Why should the venue of arbitration be the place from where the contract has been issued

International Business

 

Why should the venue of arbitration be the place from where the contract has been issued

Case Studies

CASE STUDY (20 Marks)

Mode of settlement of disputes/differences arising out of national or international contracts are settled through Arbitration. However, when a dispute/difference arises, both the purchaser and the supplier shall first try to resolve the same amicably by mutual consultation. If the parties fail to resolve the dispute by such mutual consultation within twenty one days, then, depending on the position of the case, either the purchaser or the supplier shall give notice to the other party of its intention to go for arbitration as per the contract. When the contract is with domestic supplier, the applicable arbitration procedure will be as per Indian Arbitration and Conciliation Act, 1996. When the contract is with foreign supplier, the supplier has the option to choose either Indian Arbitration and Conciliation Act, 1996 or Arbitration in accordance with the provision of UNCITRAL (United Nations Commission on International Trade Law) Arbitration Rule. UNICITRAL was, established on17 Dec; 1966, by the United nations General Assembly. The purpose of UNICITRAL is to provide uniform guidelines for trade between the nations. Since international trade `laws are complex, UNICITRAL formulates training programs in various nations on interpretation and implementation of various trade laws. The venue of arbitration shall generally be the place from where the contract has been issued except when foreign supplier opts for Arbitration, in accordance with the provision of UNCITRAL, Arbitration Rules, the venue can be a neutral country.

 

Answer the following question.

 

Q1. Give your views on the role of UNICITRAL towards the development of international trade..

 

Q2. Why should the venue of arbitration be the place from where the contract has been issued, in case of domestic suppliers?

Why should the venue of arbitration be the place from where the contract has been issued

 

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