The rules of arbitration
The rules of arbitration are commonly divided into two sets of rules: the rules that govern the area of arbitration as a whole, and the rules that govern each arbitration event. The reason for this distinction is that the former is a set of constant rules, mostly resulting from the Arbitration Act 1996, whilst the latter is a general term for rules which change from case to case, depending on the wishes of the parties.
Under the laws of England and Wales, the rules of arbitration specify some fundamental procedures which parliament thought should always be a part of arbitration. For example, an arbitration tribunal’s award is binding, and the arbitrators have the right to withhold their award until their fees have been paid in full. The attractiveness of the rules of arbitration however, is found in what they do not specify. Parties to arbitration are free to create their own rules of arbitration to a large extent, thereby reducing the bureaucratic aspect of the court system.
Individual rules of arbitration can specify how many arbitrators will hear the arguments, when and where the arbitration will take place, who will appoint the arbitrators and any other terms the parties agree on. These rules of arbitration are enforced by both parties signing an arbitration contract which is drafted to reflect the wishes of the parties.
If you are entering into arbitration and are unsure what terms will be most beneficial to your side, a professional’s advice can ensure you are protecting your interests when agreeing on the terms of the arbitration.
If you would like to obtain legal advice on rules of arbitration, Caven can put you in touch with a local arbitration solicitor free of charge. So, if you have any questions or would like our help in finding local arbitration solicitors please call us on 08001 221 2299 or complete the web-form above.
- Last Updated on 02/03/2010