Corporate Governance Practices In Bangladesh Special Highlights On...
International Maritime
Arbitration: Legal and Policy
Issues
Paper Presented to World Maritime University
Malmö 14 May 2007 and to the Australian Maritime and Transport
Arbitration Commission
Sydney 4 December 2007
The Hon. Justice James Allsop
Federal Court of Australia
International Maritime Arbitration: Legal and Policy
Issues.1
Abstract
This paper seeks to deal with some important underlying policy questions faced by legislatures, governments and courts in dealing with the issues thrown up by international commerce and dispute resolution, and, in particular, maritime commerce and dispute resolution. The growth and popularity of international commercial arbitration exposes policy issues for both developed and developing countries, such issues having their origin, at least in part, in questions of sovereignty. These issues are best understood in a wider context of international commercial law.
Introduction – the essential nature of arbitration and its advantages
Arbitration is one method (but only one method) of resolving disputes. It is based on the agreement between the parties to the dispute. This contractual foundation is essential to the understanding of the character and importance of arbitration. Though arbitration is founded on contract, it is affected both by national legislation and international convention. It is wise to state at the outset, and to recall at all times, that sanctity of contract, or pacta sunt servanda, or party autonomy is a basal principle of law and an accepted international legal norm, though not one without appropriate qualification. It informs the relations of all participants in international commerce.
In its essential form, arbitration involves two or more parties, often from different legal systems, who anticipate the possibility of disputes about their relationship, agreeing to give a third party their authority to resolve the dispute. They may be merchants buying and selling
Arbitration: Legal and Policy
Issues
Paper Presented to World Maritime University
Malmö 14 May 2007 and to the Australian Maritime and Transport
Arbitration Commission
Sydney 4 December 2007
The Hon. Justice James Allsop
Federal Court of Australia
International Maritime Arbitration: Legal and Policy
Issues.1
Abstract
This paper seeks to deal with some important underlying policy questions faced by legislatures, governments and courts in dealing with the issues thrown up by international commerce and dispute resolution, and, in particular, maritime commerce and dispute resolution. The growth and popularity of international commercial arbitration exposes policy issues for both developed and developing countries, such issues having their origin, at least in part, in questions of sovereignty. These issues are best understood in a wider context of international commercial law.
Introduction – the essential nature of arbitration and its advantages
Arbitration is one method (but only one method) of resolving disputes. It is based on the agreement between the parties to the dispute. This contractual foundation is essential to the understanding of the character and importance of arbitration. Though arbitration is founded on contract, it is affected both by national legislation and international convention. It is wise to state at the outset, and to recall at all times, that sanctity of contract, or pacta sunt servanda, or party autonomy is a basal principle of law and an accepted international legal norm, though not one without appropriate qualification. It informs the relations of all participants in international commerce.
In its essential form, arbitration involves two or more parties, often from different legal systems, who anticipate the possibility of disputes about their relationship, agreeing to give a third party their authority to resolve the dispute. They may be merchants buying and selling