Arbitration Law UK Essay Example | Topics and Well Written Essays - 1500 words

Arbitration Law UK - Essay Example In addition to this, the decision given by the arbitration is considered final. Any further reaction to the arbitration decision should then consider the stipulated laws, as stated by the arbitration act 1996 (ref 1). To begin with, the parties have various obligation s and duties for a successful arbitration agreement. The parties have to act on their duties promptly for a complete arbitration and resolution of the situation, as stated by the arbitration act 1996 (ref 1). First, the parties have to make an agreement to submit the dispute in question to the arbitration. This is the initial step that is considered before the onset of arbitration. This is factual since the parties have not settled on an agreement in their dispute. Therefore, relieving the dispute to arbitration is a considerable approach that would solve the situation. However, the concerned parties have to insist on the agreement of relieving the case to the arbitration. The mutual consent in this agreement gives the arbitration a legal step that would initiate the proceedings. With such an approach, both parties will be at ease with the solution that will be initiated by the arbitration that is of choice. ... In addition to this, all the parties are required to act appropriately in matters concerning the courts (ref 2). This is in light with any requirements that should be given by the courts to assist in the expedition of the case. This obligation relieves the arbitration of extra time wasted in waiting for legal documents that maybe offered by the courts to assist in conducting the case. In all arbitration cases, the arbitrator has vital roles in execution of the case. To begin with, the arbitrator is the binding party in the dispute. The arbitrator is a considerable binding factor in any case, as he or she is set to solve an existing dispute. Therefore, the arbitrator is mandated to ensure the parties involved in the dispute are in agreement. In this section, the arbitrator has the obligation of ensuring the resolution of the dispute mends the bond between the two parties involved in the dispute. Under this duty, the arbitrator has a mandate of choice for the time and place of hearing (ref 2). The arbitrator has to make a choice of a convenient venue, which is acceptable by both parties, and at an appropriate time. This will give room for an expedition of a fair and a hearing that is considered impartial. In addition tom this, the arbitrator is mandated to ensure the arbitration is conducted in utter order, and does not infringe the rights of the concerned parties. This involves giving a final decision that is acceptable to all the parties. According to the arbitration act 1996, chapter 23, the arbitrator has a mandate to avoid any indulgence of personal and interpersonal interests in the arbitration (ref 1). This duty is to ensure there is formal