Free Law Essay - Law Arbitration Public

Extract:

The principle of autonomy of the parties gives them these options. In choosing the governing law and arbitral seat, parties will choose according to the safe guard of public policy. In the process of arbitration, courts will not intervene. Forum of arbitration is selected because parties want to remain outside of procedures of national courts. They are in favour of privacy and informality. In this case, choice might affect the substantive rights of the parties and give arbitrators the right to act as an amiable compositeurs or can apply broad equitable considerations or lex mercatoria.

Arbitration is used to settle commercial disputes in which parties agree for settling their future disputes and will use arbitration procedure to settle any disagreements among them. They will refer the dispute to the third party which will help them in resolving it and will give his final decision in the form of an award and that third party is called the arbitrator.

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