M1 A3Bus212
Application of International Law
BUS/212
Application of International Law
What laws govern arbitration in the U.S.? The law that governs arbitration in the U.S is The Federal Arbitration Act. In an arbitration contractual agreement the parties have agreed to use arbitrator or arbitration panel as opposed to a judgment entered by a court of law, so they are also giving up the right to appeal. When there is an award is entered by an arbitration or arbitration panel, it must be confirmed in a court of law. It must be confirmed within one year, while any objection to an award must be challenged by losing party within three months (“What laws goven”, 2015).
What laws govern arbitration in Russia? The law that governs arbitration in Russia is The Federal Law on International Commercial Arbitration. The law sets out a provision as to the written form of the arbitration agreement. Exchange of e-mails, faxes, letters and other means of communication can qualify that there is an arbitrational agreement even without any written document. When drafting an arbitration agreement make sure the basics are correct, examples would be name of arbitration institute, or reference to exact set of procedural rules. This could be cause of not having an arbitration heard (“Arbitration in Russia”, 2015).
In your opinion, in which country should the dispute be handled? This dispute between Monarch Associates and Vladir Unlimited should be handled in Russia. Because this agreement was signed by both parties and agreed upon that all legal and nonlegal disputes be arbitrated in Russia.
What are the advantages and disadvantages for Monarch Associates under the arbitration arrangement?
Upon research I found eight advantages of having arbitration arrangement
1 - Impartiality of decision maker – This is where they have a neutral, unbiased party or parties decide the matter.
2 - Enforceability of arbitral awards – Arbitral awards are final and can only be challenged
BUS/212
Application of International Law
What laws govern arbitration in the U.S.? The law that governs arbitration in the U.S is The Federal Arbitration Act. In an arbitration contractual agreement the parties have agreed to use arbitrator or arbitration panel as opposed to a judgment entered by a court of law, so they are also giving up the right to appeal. When there is an award is entered by an arbitration or arbitration panel, it must be confirmed in a court of law. It must be confirmed within one year, while any objection to an award must be challenged by losing party within three months (“What laws goven”, 2015).
What laws govern arbitration in Russia? The law that governs arbitration in Russia is The Federal Law on International Commercial Arbitration. The law sets out a provision as to the written form of the arbitration agreement. Exchange of e-mails, faxes, letters and other means of communication can qualify that there is an arbitrational agreement even without any written document. When drafting an arbitration agreement make sure the basics are correct, examples would be name of arbitration institute, or reference to exact set of procedural rules. This could be cause of not having an arbitration heard (“Arbitration in Russia”, 2015).
In your opinion, in which country should the dispute be handled? This dispute between Monarch Associates and Vladir Unlimited should be handled in Russia. Because this agreement was signed by both parties and agreed upon that all legal and nonlegal disputes be arbitrated in Russia.
What are the advantages and disadvantages for Monarch Associates under the arbitration arrangement?
Upon research I found eight advantages of having arbitration arrangement
1 - Impartiality of decision maker – This is where they have a neutral, unbiased party or parties decide the matter.
2 - Enforceability of arbitral awards – Arbitral awards are final and can only be challenged
References: Arbitration in russia. (2015, January 3). Retrieved from http://www.arbitrations.ru/en/dispute-resolution/arbitration-in-russia.php Nickerson, K. H. (2005, March). International arbitration. Retrieved from http://osec.doc.gov/ogc/occic/arb-98.html What laws goven arbitration in the u.s.?. (2015, January 3). Retrieved from http://www.weegy.com/?ConversationId=D96B56DF