Organizing and Determining the Elements in the Arbitration Procedure According to Local and International Laws
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Procedia Publish Group
Abstract
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Nowadays arbitration is the most alternative procedure requested by the parties which with the efficiency and transparency provided to the parties becomes an important and highly demanded issue. This is due to the fact that the arbitration procedure is conducted based on the laws as well as the agreement of the parties, which results in the favor of the parties. Based on domestic as well as international legislation, it is emphasized that the agreement of the parties is a very important clause which is the main condition that indicates whether the arbitration procedure can be initiated and conducted. This is due to the fact that the parties at the moment when they agree to resolve their case through arbitration, then together with that agreement they determine the elements of the procedure such as: the laws that will be used for resolving the dispute, the language of the procedure, the place where the procedure will take place, the arbitrators who will lead and make the decision on the disputed issue, as well as other elements that the parties themselves can determine with their agreement. Based on this and the course of the arbitration procedure is spoken in more detail in the content respectively in the results of this paper!
Keywords
Arbitration procedure, arbitration agrement, elements of arbitration