TIẾNG ANH KINH TẾ Arbitration

Unit 10: Arbitration Thu Huong & Winthrop Faculty of ESP FTU Three branches of the U.S Federal Government Congress/ Parliament / National Assembly Legislative President and Vice president / Prime Minister Executive Courts Judicial US judicial system Vietnam’s Judicial System Arbitration A form of alternative dispute resolution (ADR),  Is a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the "arbitrators"), by whose decision (the “award") they agree to be bound Arbitration  It is a settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides  Is most commonly used for the resolution of commercial disputes, particularly in the context of international commercial transactions  Can be either voluntary or mandatory and can be either binding or non-binding Mediation  Can be binding or not binding  An alternative to court action  Eg: in divorce situations – in America 50% marriages end up at divorces Arbitration  Has been the dominant force in dispute resolution in areas such as:  Shipping  Commodities, and  Construction  Takes place in private place, unlike litigation in the court Arbitration A neutral forum with a panel of three arbitrators:  One chosen by one party  One chosen by the other party  One chosen either by the parties or the two party-appointed arbitrators Arbitration  Main centres for international arbitration are: Paris, London, Geneva, Stockholm, New York, Hong Kong and Singapore  Stockholm: east-west trade disputes  London: shipping & commodities Name recognition  Paris: home of the International Chamber of Commerce and its rules  London: home of the London Court of International Arbitration  Geneva Arbitration  Arbitration bodies try hard to get their standard arbitration clause put into people contracts, so they have a captive market once disputes arise  They this by publicising their activities and their rules Arbitration  What people look for in an arbitration is:  Speed  Cost effectiveness  Confidentiality, and  Reliability Arbitration The choice of the venue depends on:  The availability of good experienced arbitrators  The availability of good experienced arbitration lawyers, and expert witnesses such as accountants and engineers  The cost of these people  The support that local legal system gives to arbitration  Accessibility: flight access, good facilities, administrative back-up, good telecommunications, IT support, and climate Arbitration  National legislation has to lend its support to such an important economic activity as arbitration Terms  Dispute resolution  Arbitrators  Award  A third party reviews the case  Imposes a decision  Legally binding  Non-binding Terms  Voluntary  Mandatory  International commercial disputes  Shipping / Commodities / Construction  In private place  Litigation in the court  A panel of three arbitrators Terms  Name recognition  Arbitration bodies  standard arbitration clause  A captive market  Speed, Cost effectiveness, Confidentiality, and Reliability  Legislation ... rules  London: home of the London Court of International Arbitration  Geneva Arbitration  Arbitration bodies try hard to get their standard arbitration clause put into people contracts, so they... their activities and their rules Arbitration  What people look for in an arbitration is:  Speed  Cost effectiveness  Confidentiality, and  Reliability Arbitration The choice of the venue... One chosen either by the parties or the two party-appointed arbitrators Arbitration  Main centres for international arbitration are: Paris, London, Geneva, Stockholm, New York, Hong Kong and