INTERNATIONAL ARBITRATION

Two Types of International Arbitration

Institutional Arbitration

There are various arbitral institutions around the world that supervise and administer arbitrations. These institutions typically have a formal set of procedures and arbitration rules that disputing parties have chosen to follow through the arbitration process.

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Ad Hoc Abitration

In ad hoc arbitration the disputing parties are responsible for determining and agreeing on their own arbitration procedures, without the administration of an arbitration court.

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Key Elements of International Arbitration

Arbitration is consensual

Arbitration can only take place if the parties have agreed to it, in the form of an arbitration agreement

Arbitrators are neutral

Arbitrators resolving the dispute are independent and impartial

Arbitration awards are binding

Arbitration results in an award that binds all parties to the proceedings

Arbitration is private

Arbitration proceedings are not public and results are often confidential

Arbitration is enforceable

Arbitration awards may be enforced in most parts of the world