ARBITRATION AND THE IMPORTANCE OF THE ARBITRATION AGREEMENT

Abstract

Dispute resolution through arbitration based on the prior alignment of the wills of the parties has long been known and has a long tradition. This specific way of resolving disputes has survived throughout this long time as a result of the trust that the parties have shown in it, presenting to the arbitration for resolution their disputes. The normative regulation of dispute resolution before international commercial arbitration in its current form is of modern times. As an alternative method of resolving disputes, arbitration manages to have recognition and implementation in both local and international society. Although it is said that resolving disputes in arbitration proceedings is the same as resolving disputes in regular courts, which puts into dilemma the conditions that must be met to begin resolving an issue in arbitration proceedings. One of these conditions is the arbitration agreement itself, which the parties themselves must establish an agreement to resolve their disputed issue through arbitration proceedings. Such a thing does not happen in the procedures conducted in the regular state courts, since in order to initiate the contentious issue in the regular court, only the plaintiff is enough to initiate the lawsuit and have a legal interest regarding the object of the lawsuit. The Arbitration Agreement is of special importance to the Arbitration Courts, which in case the parties are not created cannot resolve the issue in the arbitration procedure, since the parties themselves are the ones who with their agreement determine the essential elements of the arbitration procedure as well as themselves, the development of the case in arbitration proceedings.

Keywords

• Arbitration
• Arbitration Procedure
• Arbitration agreement
• The importance of arbitration agreement
• Validity of the arbitration agreement

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