Arbitration
Arbitration: a way of settling disputes. It is more formal than dispute mediation which is aimed at bringing the parties together, and less legalistic than formal court proceedings which are adversarial. The parties agreeing to arbitration often bind themselves to well-defined rules of procedure. They also usually agree in advance that the award handed down by the arbitrator is binding on them. Arbitration proceedings are especially helpful when the parties in dispute seek an equitable and definitive solution to a problem. Article 25 of the WTO Understanding on Rules and Procedures Governing the Settlement of Disputes enables members to solve disputes by arbitration if that is their preference. They have to notify all other members before the start of the arbitration and also of the outcome. Other members may participate in the arbitration proceedings only with the agreement of the parties seeking arbitration. Many free-trade agreements also contain arbitration rules. NAFTA, for example, contains two arbitration provisions. Article 20 establishes the procedures to be followed in the arbitration of disputes between the parties generally. Article 11 permits investors of a NAFTA party to seek arbitration in disputes with the NAFTA parties, but only concerning alleged breaches of some of the obligations set out in Chapters 11 and 15. See also Article 22.6 arbitration, dispute settlement, Inter-American Convention on International Commercial Arbitration, International Court of Arbitration, Model Arbitration Clause, NAFTA Chapter 11, New York Convention and UNCITRAL Arbitration Rules.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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