Arbitration is a renowned alternative way of producing impartial resolutions to commercial disputes. Parties of arbitration select the place of arbitration, their own arbitration procedure based on their specific needs.
In Korea, there is the most l...
Arbitration is a renowned alternative way of producing impartial resolutions to commercial disputes. Parties of arbitration select the place of arbitration, their own arbitration procedure based on their specific needs.
In Korea, there is the most leading arbitration orgnization the name of KCAB (Korean Commercial Arbitration Board). And the International Court of Arbitration of the International Chamber of Commerce has been the world`s famous institution in private resolution of international commercial disputes.
The paper examines the most significant merits of ICC`s International Court of Arbitration provided in ICC Rules of Arbitration. They are "Terms of Reference" and "Scrutiny of the Award by the Court".
At first, The Terms of Reference are one of the most distinctive features of ICC Arbitration. The purpose of Terms of Reference is to examine their advantages and to introduce main contents provided in Article 18 of ICC Rules of Arbitration. The Terms of Reference provide the parties and the arbitrators with an opportunity to identify and agree on procedural and other matters, such as the applicable law, the language of the arbitration and the timetable for the arbitration.
And Scrutiny of award is also a fundamental feature of ICC arbitration and is one that distinguishes it from the other major international arbitration rules. The scrutiny system has two aspectsm the first of which is to identify or modify the defects of form, while the second is to draw the arbitrators` attention to points of substance.
To upgrade the quality of the award of KCAB, it is desirable to consider how to incorporate the scrutiny system of the ICC Arbitration into Korea Commercial Arbitration Rules, even though many consideration factors are existing now.
And The secretariat is responsible for appointing arbitrators, confirming arbitrators nominated by the parties, deciding upon challenges of arbitrators, reviewing drafts of arbitral awards and fixing the arbitrators` fee. During the arbitration proceedings, the secretariat regularly supervises the progress of all pending cases, and takes any needed measures to ensure that the case advances as quickly as possible and that the proceedings are being conducted in conformity with its arbitration rules.
Since disputes in international trade will generally concern complicated legal issues most likely involving more than one legal systems, the KCAB should make every attempt to recruit arbitrators who have been educated in arbitration system abroad as well as in Korea and at the same time are familiar with legal issues frequently arising in disputes in international trade. To that KCAB should do its utmost to recruit into its pool of arbitrators distinguished jurists from diverse backgrounds and legal cultures as varied as those of the participants in the arbitral process.
The Korean Commercial Arbitration Board (KCAB), the most leading arbitration orgnization in Korea, purposes to assist international parties who has to resolve commercial disputes as quickly, fairly and efficiently as possible.
This writer hopes that this study provides a useful help to KCAB rules of arbitration.