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

do 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