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| Posted by Nerine - 05-26-2021, 04:57 PM |
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Failure to Specify Arbitral Seat in the Arbitration Clause May Result in Unenforceable Award The seat is an important legal concept, as its law provides the supporting legal framework for the arbitration and its courts supervise the arbitration. Further, the seat usually determines the nationality of the award which is relevant to enforcement. The seat can therefore have a material impact on the course and outcome of the arbitration. The seat is not to be confused with the factual venue where arbitration meetings and hearings are conducted. We recommend that parties should always designate a seat in the arbitration clause and expressly adopt the law of the seat as the law of the arbitration clause. This is to avoid any uncertainty as to which law governs the arbitration and the arbitration clause and which courts supervise the arbitration. When doing so, parties must check whether any restrictions under the national arbitration law of the seat may apply... Click for the full article: https://globalarbitrationnews.com/failur...ble-award/ |