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International Commercial Arbitration is a private dispute resolution process where parties from different countries agree to settle their commercial disputes outside of court, typically through a neutral third party known as an arbitrator. It is favored for its confidentiality, flexibility, and enforceability of awards under the New York Convention, making it a popular choice for cross-border business transactions.
Harmonization of laws refers to the process of creating common standards across different legal systems to facilitate cooperation, reduce legal barriers, and promote consistency in international relations. It aims to align laws in various jurisdictions without completely eradicating the unique legal traditions and practices of each system, thereby balancing uniformity with legal diversity.
An arbitration agreement is a contract in which parties agree to resolve disputes through arbitration rather than through court litigation. It is a crucial tool for managing conflict resolution in commercial transactions, offering privacy, speed, and potentially lower costs than traditional litigation.
An Arbitral Tribunal is a panel established to resolve disputes through arbitration, acting as a private judicial body that delivers binding decisions. It is composed of one or more arbitrators selected by the parties involved, ensuring a neutral and specialized resolution process outside of traditional court systems.
Recognition and enforcement of arbitral awards are critical processes that allow arbitral decisions to be given the same effect as court judgments, ensuring that parties comply with the arbitration outcome. These processes are governed by international conventions like the New York Convention, which facilitates cross-border enforcement and reduces legal barriers in international arbitration disputes.
Arbitration procedure is a private dispute resolution process where an impartial third party, known as an arbitrator, makes a binding decision to resolve a conflict between parties, often used as an alternative to court litigation. It is favored for its confidentiality, speed, and flexibility, allowing parties to tailor procedures to their specific needs while ensuring enforceability of the arbitrator's award under international conventions.
Jurisdiction refers to the legal authority granted to a court or legal body to make decisions and judgments in a particular geographical area or over certain types of legal cases. It is a fundamental principle that determines which court system can hear a case and enforce laws, ensuring the orderly administration of justice.
Due process is a fundamental legal principle that ensures fair treatment through the normal judicial system, especially as a citizen's entitlement. It acts as a safeguard from arbitrary denial of life, liberty, or property by the government outside the sanction of law.
The public policy exception allows courts to refuse the enforcement of certain legal obligations or judgments if they are contrary to the jurisdiction's public policy. This principle is often applied in international law and employment contracts to ensure that fundamental societal values and legal norms are upheld.
The automatic stay in cross-border insolvency is a legal mechanism that temporarily halts all actions against a debtor's assets, providing a breathing space for the debtor and ensuring equitable treatment of creditors across jurisdictions. It aims to prevent a chaotic scramble for assets and to facilitate an orderly resolution of the debtor's financial difficulties, often under the guidance of international frameworks like the UNCITRAL Model Law on Cross-Border Insolvency.
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