Abstract
According to the rules of the arbitration court, any agreement, submission, or reference made or evidenced in writing with a duly signed or unsigned document shall be deemed to have been agreed in by the parties. The parties agree that the arbitration court's rules must also be taken into account. More in-depth discussions are required to shed light on such topics as the legal framework for international arbitral awards, the form and contents of international arbitral awards, the correction, interpretation, and supplementation of international arbitral awards, the annulment of international arbitral awards, the recognition and enforcement of international arbitral awards, and the application of preclusion, Lis Pendis, and Stare Decisis in international arbitration awards. The purpose of this chapter is to present these within the legal framework of specific arbitral courts, most notably the London Court of International Arbitration.
TopBackground
Arbitral decisions have different issues of concern. The arbitral decisions have to be eventually enforced and they should lead to the settlement of conflicts which can promote commercial transactions smoothly. The arbitral decisions have to be transparent, just, ease-giving for the parties, and acceptable without causing concern and having to approach the formal courts. To that extent the arbitral decisions are difficult, challenging and would need talent and skills. Empirical studies have been conducted to assess arbitral decision at a global level.
An effort is made here to achieve the following objectives
- 1.
To understand the international arbitral awards
- 2.
To understand the supplementation of international arbitral awards
- 3.
To discuss such issues as Lis Pendis and Stare Decisis
The methodology used here is secondary data analysis from the secondary materials available in the various published sources of the print media as well as the web sources.
TopLondon Court Of International Arbitration Rules
International arbitral awards can be legally enforced within specific parameters. For the necessary arbitration, the rules and regulations must be laid down in detail. Arbitration procedures are regulated by the London Court of Arbitration. The LCIA rules, which are those of the London Court of International Arbitration, can be discussed asunder:
Key Terms in this Chapter
Agency Theory: Agency theory is a principle that is used to explain and resolve issues in the relationship between business principals and their agents. Most commonly, that relationship is the one between shareholders, as principals, and company executives, as agents.
Schedule of Costs: A schedule of costs is a document that outlines the fees and expenses associated with an arbitration proceeding. These costs can include administrative charges, fees for the arbitral tribunal, and expenses incurred by the parties during the course of the arbitration.
Lis Pendens: Lis Pendens Arbitralis refers to parallel and competing proceedings between international courts and tribunals, just as between international and domestic tribunals. The filing of a Lis pendens is a vital tool for protecting a party’s rights in enforcing a purchase and sale agreement for real estate, but if the claim at issue falls within a mandatory arbitration clause, the party may not have the right to file a Lis pendens.
Statement of Defence: In an arbitration conducted under certain rules, such as CAM Rules, the Statement of Defence is the first opportunity for the Respondent to present its position on the Claimant’s assertions. The Respondent can also make any objections to the Tribunal’s jurisdiction, attempt to join in the proceedings any other parties, and assert any counterclaims that it may have against the Claimant. The Statement of Defence should be submitted within the period of time agreed upon by the parties or determined by the arbitral tribunal.
Stare Decisis: Stare decisis is the principle that prior arbitration decisions should serve as a guide or precedent and control the determination of the arbitrator’s decision in the case at hand.
Commencement Date: The date of commencement of arbitration is the date on which a request for a dispute to be referred to arbitration is received by the respondent. This date is also known as the “Arbitration Commencement Date.”
Issue Preclusion: The principle of collateral estoppel, also known as “issue preclusion,” is a legal doctrine that prevents parties from relitigating issues that have already been decided in a prior legal proceeding. This means that once an issue has been fully and fairly litigated and decided, the parties are bound by that decision in subsequent actions on different causes of action between them (or their privies) as to the same issues actually litigated and essential to the judgment in the first action.