Broward Florida Arbitration Agreement with Foreign Company

Name: Broward Florida Arbitration Agreement with Foreign Company
Brand: US Legal Forms
Rating: 4.59 (427 reviews)

Category:

Technology - Litigating Computer Actions

State:

Multi-State

County:

Broward

Control #:

US-13162BG

Format:

Instant download

Description

Process in which the disputing parties choose a neutral third person who hears both sides of the dispute and then renders a decision. Parties go into arbitration knowing they will be bound by the decision of the arbitrator.

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International arbitration is a process of dispute resolution between parties from different countries that includes an arbitrator. Arbitration is an alternative to litigation. There are multiple arbitration associations that operate under the New York Convention or other conventions.

International commercial arbitration is a means of resolving disputes arising under international commercial contracts. It is used as an alternative to litigation and is controlled primarily by the terms previously agreed upon by the contracting parties, rather than by national legislation or procedural rules.

In the international context, arbitration also benefits from enforcement conventions that allow the direct enforcement of awards. The decisions of experts only have the force of contract and, to enforce them, parties must bring a new action in the appropriate jurisdiction for breach of contract.

In arbitration the parties submit a dispute to an appointed decision-maker (arbitrator), or panel of arbitrators (the tribunal). This is typically done by providing for arbitration in the contract (the arbitration agreement).

Particularly in the international contracts area, arbitration is used to bypass the fear (real or perceived) of not getting a fair hearing in another country's courts, or fear of corruption in such courts.

Arbitration is an out-of-court method for resolving a dispute between a worker and an employer. Arbitration takes place in front of a neutral decision-maker called an arbitrator (or in some cases, a group or panel of arbitrators) who will listen to each side and make a decision about the case.

Arbitration as a means of settlement of the international dispute. The process that involves the agreement of the parties to solve a dispute is called arbitration. Disputes in arbitration are resolved with a binding effect of the parties by the third party that acts in a judicial manner to resolve the dispute.

Arbitration provides a binding solution to the dispute by way of an arbitral 'award'. The award can be enforced internationally through the provisions of the 1958 New York Convention on the Recognition and Enforcement of Arbitral Awards, which more than 140 states have ratified.

Perhaps the foremost advantage of international arbitration over litigation is that an international arbitral award is enforceable virtually worldwide, while a judgment from a national court is oftentimes only enforceable in the nation that issued it.

International arbitration is the preferred method of resolving cross-border disputes, with London, Singapore, Hong Kong, Paris and Geneva topping the list as the most preferred seats for arbitration. ICC, SIAC, HKIAC, LCIA and CIETAC were named as the top five arbitral institutions.

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Broward Florida Arbitration Agreement with Foreign Company

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