Assess the importance of International arbitration in international Essay

Assess the importance of International arbitration in international business - Essay Example The decisions of these arbitration tribunals are always binding and final, and it is important to note that in international arbitration of disputes, the parties are allowed to modify the terms of the dispute resolution in line with their needs. The question that then rises is how international arbitration works in international businesses. In most international business agreements, there are dispute resolution clauses that state how all disputes within the agreement can be referred to for arbitration and includes such modalities such as the language of the arbitration and the governing law of contract. Other agreements pertaining to international arbitration may also have a mandatory requirement foe a pre-arbitration mediation and whether the international arbitration will be ad hoc or institutional, the mode of selection of the arbitrators, limitations and whether there is the right of appeal from the arbitration award. International arbitration as used in the solution of internati onal commercial disputes is often a viable method but has a few disadvantages in challenging and enforcement of the award owing to the great influence of local courts in the states. The conventions that govern international arbitrations such as the New York Convention amongst others do not help the situation, as they are mostly silent on challenging and enforcement of awards (Kronke 2010, p.255). This causes hurdles in enforcement of awards that parties may refuse due to arguments based on sovereignty and public policy. International Arbitration in International Businesses It is important to note that arbitration is always adjudicative, binding and consensual in nature (Mann and Roberts 2013, p.60). Adjudicative nature of arbitration infers that the arbitrator must not have a conflict of interest in the matter at hand and must not communicate to any party in the dispute independently. The arbitrator must also treat all the parties to the dispute fairly and equally as well as permit the parties to respond to each other’s case judicially and adhere to the agreement between the parties and the scope of their mandate. The arbitration must be binding in the sense that the courts are able to transform an arbitrator’s award into a valid judgment that is executionable unless an adjudicative principle has been breached, there is a public policy ground not to do so or there is a pending appeal. It should also be consensual in that only parties who have agreed to participate in the arbitration are bound by the arbitrator’s award and third parties cannot be affected, while the agreement to arbitrate must show the location, language and the governing law as well as the rules of arbitration. The arbitration agreement can be in a series of clauses in the commercial agreement between the parties concerned even before a dispute arises, or an agreement as to the scope, rules and other matters such as the presentation of documentary or oral evidence. Interna tional arbitration in international businesses is important as they help in the resolution of businesses across borders or businesses situated in multiple jurisdictions. The degree of risk that is posed on businesses operating internationally require that businesses adopt

Unit 2 class activity Assignment Example | Topics and Well Written Essays - 500 words

Unit 2 class activity - Assignment Example Recognizing the way that the Islamic traders that came to China and bought and sold goods along the Silk Road had expertise with astronomy, the Chinese commissioned some of these Islamic craftsmen and scholars to help build the first Chinese clocks. Just as the Islamic groups before them had done, the Chinese used these first clocks primarily for astrological and astronomical purposes instead of telling time. Europe was introduced to the clock during the Muslim conquest of Southern Europe during the early part of the early Dark Ages. As with most forms of cultural interaction, Europe sought t improve upon the idea of the clock and soon thereafter began using it to tell time of day. Previously the time of day was told not by clocks but by the position of the sun and or celestial bodies. Such a form of time telling was adequate at times but made increasingly difficult in case of poor weather or visibility. By means of using a clock to tell time, the Europeans were able to industrialize their societies and have a solid base for arrangements and organization of the nations and peoples One of the biggest ways that the mechanical clock affected the United States was by way of navigation and discovery. Early navigation, like time telling, took place through visual confirmation of the sun moon and stars. However, such a method was not practical and led to many errors in judgment. Soon other forms of navigation were produced to include the sextant. However, one of the most useful was the use of navigation equipment that also utilized the time. The way that early mariners would do this was by having two clocks and a sextant. The first clock would tell them what time of day it was back home (in London or elsewhere) and the second they would use and set based upon their latitude. In this way, they could practically pin-point their location on the map as they navigated; helping them in finding their way back