Christiank_m1_a3

Download Document
Showing pages : 1 - 4 of 7
This preview has blurred sections. Sign up to view the full version! View Full Document
This is the end of the preview. Sign up to access the rest of the document.

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 . Given the broad interpretation of interstate commerce ....
View Full Document