Arbitration

How it is used

Popular in international contracts because it is usually confidential and awards are easier to enforce abroad under the New York Convention. Contracts name an institution (ICC, LCIA, ISTAC), the seat and the language. Parties 'refer a dispute to arbitration' or 'commence arbitration'.

Example sentences

1. The dispute will be resolved by arbitration under the ICC Rules, seated in Paris.

2. They commenced arbitration after the settlement talks failed.

Common collocations

• refer to arbitration
• commence arbitration
• arbitration clause
• international arbitration
• seat of arbitration

Related terms

• arbitral awardThe final decision of an arbitrator or arbitral tribunal that resolves the dispute and is binding on the parties.
• disputeA disagreement between parties about their rights or obligations, for example over payment, quality or the meaning of a clause.
• mediationA way of resolving a dispute in which a neutral person, the mediator, helps the parties reach their own settlement but does not impose a decision.
• litigationThe process of taking a dispute to a national court and having a judge decide it, as opposed to resolving it through arbitration or mediation.
• governing lawThe legal system, usually chosen by the parties, that is used to interpret a contract and decide any disputes about it.

This word in other fields

The same English word can have a different meaning in another field:

• arbitration · Law

More terms: Disputes & Arbitration

• settlement
• jurisdiction
• without prejudice
• limitation period