International Commercial Arbitration Quiz

A legal process where parties agree to have a neutral third party (arbitrator or tribunal) decide their dispute, resulting in a final and binding decision.

The growing trend of businesses engaging in transactions that involve parties from different countries.

A clause within a contract that specifies arbitration as the method for resolving any future disputes between the parties.

The legal framework that allows countries to enforce international arbitration awards, making them legally binding.

An Alternative Dispute Resolution (ADR) method that provides a quicker and more flexible way to resolve disputes than traditional court litigation.

The official document issued by an arbitral tribunal that concludes the arbitration process and sets out the final decision.

The ability of disputing parties to choose a neutral third party (arbitrator) with expertise in the relevant field, customizing the dispute resolution process.

The Model Law on International Commercial Arbitration (UNCITRAL Model Law) provides a consistent legal framework for international arbitration across countries.

Agreeing to resolve disputes outside of traditional court systems, using a neutral third party.

The legal system that governs the arbitration process, chosen by the parties involved.

To refer a dispute to arbitration, adding an arbitration clause to a contract or agreeing to arbitration for an existing dispute.

The ability to agree to have disputes resolved under the legal system of a neutral third country.

Designing an arbitration process that is efficient and cost-effective, considering limits on disclosure, hearing time, and legal costs.

Making an arbitral award legally binding and enforceable in a particular jurisdiction.

The court's willingness to enforce an arbitral award, unless certain exceptions are met.

The process of legally enforcing an arbitration award in another jurisdiction.

A set of rules or laws established by a country to govern the conduct of its people.

When an arbitration award is deemed unenforceable because it goes against the fundamental values or laws of a country.

A situation where an arbitration award is made through illegal or unfair means, like fraud or corruption.

A breach of natural justice refers to a significant violation of fundamental fairness and due process in an arbitration proceeding.

The process where a party chooses to have their dispute resolved through arbitration rather than going to court.

The location where a legal matter is handled, such as the state or country where the case is heard.

Clauses in a contract that pre-determine the location and method for resolving any future disputes.

Reasons why an arbitration award might be set aside, including procedural issues or exceeding the scope of the agreement.

An arbitration agreement that must be followed to ensure the validity and enforceability of the award.

The party who brings a dispute to arbitration.

The party against whom a dispute is brought in arbitration.

A situation where the subject matter of a dispute is beyond the scope of what the arbitration agreement covers.

An arbitration is considered international if the parties involved have their places of business in different countries, or if the place of arbitration, or a significant part of the commercial relationship, is located outside the countries where the parties have their primary business operations.

The New York Convention is an international treaty that establishes a framework for recognizing and enforcing arbitration awards across signatory countries. This means that a valid arbitration award issued in one signatory country can be enforced in the courts of other signatory countries.

Confidentiality is a key feature of arbitration. Because arbitration is a private dispute resolution process, all proceedings and information shared during the process are typically kept confidential, meaning that the details of the dispute are not publicly disclosed.

Australia has signed the New York Convention, making it easier to enforce arbitration awards in Australia if the award was made in another signatory country.

An arbitration agreement is a contract between parties that specifies the process to be followed if disagreements arise. It outlines how disputes will be resolved through arbitration instead of traditional court proceedings.

If one party tries to take a dispute to court, despite having an existing arbitration agreement, the other party can request that the court proceedings be halted (stayed) and the dispute handled through arbitration as agreed upon in the agreement.

Arbitration offers various advantages over traditional court proceedings, including faster resolution times, lower costs, and flexibility in choosing arbitrators with expertise relevant to the dispute.

Arbitration is a private dispute resolution process where a neutral third party (the arbitrator) hears the arguments of both sides and makes a binding decision to resolve the dispute. It avoids going through the court system.