Publication date: 11.06.2024
Legal aspects of international arbitration proceedings
International arbitration is becoming an increasingly popular way of resolving disputes between economic entities of different countries. Arbitration allows parties to resolve conflicts without resorting to national courts, which is often a more efficient and cost-effective option. In this article, we will consider the main legal aspects of international arbitration proceedings and provide a legal opinion on their use.
International arbitration is based on several key principles, including party autonomy, confidentiality and the adversarial principle. The autonomy of the parties allows them to independently choose the arbitrators, the place of arbitration, the language of the proceedings and the procedures to be used. The confidentiality of arbitration proceedings protects the commercial interests of the parties, and the adversarial principle ensures equal rights to present their arguments and evidence.
The main international document governing arbitration is the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. It obliges the member states to recognize and enforce arbitration awards made in other countries. In addition, many countries have their own legislation that regulates arbitration processes, for example, the Law of Ukraine "On International Commercial Arbitration".
The most famous arbitration institutions include the International Court of Arbitration at the International Chamber of Commerce (ICC), the London Court of International Arbitration (LCIA) and the American Arbitration Association (AAA). Each of these institutions has its own rules and procedures governing the conduct of arbitration proceedings.
The arbitration procedure usually involves several stages. At the beginning, the party initiating the arbitration submits a statement to the arbitration institution. Next, the parties choose arbitrators, usually one or three people. The arbitrators hold preliminary hearings where the main aspects of the case are determined, and then the parties present their evidence and arguments. Ultimately, the arbitrators render an award that is binding on the parties.
Enforcement of arbitral awards is a critical step, as awards must be recognized and enforced in the countries where the defendant's assets are located. This often requires legal support. Consulting a lawyer can help in preparing all the necessary documents for submission to national courts.
Obtaining a high-quality legal opinion is important for the successful completion of the arbitration process. A lawyer's written consultation will help you understand all the nuances of the case and prepare for the hearing. Applying for help to a lawyer online can be especially convenient for international companies, as it allows you to quickly receive advice from anywhere in the world.
International arbitration is an effective tool for resolving commercial disputes between parties from different countries. Its main advantages include party autonomy, confidentiality and speed of proceedings. However, it is important to have professional legal support for a successful arbitration. Consulting a lawyer and obtaining a legal opinion can be key factors in achieving a positive outcome in the arbitration process. Thanks to modern technologies, an online lawyer can provide the necessary assistance quickly and efficiently, which significantly increases the chances of success in international arbitration proceedings. Order verification of documents by a lawyer and lawyers' documents right now!
