Arbitration Law Assignment Example | Topics and Well Written Essays - 4500 words

Arbitration Law - Assignment Example to consider before getting into an agreement such as this one and the relevant alternative methods of solving disputes that may arise between the parties to a contract such as this other than arbitration2. In addition to that, this report shall guide you through a practical approach into the identification of pitfalls that may come with the drafting of such a clause in a contract aside from providing the benefits that can be gained according to the law over the counter-party that arise from drafting the standard dispute resolution clause3. While drafting a standard dispute resolution clause, the author should ensure that the content is not ambiguous and can be clearly understood by both parties4. It is important to note that the courts in England will seek to implement the agreement as agreed upon by both parties on the dispute resolution mechanism. In the event that such information is not clearly stipulated in the dispute resolution clause resulting from the clause being poorly written, both parties to the contract may find themselves in unfamiliar grounds in trying to seek a way out of their dispute5. The dispute resolution clause should not be confused with the governing law clause because the dispute resolution clause provides the forum that both parties to the contract wish their disputes to be resolved in any case they arise. Parties to the contract specify the methods of solving their disputes in the standard dispute resolution clause6. These methods range from arbitration to reference to litigation and even mediation. Reference to litigation, also known as Jurisdiction Clause, is done through the courts. The jurisdiction clause is added when parties to a contract want a certain court, or a specific number of courts, to determine their case. However, including the jurisdiction clause into the contract in a situation where the parties have settled on an alternative forum as their most preferred is outlawed7. This clause is one of the considerations to be