Types of Arbitration

Only available on StudyMode
  • Topic: Arbitration, Law, Arbitration award
  • Pages : 3 (716 words )
  • Download(s) : 103
  • Published : December 9, 2012
Open Document
Text Preview
IV. Arbitration
Types of arbitration:
1.        "ad-hoc" (occasional) arbitration 2.        institutional arbitration;
3.        internal and international arbitration; 4.        civil and commercial arbitration; 5.        arbitration "in law";
6.        arbitration"in equity".
1.        Ad - hoc (or occasional) arbitration
Ad-hoc arbitration is a non-institutional arbitration that the parties organize to solve a particular dispute outside a permanent arbitration institution. Characteristics:
(        it is organized to solve a certain dispute; after the arbitral award is finalised, this arbitral tribunal is disbanded; (     both the structure and procedure rules of ad-hoc arbitration will be different, according to the parties’ interests in each dispute; (       the parties may entrust the settlement of the dispute to a sole arbitrator or a greater number of arbitrators; in case of disagreement between the parties, the decision will be taken by a third party or an authority; (        the parties can agree that arbitral award be final and binding or subject to appeal; (        ad-hoc arbitration located in Romania may be subject to, if the parties wish so, a foreign law, when an international convention authorizes them to exercise such option; but there is necessary to fulfill the condition that the parties’ preferred foreign law does not contradict the rules and policies from the Romanian law; (        courts have the obligation to appoint an umpire when disagreements arise between arbitrators or when the appointed arbitrators are not authorized by the arbitration compromise or arbitration clause to choose him;  

2. Institutional arbitration
Institutional arbitration occurs when the parties have entrusted the task of organizing the arbitration to special arbitration institution. The dispute will be solved according to the rules...
tracking img