Settlement in arbitration contains two major forms, one
is ad hoc arbitration and the other one is administered arbitration.
Accordingly, arbitration institutes are divided into two categories,
i.e. ad hoc arbitration tribunals and permanent arbitration
institutes. An ad hoc arbitration tribunal is composed upon
the agreement of parties and will be dismissed as soon as
the dispute has been decided. Permanent arbitration institutes
are composed in accordance with international conventions
or domestic laws.
Permanent arbitration institutes can be divided into international
permanent arbitration institutes (e.g. the International Court
of Arbitration of the International Chamber of Commerce),
regional permanent arbitration institutes (the Inter-American
Commercial Arbitration Commission) and national permanent
arbitration institutes (e.g. the Arbitration Institute of
Swedish Stockholm Chamber of Commerce, American Arbitration
Association, London Court of International Arbitration, China
International Economic and Trade Arbitration Commission).
In theory, parties to an international sales contract are
entitled to choose any arbitration institute at their discretion.
However in practice, taking into consideration of expertise,
permanent arbitration institutes are often used as a more
effective way for dispute settlement.
|
