Arbitration Agreement
Arbitration Agreement
This chapter provides an overview of the nature of arbitration agreements. An arbitration agreement between the parties is regarded as a contract which expressly states the parties' wish to have their disputes resolved by means of international commercial arbitration. This kind of contract is voluntarily reached between the parties, allowing them to determine the time and place of arbitration, select the arbitrators to hear their case and choose the laws governing both procedural and substantive matters. The concept of pacta sunt servanda binds the parties to perform the arbitration agreement made between them without the pressure from the state. The chapter first discusses two types of arbitration agreement, the ‘arbitration clause’ and the ‘submission clause’, as well as the format of the agreement. It then looks at the separability of arbitration agreement and the law governing such an agreement, along with the suspension of legal proceedings with regards to an arbitration agreement. It also considers the three founding principles of the Arbitration (Scotland) Act 2010 that have direct impact on the parties' arbitration agreement.
Keywords: arbitration agreement, abitration contract, international commercial arbitration, arbitration, pacta sunt servanda, arbitration clause, submission clause, separability, legal proceedings, Arbitration (Scotland) Act 2010
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