INTERNATIONAL ARBITRATION. THE CONCEPT, THE CHARACTERS AND THE LEGAL NATURE. REGULATIONS OF THE ROMANIAN LAW, OF THE PROVISIONS OF THE CONVENTION OF GENEVA IN 1961 AND OF UNCITRAL MODEL LAW
INTERNATIONAL ARBITRATION. THE CONCEPT, THE CHARACTERS AND THE LEGAL NATURE. REGULATIONS OF THE ROMANIAN LAW, OF THE PROVISIONS OF THE CONVENTION OF GENEVA IN 1961 AND OF UNCITRAL MODEL LAW

Summary/Abstract: Arbitration has become a real and effective alternative to the state justice, the institution of arbitration being regulated by national laws and international agreements, both bilateral and multilateral. In the case of arbitration the dispute resolution is eluded from the common law jurisdictions, this being a form of private justice. Thus, the parties empower the arbitrators, private persons, to solve a legal dispute and to render an award that they have to enforce. Unlike the courts, arbitration involves the agreement of the parties expressed in a compromise or in a compromissory clause included in the main contract. Consequently, if the claimant’s right to file the action derives from the law, in the case of arbitration the arbitral claim is submitted by the will of the parties.Arbitration is a form of justice adapted especially to the disputes between traders and used mainly in the environment of business people.

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