Select Page

An arbitral award would be set aside in the event of the party`s incapacity to the arbitration agreement, or if the agreement was not valid, or if the other party was not informed of the proceedings, or if the composition of the arbitration authority would violate the law in force, or if the award was not yet binding, or if the object was not arbitrated, or if the matter was contrary to the public order. These are also the only means of appeal, otherwise an arbitral award is final and there are no other reasons to do so. Section 582 (1) ACCP defines claims arbitration as: claims of economic or financial interest within the jurisdiction of ordinary civil courts; receivables without economic or financial interest, but for which the parties can enter into a transaction agreement. Under Article 2, the following rights cannot be subject to arbitration: family law claims and certain housing law claims. The Korean Arbitration Act is the most important right of arbitration in the Republic of Korea. The official body that settles disputes through arbitration is the Korean Commercial Arbitration Board. Korean lawyers and companies increasingly prefer arbitration to litigation. [23] The number of arbitrations in Korea is increasing year on year. [24] International arbitration is the preferred method of resolving cross-border disputes.1 The neutrality it offers, combined with the relative ease of binding distinctions, can make it a more attractive forum for litigation than resolving disputes before the parties` national courts. Its sophistication is evolving and its popularity is growing.

But how does it work? Who decides the fight? And according to what laws and trials? Legal doctrine recognizes several types of arbitration with respect to several variables that are at the discretion of the parties leaving the arbitration agreement. Arbitration may be mandatory or voluntary as it is used to resolve the dispute. This is a mandatory arbitration procedure when the parties decide to settle their dispute in advance through arbitration and if this is clearly stated and undoubtedly in their arbitration agreement. On the other hand, it is a voluntary arbitration procedure, or rather first of all de jure, no conciliation at all, when the parties agree only on mutual negotiation, and then decide on ways to resolve disputes when the dispute arises. Thus, practically the arbitration agreement is concluded directly when the decision is made to arbitrate, but not before. The total cost of the arbitration procedure can be estimated on the websites of international arbitration institutions, such as the Icc[43] of the SIAC website [44] and on the website of the International Arbitration Attorney Network. [45] The total cost of administrative and arbitration costs is less than 20% on average of the total cost of international arbitration proceedings. [46] Arbitration is a dispute resolution procedure in which the parties select a neutral third party to respond to their requests.