Arbitration (TIẾNG ANH KINH tế SLIDE)

Unit 7: Arbitration 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 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 Advantages of Arbitration  Arbitration can be faster than litigation  Arbitration can be cheaper than litigation  Arbitration is less formal  Arbitrators tend to be more sophisticated and knowledgeable than juries Disadvantages of Arbitration  If you get a bad decision from the arbitrator, there usually is nothing you can about it (no appeals as are allowed in litigation)  You may get stuck with a bad arbitrator  You have less chance to really investigate your case (through discovery, which is typically broader in litigation)  Discovery means the opportunity to discover information from the other side in a dispute, such as through written questions or depositions  You should negotiate the specifics of any arbitration clause For example, you might want to provide for three arbitrators instead of one or require that certain rules have to be followed 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 ... climate Arbitration  National legislation has to lend its support to such an important economic activity as arbitration Advantages of Arbitration  Arbitration can be faster than litigation  Arbitration. .. 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... submit their dispute to arbitration Many contracts require that disputes be resolved through arbitration rather than through litigation ARBITRATION  In the United States, many arbitration cases are