Arbitration Agreement Introduction

If the parties do not wish to negotiate before arbitration, but wish to mediate before arbitration, they can do so by using the following language: the arbitration agreement is often referred to as the “cornerstone” of the arbitration procedure, as it is usually a method of dispute resolution based on mutual agreement between the parties to settle future or current disputes. The arbitral award in arbitration proceedings corresponds to the judgment rendered in a dispute. It is “final and binding” and is subject to limited rights of objection. As a general rule, the arbitral award must be in writing, signed by all arbitrators, include reasons and indicate the seat of the arbitration and the date of award of the award. Once the court has rendered its arbitral award, it is officio functus and has no other power of action. Unlike the Court`s judgments, judgments can generally only be challenged in very limited circumstances. A complete list of countries is available on the UNCITRAL website.6 In an ad hoc arbitration procedure, arbitration tribunals are appointed by the parties or by a decision-making authority chosen by the parties. After the formation of the Tribunal, the invested authority of the investment regime generally has no other role and the arbitration is directed by the court. 2. An arbitration agreement may take the form of an arbitration clause in a contract or in the form of a separate agreement. Since arbitration is a consensual dispute resolution mechanism, a necessary prerequisite for any arbitration proceedings is a valid arbitration agreement. .