| Arbitration, as a form of dispute settlement,
refers to that the parties to the dispute, before or after the
dispute arises, enter into a written arbitration agreement to
submit their dispute to a third party to decide. In comparison
with litigation, arbitration has a number of characteristics,
including:
(a). The arbitration body is a civilian institute, which
does not have statutory jurisdiction.
(b). The arbitration institute deals with a dispute based
upon the arbitration agreement reached between the parties
and the parties to the dispute enjoy a great deal of autonomy
for the purposes of determining the arbitration institute,
arbitrators, the place of arbitration, the language spoken
during the arbitration process, arbitration rules as well
as the applicable law.
(c). The proceedings of arbitration are simple and convenient
and the arbitral award is final without the recourse to appeal
or retrial.
(d). The arbitral award is legally enforceable and if one
party refuses to execute its obligations as stipulated in
the award, the other party is entitled to apply to the court
for enforcement on a compulsory basis
(e). The arbitration proceedings maintain confidentiality
and are not revealed to the public. Without the consent of
the parties, a third party will not be allowed to participate
in the process and the progress of arbitration will not be
exposed to the media.
Arbitration institutes in international trade
Arbitral proceedings
Necessary Formalities
Arbitration
Law of the People's Republic of China
Arbitration
Rules of the China International Economic and Trade Arbitration
Commission
ICC
Arbitration Rules
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