What Is An Agreement To Arbitrate

III. The arbitration agreement recommends the inclusion in the contract between the corporation and the third parties (counterparts) in addition to the arbitration agreement referred to in paragraph I above: – Texts of the additional direct agreements recommended. Benedetti stated that this clause required the parties to settle their dispute. Moreover, the word “arbitration” alone was sufficient for an English court to find a binding arbitration agreement. Benedetti attempted to argue that, given the Tribunal`s general attitude, the clause should be interpreted in such a way that the substantive issues would be resolved through arbitration, while the English court retained supervisory jurisdiction. The clause here was devised by experts and the words “Swiss arbitration” were only about arbitration and not about mediation or any other form of ADR. The parties are expected to know the difference between “arbitration” and “mediation.” If the word “referee” is used, it should be given its ordinary and natural meaning. Compared to legal action, arbitration is relatively inexpensive, short and confidential. Courts generally refuse to overturn arbitrary decisions and can intervene to ensure that they are enforced. This means that arbitration results in final results that allow the parties to move forward while avoiding public scrutiny that may accompany legal proceedings.

The parties to this contract (agreement) agree to be bound by the arbitration agreement in the Corporation Charter [indicate the name used in the contract to designate the corresponding corporation], which provides for the settlement of all disputes arising from the rights of the legal participants in the corporation and relating to the legal relations of the corporation with third parties. , including disputes relating to the declaration of transactions as invalid and/or on the application of the consequences of the invalidity of transactions, before the International Commercial Arbitration Tribunal before the Chamber of Commerce and Industry of the Russian Federation, in accordance with its applicable rules and rules. The arbitration agreement is often referred to as the “cornerstone” of arbitration because it is generally a dispute resolution method based on the party`s mutual agreement to resolve future or current disputes.