Arbitration

Commercial arbitration is a private out of court dispute resolution process. Two or more parties agree in writing (in an arbitration agreement) to submit any dispute or difference arising between them to arbitration. A sole arbitrator or a panel of arbitrators, acting judicially, apply an adversarial approach and determine the dispute by publishing an award that is final and binding upon the parties unless the law provides otherwise. As a result of recent legislative reforms the opportunities for judicial review are fewer.

The arbitration agreement may specify: the number of arbitrators appointed, the seat of arbitration (the legal place of arbitration), the arbitral institution, the arbitration rules, the applicable law (the substantive law) and the language of proceedings.

In domestic disputes, the process is also governed by the Commercial Arbitration Act of each state and the UNICTRAL Model Law. Under the Act the paramount duty is to facilitate the fair and final resolution of commercial disputes by impartial arbitral tribunals in a cost effective manner, informally and quickly.

In international disputes, the process is also governed by the International Commercial Arbitration Act 1974 (Cth) and the New York Convention on Recognition and Enforcement of Foreign Arbitral Awards. There are depending upon the nature of the dispute different conventions that can apply e.g Settlement of Investment Disputes.

Arbitration differs from litigation in that: parties may choose the arbitrator(s), it is conducted within set time-frames, the process is confidential, it is less formal (the rules of evidence do not apply), the process is conducted in accordance with the terms of an arbitration agreement, the rules of the nominating arbitral institution and arbitration legislation.

For further information as to the types of matters Troy has been appointed to arbitrate please see: Arbitration (Since 2009).