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International commercial arbitration
- Arbitration proceeding is non-judicial proceeding for submitting a dispute to a third person or persons for a binding decisions. There are many advantages to use this means of proceeding over judicial proceeding. There are no rules relating to private international law. The more shorter time is needed to solve problems. They can avoid camera, etc. The enforcement of arbitral award, the rules contain in New York Convention are more flexible than the earlier Conventional rules. In order to use the arbitration proceeding, it is needed to draft the arbitration agreement in the business contract before they start their business transactions. In this agreement, it may be asserted the specific arbitration rules or arbitration institution to submit the dispute. There are many types of international commercial arbitrations. It can be distinguished in the basic of the business transactions, e.g. arbitration relating to investment can be called Investment Arbitration. There are two types of arbitration rules, ad hoc and institutional arbitration. Most of the Ad hoc arbitration to follow the rule relating to their arbitration is UNCITRAL Arbitration Rules. In the other hand, Arbitration Institutions own their specific rules. There are many Arbitration Institutions, ICC, ICSID, AAA, LCIA, SIAC etc.
Thit Oo Hlaing
- Magway University Research Journal