Sentences with phrase «arbitral agreement»
An "arbitral agreement" is a legal agreement between two parties to resolve a dispute through arbitration, which is a process where an impartial third party makes a decision instead of a court. It essentially means that the parties have agreed to settle their disagreement through arbitration instead of going to court. Full definition
This is likely because the widely adopted New York Convention provides a predicable framework for the recognition and enforcement of arbitral agreements and awards.
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Previously, the internal reporting system established by the SPC applied only in relation to foreign - related arbitral agreements, foreign - related arbitral awards or foreign arbitral awards.
For that reason, I try to place arbitral agreements.
Among other things, they extend the judicial reporting system in arbitration - related judicial review procedures to arbitral agreements without foreign elements and domestic arbitral awards.
With impending amendments to the Arbitration Act, 1991 on the horizon, practitioners should be examining arbitral agreements carefully, as they may be about to be amended by statute.
Other sections in the Nigerian chapter cover: the enforcement of arbitral agreements; the formal requirements of the award, cost and expenses and interest; enforcement of the award; recourse against the award: setting aside and refusal of recognition and enforcement; and investor state dispute settlement.
Without the SPC's final approval, local courts are not allowed to decide against a foreign - related arbitral agreement, a foreign - related award or a foreign award.
By extending the judicial reporting system to domestic cases, parties who submit their dispute to a domestic arbitration institution will now have greater certainty as to the validity of their arbitral agreements and the enforceability of arbitral awards resulting from those agreements.
Any Intermediate People's Court intending to invalidate any foreign - related arbitral agreements, set aside foreign - related arbitral awards or deny enforcement of foreign or foreign - related arbitral awards was required to report to the Higher People's Court.
They no longer need to create foreign elements such as adding a foreign parent party in the transaction in order to protect their arbitral agreement.
To avoid a potential dispute arising from a conflict between the laws of the locality of the arbitral institution and the law of the arbitral seat, we recommend that parties expressly specify the applicable law of the arbitral agreement in a commercial contact.
They also clarify the applicable laws in deciding the validity of foreign - related arbitral agreements.
If the Intermediate People's Court intends to invalidate an arbitral agreement, set aside an arbitral award, or refuse enforcement in a domestic judicial review case, it shall report to and obtain approval from the Higher People's Court.
The new provisions confirm that when deciding on the validity of foreign - related arbitral agreements, the law that results in a valid arbitral agreement shall prevail.
Article 18 stipulates that if parties fail to agree on the applicable law of the arbitral agreement, the law of the locality of the arbitral institution or law of the arbitral seat shall apply.
When an arbitral agreement refers to the arbitral statute «or successor statute» or words to that effect, any time the arbitral statute is changed, so is the arbitral agreement.
Is an arbitration between two domestic companies arising from a contract for a shipment between two foreign countries an «international commercial arbitration» for the purposes of the UNCITRAL Model Rules, particularly if the arbitral agreement requires arbitration in a foreign location?