Commercial Arbitration
What is Commercial Arbitration?
It is a private legal process through which disputes between commercial parties are resolved by independent arbitrators appointed based on mutual agreement. Arbitration offers several advantages that make it appealing to companies, including confidentiality—arbitration sessions are private, preserving the confidentiality of the dispute and protecting the commercial reputation of the parties involved.
At Alhukok Law Firm, we are fully capable of asserting the rights of our clients through arbitration whenever there is a legal provision or an agreement between the disputing parties, as stipulated in the contract. So, if you are in need of a commercial arbitration lawyer, contact Alhukok Law Firm today.
Commercial Arbitration
Law of Arbitration
The law of arbitration is based on three key elements:
Arbitration Agreement
An agreement between two or more parties to refer all or specific defined disputes to arbitration, whether arising from a contractual or non-contractual legal relationship. The agreement may appear as an arbitration clause within a contract or as a standalone arbitration agreement.
Arbitral Tribunal
This refers to either a sole arbitrator or a panel of arbitrators responsible for resolving the dispute referred to arbitration.
Competent Court
The judicial authority that holds jurisdiction, by law, to address disputes that have been agreed to be resolved through arbitration.
Commercial Arbitration Clause
Commercial Arbitration Clause
In commercial arbitration, certain core elements shall be present for an arbitration clause to be valid and effective:
Clear and Explicit Agreement:
The clause shall clearly and explicitly reflect the parties’ intention to resort to arbitration.
Defined Scope of Disputes:
The types of disputes subject to arbitration shall be clearly identified, whether in part or in full.
Choice of Arbitration Rules:
The parties shall agree on specific arbitration rules to govern the proceedings.
Venue and Language of Arbitration:
The location of arbitration shall be specified, as it influences the applicable laws and procedures. The language to be used in the proceedings shall also be clearly stated.
Number of Arbitrators:
The number of arbitrators to be appointed for resolving the dispute shall be agreed upon.
Commercial Arbitration Lawyer
Commercial Arbitration Lawyer
If you’re looking for the best commercial arbitration lawyer, Alhukok Law Firm offers the full academic and practical expertise needed in arbitration.
Tips for Drafting an Effective Commercial Arbitration Clause
Clarity
Use clear and specific language to avoid any ambiguity or multiple interpretations.
Define Scope of Dispute
Clearly define the scope of disputes covered by the arbitration clause.
Venue
Select the most suitable venue for the arbitration process.
Choose Appropriate Rules
It is essential to select rules that align with the nature of the dispute and the commercial relationship between the parties.
Language
Specify a clear and mutually understood language to be used during arbitration.
Seek Legal Counsel
Consult with a lawyer specializing in commercial arbitration to ensure the clause is drafted correctly and legally.
