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In contract law, an arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process. Although such a clause may or may not specify that arbitration occur within a specific jurisdiction, it always binds the parties to a type of resolution outside the courts, and is therefore considered a kind of forum selection clause.
The New York Convention is very successful. Nowadays many countries have adopted arbitration laws based on the UNCITRAL Model Law on International Commercial Arbitration. This works with the New York Convention so that the provisions on making an enforceable award, or asking a court to set it aside or not enforce it, are the same under the ...
The first example of such a carve-out was the Motor Vehicle Franchise Arbitration Act, signed into law in 2002, which nullified arbitration clauses in car dealership franchise contracts. [ 112 ] : 248 Subsequent legislation carved-out disputes involving high-interest loans to military members, poultry and livestock farmers, and defense ...
In some cases, companies are using infinite arbitration clauses, which can extend to individuals beyond the original contractual parties, requiring all disputes to be settled out of the courtroom ...
In contract law, a forum selection clause (sometimes called a dispute resolution clause, choice of court clause, governing law clause, jurisdiction clause or an arbitration clause, depending upon its form) in a contract with a conflict of laws element allows the parties to agree that any disputes relating to that contract will be resolved in a specific forum.
This is known as a 'Scott Avery Clause'. [21] In recent years, [when?] the enforceability of arbitration clauses, particularly in the context of consumer agreements (e.g., credit card agreements), has drawn scrutiny from courts. [22] Although parties may appeal arbitration outcomes to courts, such appeals face an exacting standard of review. [23]
Nations regulate arbitration through a variety of laws. The main body of law applicable to arbitration is normally contained either in the national Private International Law Act (as is the case in Switzerland) or in a separate law on arbitration (as is the case in England, Republic of Korea and Jordan [24]). In addition to this, a number of ...
Most arbitration clauses will provide a nominated person or body to select a sole arbitrator if the parties are unable to agree (for example, the President of the relevant jurisdiction's Bar Association, or a recognised professional arbitration organisation such as the LCIA, or a relevant professional organisation). In default of such a ...