What is litigation and arbitration
What is international arbitration?
International arbitration is similar to domestic judicial proceedings, but instead of taking place in a domestic court, it takes place before private arbitrators known as arbitrators. It is a consensual, neutral, binding, Private and enforceable Means of international dispute resolution, that is typical more quickly and less expensive than domestic legal proceedings.
The use of international arbitration has evolved to allow parties of different jurisdictions, linguistic and cultural backgrounds to settle their disputes definitively and bindingly, usually without the formalities of the procedural rules of their own legal systems.
What is international arbitration used for?
International arbitration is sometimes referred to as a hybrid form of international dispute resolution, as it combines elements of civil law and common law, at the same time the parties have the option to design the arbitration, according to which their disputes are settled. International arbitration can be used to resolve disputes that are considered to be “arbitrary,” a term that varies in scope from state to state, but that includes the majority of commercial disputes.
Companies often include international arbitration agreements in their commercial contracts with other companies. If there is a dispute regarding the agreement, they are required to mediate rather than go through traditional legal proceedings. Arbitration can also be used by two parties to resolve a dispute through what is known as a "submission agreement." This is simply an arbitration agreement that is signed after a dispute has already arisen.
Typical arbitration agreements are very brief. The ICC model arbitration clause, for example, only reads:
„All disputes arising out of or in connection with this Agreement will be finally settled in accordance with the arbitration rules of the International Chamber of Commerce by one or more arbitrators appointed in accordance with these rules.”
The parties often add rules on contract law, the number of arbitrators, the location of the arbitration, and the language of the arbitration.
What is Investment Arbitration?
A relatively young phenomenon, "Investment arbitrationIs one of the fastest growing types of arbitration. It involves the initiation of arbitration proceedings by foreign investors against states on the basis of bilateral or multilateral investment agreements, or national laws that provide for the approval of the arbitration by the state. This is possibly the only recourse to government expropriation of private investment.
What are international arbitration rules?
Most international arbitration institutions establish rules for resolving disputes that are intended to be resolved through arbitration. The best-known arbitration rules include those of the International Chamber of Commerce ("ICC”), The London Court of International Arbitration (“LCIA"), The International Center for Dispute Resolution of the American Arbitration Association ("ICDR”), And the rules of the Singapore International Arbitration Center (“SIAC”) And the Hong Kong International Arbitration Center (“HKIAC”). Investment arbitration proceedings are often settled according to the rules of the International Center for the Settlement of Investment Disputes of the World Bank ("ICSID") Or the United Nations Commission on International Trade Law ("UNCITRAL") Regulate. Many arbitration proceedings in which Russian companies are involved take place according to the rules of the Stockholm Chamber of Commerce (“SCC”).
How are international arbitral awards enforced?
Thanks to a contract called New York ConventionWhich came into force on June 7, 1959, arbitral awards can be enforced in most countries contrary to conventional court judgments. Over 150 countries today ratified the New York Convention, meaning arbitral awards can be enforced in roughly 3/4 of the countries recognized by the United Nations.
The main laws that international arbitrators use to argue a case are the governing law of a contract, or tort law relating to a contract, the arbitration laws of the place of arbitration, and the New York and Washington Conventions (alternatively known as the ICSID Convention ).
What are the advantages of international arbitration over litigation?
The main advantages of using international arbitration to resolve disputes instead of traditional judicial processes include:
- International arbitration can resolve disputes faster than traditional court proceedings because there are limited remedies against arbitral awards.
- International arbitration can be cheaper than traditional court proceedings.
- International arbitration can provide better quality justice as many domestic courts are overburdened, which does not always leave judges enough time to make high quality legal decisions.
- Clients can play an active role in selecting an arbitrator who is an industry expert in international arbitration, rather than a generalist like many domestic judges.
- International arbitration is flexible and each party to the dispute has an important role to play in choosing the most appropriate procedure to resolve their international dispute, deciding whether to include procedures such as document production.
- International arbitration can be confidential, which is useful if the parties want to continue their business relationship or avoid negative publicity.
- International arbitration is neutral. This is very important for cross-border transactions as it avoids the possibility of a "home court" advantage for one party.
- In certain countries, judges do not rule independently. In international arbitration, an award must be made independently or it cannot be enforced.
- In certain cases, such as investor-state disputes, international arbitration provides the only remedy for violation of a law.
International arbitration lawyers support their clients in pursuing their claims, preparing pleadings and arguments in the matter before arbitrators. Most international arbitration tribunals understand foreign cultures and operate on the basis of many different foreign laws. Language skills are very important in international arbitration, as is an understanding of the key procedural differences to traditional court proceedings.
Where can I find international courts of arbitration?
The physical location of attorneys who are familiar with international arbitration is far less important as there are typically few physical hearings. Typically, an international arbitration process involves only a brief hearing or two, sometimes held via videoconferencing for small disputes. Therefore, lawyers based in other countries or continents often act as international arbitration lawyers. The Legal 500, Chambers, GAR and Leader's League (Leader's League) Provide a list of the best arbitration firms.
What is Rapid International Arbitration?
Although in principle it should be faster and cheaper than traditional legal proceedings, international arbitration has recently come under fire because of its rising cost and length of trial, which has made it more similar to traditional legal proceedings. Reducing the cost of international arbitration, it is possible to use lawyers in international arbitration courts, which typically charge less than large international firms. Third-party fundingWhen an investor agrees to pay legal fees for a case in return for a share in the final amount granted, it can also serve to reduce a victim's expenses for international arbitration.
In order to ensure that disputes are settled quickly, the parties can agree to settle arbitration proceedings using so-called solutions "Fast-track" or "expedited" arbitration, This is an arbitration with procedural rules designed to ensure that disputes are resolved quickly. It is also useful to select a qualified arbitrator and legal advisor with significant legal experience in international arbitration law and proceedings.
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