Majorinternationalarbitrationinstitutionsandtheirfunctions.docVIP

Unit 15 Text A Major international arbitration institutions and their functions Defining an international arbitral institution An international arbitral institution is an arbitral body which provides arbitral services for settling international disputes. International arbitral institutions may be established under an international treaty, such as the Permanent Court of Arbitration in the Peace Palace of The Hague, ICSID and the Iran-US Claims Tribunal, or as a private organization or body under the governing domestic law where the institute is situated, such as the American Arbitration Association (AAA), the London Court of International Arbitration (LCIA), China International Economic and Trade Arbitration Commission (CIETAC) and the Institute of Arbitrators Australia. An official arbitral body can be established under an international treaty and a non-official and private arbitral institute exists on its own reputation and voluntary acceptance by the parties to a dispute. While the former provides a forum for international arbitration, the latter provides services of international arbitration. For the latter, international arbitration is more like a commercial service, although the rules of the relevant institute can be binding through voluntary acceptance by the parties. Thus, an international arbitral institute is either an official or a non-governmental body established for the purpose of providing arbitral services to parties involved in an international dispute. Its power is based on either the relevant treaty (if applicable), or the voluntary submission of the parties. Its awards can be enforced under the New York Convention or the relevant domestic law whichever is applicable. Major governmental international arbitral bodies Governmental arbitral institutes are those international arbitral bodies established under international treaties. These are presently the Permanent Court of Arbitration, the Inter-American Commercial Arbitration Commission, ICSID and