INTERNATIONAL ARBITRATION AND MEDIATION - 15

 

an excerpt from ALTERNATIVE DISPUTE RESOLUTION 2001 EDITION
published by the llinois Institute for Continuing Legal Education

© 2001 by Stephen E. Smith

III. Drafting the International Arbitration Agreement

Y. [23.31] Sovereign Immunity - Waiver as to Enforcement

This sort of provision is important in the private party versus state or state agency context to ensure that enforcement of the award will be possible at the end of the day.

 

Z. [23.32] Submission Agreements for Existing Disputes

In the event that the parties to a contract have not included an arbitration clause in their contract and a dispute arises, they may still utilize arbitration through a submission agreement. That agreement may be as particularized as the parties desire, including as many of the elements discussed here in any form that they choose.

 

AA. [23.33] Initiating an International Arbitration Proceeding

An international arbitration proceeding may be initiated with the filing and service of either a Notice of Claim and Demand for Arbitration to be followed later by a Statement of Claim or by filing and service of a Joint Notice and Statement of Claim, in the manner provided in the arbitration clause or submission agreement.

 

BB. [23.34] Time Limits and Fast-Tracking

In order to keep the arbitration from bogging down and potentially having no end, the parties may provide that it commence and conclude with the award within a certain period of time.