International Arbitration
- November 18, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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International Arbitration
Subject: Economy
Context:
Global India must maintain the sanctity of international arbitral proceedings–CJI said with respect to the Amazon arbitration case.
Concept:
- International arbitration is arbitration between companies or individuals in different states, usually by including a provision for future disputes in a contract.
- International arbitration allows the parties to avoid local court procedures.
- Arbitration agreements and arbitral awards are enforced under the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (the “New York Convention”).
- The New York Convention-provides for court recognition and enforcement of foreign arbitration decisions.
- In contrast, there is no equivalent treaty for the international recognition of court decisions with a large membership and no equivalent treaty exists so far for the international recognition of settlements achieved in mediation or conciliation.
- Article III requires courts in contracting states to recognize international arbitral awards as binding and enforce them.
- Article V provides for seven reasons that a court can use to refuse to enforce the award.
- The International Centre for the Settlement of Investment Disputes (ICSID) also handles arbitration, but it is limited to investor-state dispute settlement.
- Several major international institutions and rule making bodies set out rules and appoint arbitrators:
- International Court of Arbitration
- London Court of International Arbitration
- Singapore International Arbitration Centre
- Hong Kong International Arbitration Centre
- Arbitration Institute of the Stockholm Chamber of Commerce
- International Centre for Settlement of Investment Disputes
- American Arbitration Association (International Center for Dispute Resolution)
- Center for Arbitration and Mediation of the Chamber of Commerce Brazil-Canada
- Specialist ADR bodies also exist, such as the World Intellectual Property Organisation (WIPO), which has an arbitration and mediation center and a panel of international neutrals specialising in intellectual property and technology related disputes.