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Arbitration is a court-appointed decision-making process to resolve disputes. It can be voluntary or mandatory, soft or binding, and can result in an arbitral award. International arbitration law can help enforce awards across different jurisdictions, with the New York Convention being the most widely accepted.
Arbitration is when a decision-making court is appointed to help resolve a dispute. An arbitral tribunal may be composed of one person or a group of individuals. The members of the tribunal are known as arbitrators or arbitrators. Arbitration law determines how this type of alternative dispute resolution – a resolution formed outside of court systems – is legally performed.
There is a difference between voluntary and mandatory arbitration. Voluntary arbitration occurs when both parties agree to select an arbitrator to resolve the dispute. The term mandatory can be misleading. Arbitration law deems the practice mandatory only when there is a pre-existing agreement between the parties to use arbitration to resolve any conflicts that arise.
There is also a further distinction between soft and binding arbitration law. Non-binding arbitration is more of an advisory practice. The arbitral tribunal gives both parties a better understanding of their positions by expressing its opinion on the merits of their claims, but it does not dictate the outcome of a case as it does in some other forms of alternative dispute resolution, such as mediation. In mediation, a third party not only provides an opinion, but also offers recommendations on how the parties to the dispute might reach an agreement. In binding arbitration, the parties involved agree to abide by the decision of the arbitral tribunal which, in arbitral law, is not referred to as a judgment but an arbitral award.
When an arbitration award is made, it may be in the form of a payment, an order, or a declaration. In some jurisdictions, a court may have the power to order an injunction, compelling a party to do or refrain from something or to amend a contract or other document. Arbitration law and the extent of the power of arbitral tribunals may vary by jurisdiction. There are differences between countries and, within many countries, between national arbitration law and provincial or regional arbitration law.
At the international level, there are various conventions for the recognition of arbitral awards. The most widely accepted is a United Nations convention known as the 1958 New York Convention, which has been ratified by more than 140 countries. These countries have agreed to treat arbitral awards from other signatory countries as if they were judgments handed down by their own domestic courts. International arbitration law can therefore help circumvent the different formalities between judicial systems and is also sometimes more easily enforceable and enforceable than judgments issued in a single jurisdiction.
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