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Questions and Answers
What is the primary advantage of sectoral arbitration in terms of arbitrator expertise?
Greater expertise: Arbitrators develop deep knowledge of the sector, leading to more informed decisions.
Which sector is NOT listed as a common sector for sectoral arbitration?
Healthcare
What is the potential drawback of sectoral arbitration in terms of arbitrator appointments?
May lead to a lack of diversity in arbitrator appointments if the same individuals are repeatedly chosen.
What is the purpose of sector-specific rules and procedures in sectoral arbitration?
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Which arbitration institution has established sector-specific arbitration rules and panels?
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What is the key feature of sectoral arbitration in terms of arbitrator selection?
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What is the benefit of sectoral arbitration in terms of consistency?
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What is a potential challenge of sectoral arbitration in terms of arbitrator impartiality?
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What type of disputes may not be suitable for sectoral arbitration?
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What is the primary benefit of sectoral arbitration in terms of efficiency?
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Study Notes
Sectorials Practice
What is Sectorials Practice?
- A type of practice in arbitration where a single arbitrator or a panel of arbitrators specializes in a specific industry or sector.
- Also known as "sectoral arbitration" or "industry-specific arbitration".
Benefits
- Greater expertise: Arbitrators develop deep knowledge of the sector, leading to more informed decisions.
- Efficiency: Familiarity with industry norms and practices streamlines the arbitration process.
- Consistency: Decisions are more likely to be consistent with industry standards and norms.
Common Sectors
- Construction and infrastructure
- Energy and natural resources
- Finance and banking
- Intellectual property and technology
- Sports and entertainment
Key Features
- Arbitrators are chosen for their expertise in the sector, rather than general arbitration experience.
- Sector-specific rules and procedures may be developed to address unique industry needs.
- Parties may be required to disclose their industry expertise and experience.
Challenges
- Arbitrators must balance sector-specific knowledge with impartiality and independence.
- May lead to a lack of diversity in arbitrator appointments if the same individuals are repeatedly chosen.
- Sectoral arbitration may not be suitable for complex, multi-disciplinary disputes.
Institutional Support
- Some arbitration institutions, such as the International Chamber of Commerce (ICC) and the London Court of International Arbitration (LCIA), have established sector-specific arbitration rules and panels.
- These institutions provide training and support for sectoral arbitrators and promote the development of sectoral arbitration practices.
Sectorials Practice
Definition
- Sectorials practice is a type of arbitration where a single arbitrator or a panel of arbitrators specializes in a specific industry or sector.
- Also known as "sectoral arbitration" or "industry-specific arbitration".
Benefits
- Allows for greater expertise: Arbitrators develop deep knowledge of the sector, leading to more informed decisions.
- Increases efficiency: Familiarity with industry norms and practices streamlines the arbitration process.
- Ensures consistency: Decisions are more likely to be consistent with industry standards and norms.
Common Sectors
- Construction and infrastructure
- Energy and natural resources
- Finance and banking
- Intellectual property and technology
- Sports and entertainment
Key Features
- Arbitrators are chosen for their expertise in the sector, rather than general arbitration experience.
- Sector-specific rules and procedures may be developed to address unique industry needs.
- Parties may be required to disclose their industry expertise and experience.
Challenges
- Arbitrators must balance sector-specific knowledge with impartiality and independence.
- May lead to a lack of diversity in arbitrator appointments if the same individuals are repeatedly chosen.
- Sectoral arbitration may not be suitable for complex, multi-disciplinary disputes.
Institutional Support
- Some arbitration institutions, such as the International Chamber of Commerce (ICC) and the London Court of International Arbitration (LCIA), have established sector-specific arbitration rules and panels.
- These institutions provide training and support for sectoral arbitrators and promote the development of sectoral arbitration practices.
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Description
This quiz covers the concept of sectorials practice in arbitration, its benefits, and common sectors where it is applied. It also explores the key features of sectorials practice.
