Arbitration
Arbitration is a process that shares similarities with the traditional way of litigation. The court proceedings and arbitration share common grounds in several ways. There are a plethora of benefits of arbitration compared to traditional court proceedings. The most eminent feature of arbitration is that it is private and confidentiality can easily be maintained. Furthermore, the process of arbitration is considered to be quicker and less costly than traditional litigation. But it is not obvious all the time. Another salient feature is that it allows the parties involved to ensure the relations are not cordial. Process of arbitration, we can also explain very well. You can contact us for understanding.
Highly Practiced
Arbitration is a highly practiced alternative dispute resolution method in the modern-day world. Additionally, this will ensure that a pre-agreed solution between the parties takes place that benefits both. It is one of the most prioritized methods due to its flexibility and functionality. In recent times an increased reliance is placed on arbitration to ensure a reliable and effective solution for the resolution of a dispute.
In numerous international jurisdictions, the arbitral award is given the top priority.
This was a direct result of the international treaty according to the New York Convention on Arbitral Awards of 1958. Officially it was enforced in the middle of 1959. This permitted the arbitration awards to be enforced internally across different jurisdictions around the world. International legal services are, can only be provided by the who are connected with global legal services. Arbitrators can perform globally. Lawyers and Legal Consultants can’t this way if the are not arbitrators.
Over 150 countries in the world have ratified the New York Convention. This constitutes over 2 third of the world’s countries that accept the New York Convention for its enforcement. Furthermore, there are signatory states that are also called contracting states that are responsible for the enhancement and recognition of the arbitration award.
UAE has warmly welcomed the New York Convention and is a signatory to it. The Emirates has adopted the international treaty by enforcing the Federal Decree-law of 2006. The procedure of enforcing the arbitration award in the UAE was initially a huge challenge.
Federal Decree Law
The Federal Decree-law of 2018 on arbitration has undergone some significant amendments in arbitration law in the UAE. This describes the arbitration as international arbitration if the parties have agreed on a conclusion of the arbitration agreement. There are certain requirements for enforcing the arbitral award.
Any party that is looking forward to enforcing the arbitral award must submit the request for its enactment and confirmation. It is done via the Chief Justice of the UAE Court. The party needs to submit the following legal documents including the original award or a certified copy, a copy of the Arbitration Agreement, and a translation in Arabic language for the arbitral award. Learn more about the new agreements. New agreements must be drafted very carefully. Learn more about the legal process.
The Arbitral Award
The arbitral award should be attested by a competent authority, in case the award is not in Arabic language. Following this, a copy of the minutes of the deposit of the award is submitted to the Court.
Appeal Court
The Appeal Court handles the matter. The Chief Justice of the Appeal Court will delegate it to judges regarding the order of the arbitral award. It is confirmed and enforced within the time span of 60 days of submission of the request. This is considered a major development in arbitration law in the UAE that allows for an easy enforcement proceeding. Moreover, it is also termed a simpler and more convenient way to resolve a dispute among 2 parties.
Procedure
Moreover, the procedure of arbitral award can easily be commenced before the court of appeal in the UAE. The arbitration procedure can begin by simply filing for the ratification and enforcement of the award. With time, stricter grounds are introduced to ensure its better functionality and reliability. Furthermore, the arbitration that continues with the arbitral procedure is bound to ensure the resolution in a timely fashion.
Arbitrators
Nonetheless, it also ensures that the arbitrators ensure the proceedings are carried out without biases and malfunctioning. The arbitrators must serve as the unbiased and neutral party between the stakeholders. The UAE model of Arbitration law is based on UNCITRAL (United Nations Commission on International Trade Law) model code. The UAE adopting this law has highlighted the UAE’s commitment to become more arbitration-friendly. This underscores the country’s dedication to complying with the best international practices.
