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Unformatted text preview: 1 Running Head: ARBITRATION Arbitration Kenneth Christian Argosy University Arbitration Arbitration has, for some time, been the standard form of dispute resolution for international disputes . The increasing acceptance of arbitration is reflected in a number of traits typical of mature markets; namely, efforts to improve existing products rather than create new ones and a corresponding increase in competition between players in the market . The Supreme Court of Arbitration of the Russian Federation is the court of final instance in commercial disputes in Russia . Additionally, it supervises the work of lower courts of arbitration and gives interpretation of laws and elucidations concerning their implementations, which are compulsory for lower courts . The Russian Federation is a civil law jurisdiction with a written constitution that lays down the fundamentals of Russian state governance and its regulatory framework . However, the Russian Federation (as successor to the USSR) is a party to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards . In addition, Law No. 5338-1 dated 7 July 1993 "On International Commercial Arbitration" provides for the possibility of enforcement of foreign arbitral awards in the Russian Federation . Consequently, an arbitral award obtained for instance in New York, Paris or London should be recognized and enforced by a Russian court . The enforcement is subject to the qualifications provided for in the Convention and the Arbitration Law as well as compliance with procedures established by Russian legislation . We note, however, that in practice reliance upon international treaties may meet with resistance or a lack of understanding on the part of a Russian court or other officials . The Federal Arbitration Act (FAA) "embodies a national policy favoring arbitration and places arbitration agreements on equal footing with all other contracts ." As interpreted by the Arbitration Supreme Court, the FAA creates a uniform "'body of federal substantive law'" regulating the enforceability of agreements to arbitrate that applies to all contracts involving interstate commerce in both state and federal court . ...
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