Glossary
- Ad Hoc Arbitration
- Arbitration proceedings not administered by an institution.
Example: Two construction companies agree to arbitrate disputes without using any institutional rules, appointing arbitrators and setting procedures themselves. - Adjudication
- A process in which an independent third party renders a binding decision, commonly used in construction contracts.
Example: A contractor refers a payment dispute to adjudication under the UK Housing Grants, Construction and Regeneration Act 1996. - Adjudicator
- The neutral decision-maker in adjudication.
Example: An engineer appointed under a FIDIC contract acts as adjudicator in a project delay dispute. - Alternative Dispute Resolution (ADR)
- Methods of resolving disputes without litigation, including mediation and arbitration.
Example: Parties opt for mediation before resorting to arbitration. - Applicable Law
- Substantive law governing the dispute's merits.
Example: An arbitral tribunal seated in London applies Swiss law as the applicable law. - Arbitration
- Resolution of disputes by arbitrators whose decision is final and binding.
Example: A shareholder dispute is resolved by a panel of three arbitrators under LCIA rules.- Arbitrator
An individual appointed to decide the case.
Example: A retired judge acting as sole arbitrator in a franchise dispute.- Arbitration Agreement
Contractual clause submitting disputes to arbitration.
Example: "Any dispute arising out of this contract shall be referred to arbitration under ICC Rules."- Annulment of Arbitral Award
Setting aside an award by a court at the seat of arbitration.
Example: A French court annuls an ICC award rendered in Paris due to violation of due process.- Arbitration Cost
All costs incurred in arbitration.
Example: Tribunal fees, lawyers' fees, expert witness expenses, and administrative charges.- Arbitration Institution
An organization administering arbitration proceedings.
Example: The ICC, LCIA, SIAC, or VIAC.- Arbitral Tribunal
The panel deciding the dispute.
Example: A tribunal composed of one sole arbitrator or three arbitrators.
- Arbitration Cost
- All costs incurred in arbitration.
Example: Tribunal fees, lawyers' fees, expert witness expenses, and administrative charges. - Arbitration Institution
- An organization administering arbitration proceedings.
Example: The ICC, LCIA, SIAC, or VIAC. - Asymmetrical clause
- Clause granting only one party the right to refer disputes to arbitration.
Example: A bank retains the right to arbitrate or litigate, while the borrower may only litigate. - Award
- The final binding decision of the tribunal.
Example: The tribunal issues an award ordering payment of €2 million in damages.