Is arbitration legally binding?

While parties are not required to have an attorney to participate in arbitration, arbitration is a final, legally-binding process that may impact a party's rights. As such, parties may want to consider consulting an attorney at any time before, during, or after the arbitration.

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Arbitration Agreement with Foreign Company

Riverside California Arbitration Agreement with Foreign Company

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

Category:

Technology - Litigating Computer Actions

State:

Multi-State

County:

Riverside

Control #:

US-13162BG

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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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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.

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.

Arbitration organizations InstitutionAcronymSeatInternational Court of ArbitrationICCParis, FranceLondon Court of International ArbitrationLCIALondon, United KingdomSingapore International Arbitration CentreSIACSingapore, SingaporeHong Kong International Arbitration CentreHKIACHong Kong4 more rows

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.

It is a consensual, neutral, binding, private and enforceable means of international dispute resolution, which is typically faster and less expensive than domestic court proceedings.

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.

While parties are not required to have an attorney to participate in arbitration, arbitration is a final, legally-binding process that may impact a party's rights. As such, parties may want to consider consulting an attorney at any time before, during, or after the arbitration.

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Riverside California Arbitration Agreement with Foreign Company

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Why would arbitration be used in cases of international contractual dispute?

Are arbitration awards enforceable worldwide?

What is the best international arbitration?

Where does international arbitration take place?

Is arbitration binding in international law?

What constitutes an international arbitration procedure?

Is arbitration good for international contracts?

What are the advantages of international arbitration?

Is arbitration legally binding?

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How does arbitration work in the Riverside Arbitration Agreement?

Can either party appeal the decision made in arbitration?

What happens if one party refuses to participate in arbitration?

Does the Riverside Arbitration Agreement apply to all types of disputes?

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