Arbitration Coursework Example | Topics and Well Written Essays - 2500 words - 1

Arbitration - Coursework Example The advantage of arbitration is that parties can manipulate it to suit their specific requirements. In the present world, majority of lawyers and business people frequently encounter the concept of arbitration. When a dispute first arises, none of the parties may think about resorting to arbitration in the initial stages. However, any one of the disputing parties may propose that instead of the going through the usual legal procedure, the dispute can be resolved by the method of arbitration under the mutual agreement. Again, there are certain cases of dispute, where arbitration clauses are included in the standard agreement. In such cases, the parties involved in the dispute are needed to go through the arbitration process irrespective of whether arbitration can provide a mutually agreeable solution to the case. In the present world, many courts of law are exploring the option of sponsoring an arbitration process themselves. These processes are expected to resolve a number of pending cases and thus reduce the huge burden of the courts.123 The table below shows the different legislation processes that are included under ADR and also classifies them according to their formality. Arbitration is considered to be a more formal form of ADR. 4 The various legislation relating to arbitration give an idea about its international character. ... After The Act came into effect, both England and Wales witnessed an increase in the number of dispute cases settled by arbitration, while London developed into a renowned hub for international arbitration. A report published in 2007-2008 reviewing this Act declared that the legislations under the Act had been prevalent in the regions for more than ten years and were successful in providing out-of-court solutions for a large number of cases. Therefore, the Act was not required to be subjected to any significant alterations. However, the report also stated that there was still significant opportunity for the arbitrators in the country to implement strong and rational practices in the process of arbitration. The English Arbitration Act was actually an instrument which was required to be utilized effectively by the arbitrators while resolving disputes. Till the year 2007, the legislation governing arbitration in England and Wales has remained more or less the same. However, arbitration c ases in Scotland were subject to a separate legislation framework, from that of England and Wales. The Law Reform (Miscellaneous Provision) (Scotland) Act 1990 monitors the application of the UNCITRAL Model Law to commercial arbitration cases in Scotland that fall within the area of international jurisdiction. 7 Therefore, the mandatory legislations enumerated in the English Arbitration Act, 1996 can be applied to the arbitration cases which originate in England, Wales and Northern Ireland. However, the arbitral agreements do not fall under the jurisdiction of the English Law. The fundamental legislations in the Act exhibit that the process of arbitration is not a