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International Commercial Arbitration Overview Terms in this set (9) Arbitration A dispute resolution system where parties choose arbitrators, have more autonomy, and follow a formal but confidential process outside of the public view. Formality of Arb $6.99   Add to cart
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International Commercial Arbitration Overview Terms in this set (9) Arbitration A dispute resolution system where parties choose arbitrators, have more autonomy, and follow a formal but confidential process outside of the public view. Formality of Arb
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International Commercial Arbitration Overview Terms in this set (9) Arbitration A dispute resolution system where parties choose arbitrators, have more autonomy, and follow a formal but confidential process outside of the public view. Formality of Arbitration Procedure Parties must agree to ar...

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  • August 3, 2024
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  • 2024/2025
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  • international commercial arbitration overview t

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  • GED - General Educational Development
  • GED - General Educational Development

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8/3/24, 2:32 PM


International Commercial Arbitration Overview
Jeremiah
Terms in this set (9)

A dispute resolution system where parties choose arbitrators, have more autonomy,
Arbitration
and follow a formal but confidential process outside of the public view.

Parties must agree to arbitration through a contract or clause, preferably with a broad
Formality of Arbitration Procedure
clause allowing for any deviation/breach of contract to lead to arbitration.

Occurs when both parties agree upon different arbitrators, leading to separate
Parallel Proceedings
arbitration processes that should be avoided.

Arbitration tends to be much speedier and more efficient than going to court, as
Speed and Efficiency of Arbitration
parties have no control over the time taken in the courts.

A process where parties consensually submit a dispute to a non-governmental
Born's Definition of Arbitration decision-maker, selected by or for the parties, to render a binding decision resolving a
dispute by neutral, adjudicatory procedures allowing each party to present its case.

Arbitrators cannot be under 40, one must be a lawyer, and there is a gender parity
Qualifications for Arbitrators
requirement, with the majority being male.

Courts have supervisory power over the arbitration process, and the courts involved
Role of Courts in Arbitration include the one where the arbitration was agreed to be held and where the buyer's
assets lie.

The location of arbitration may differ from the seat of arbitration, allowing parties to
Location vs. Seat of Arbitration
choose arbitrators from one location but hold the arbitration in another.

Sri Lanka's Arbitration Act no11 1995 is based on the UNCITRAL model and the country
Arbitration in Sri Lanka joined the New York Convention in 1962. The arbitration institute in Colombo is called
the Sri Lanka National Arbitration Centre.




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