Practical Arbitration Issues - UK Essay Example | Topics and Well Written Essays - 1500 words

Practical Arbitration Issues - UK - Essay ExamplePreliminary Preparations Before the disputing parties saddle an referee, one party has to provide a written request for arbitrament to the respondent through an arbitration notice3. The arbitration process is assumed to begin at the point where a third party is found as arbitrator by agreement of the disputing parties. Having received a letter signed by twain disputing parties appointing an arbitrator, it must be noted by the two parties that the arbitration process has formally begun. The parties to the dispute should be aware that the purpose of arbitration is to find a fair resolution of the contention with discover unnecessary expense or delay4. The parties should further be aware that they have the freedom to agree on how resolutions will be arrived at subject to the legal demands of public interest. Yet again, the parties must be aware that any greet of law will not intervene in the arbitration process unless in the case of excess appeal5. The arbitration process will begin by the summoning of the parties in dispute for the purpose of validatory their identity and status in relation to the matter in dispute. In order for the arbitrator to be adequately acquainted with the matter or foothold of the development contract, the parties will have to submit a copy of the notice of arbitration and confirm that the process of appointing the arbitrator was valid. Furthermore, the parties will have to serve the arbitrator with the original (development) contract for inspection6. It is important that the jurisdiction of the arbitrator is clearly outlined in the early stages of the process. In this case, the arbitrator should reserve the right to rule substantively on their personal jurisdiction. Any objections that arise in keep of the arbitrators jurisdiction should be dealt with in line with the law as set out by the Arbitration Act7. In order for the process of arbitration to be effective, the parties must be suitable to hold meetings and make presentations. The parties in dispute will have to agree on the venue or seat of the arbitration8. The arbitrator, on their own judgement, may choose a seat in the event that the parties cheat to agree on a particular seat9. Furthermore, it should be made clear that the statutory laws that will nurse during the arbitration. In the case of residents in the UK, the Law of England and Wales may moderate. Once the seat has been decided, a date should be set for the commencement of the arbitration, subject to the agreement of the relevant parties. While there are laws that will apply during the arbitration, it is important for the arbitrator to set out specific rules, in writing, that will apply in the process10. These terms and conditions will include elements cogitate to the arbitrators independence, compensation, fines, and prohibition of ex parte communications of the parties with the arbitrator on the matter being arbitrated except for adm inistrative purposes. These terms and conditions will be consented to and signed by the parties. The items in dispute will then be identified with both parties presenting their cases. At this point, any important issues related to the matter should be raised by the parties. In addition, arbitrator will identify and record the main contentious issues as well as issues that are contested to by both