition of arbitration?
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