AD-HOC ARBITRATION AND INSTITUTIONAL ARBITRATION. REGULATION, GENERAL RULES AND ELEMENTS OF NOVELTY
AD-HOC ARBITRATION AND INSTITUTIONAL ARBITRATION. REGULATION, GENERAL RULES AND ELEMENTS OF NOVELTY

Summary/Abstract: Commercial arbitration is a jurisdictional system derogatory from the common law, through which the arbitrators chosen by the parties solve the dispute and pronounce a decision that the parties commit to execute. The insertion in a commercial contract of the arbitration clause entitles the interested party, in the case of a dispute, to ask for its resolution by arbitration, being excluded thus the competence of the courts. The traditional modality of organization of arbitration – the ad-hoc form – has currently become more and more absent entering an irreversible decline. Although its legal expression is still found in different texts of law, the ad-hoc arbitration does not represent anymore a desired and preferred alternative, the institutional arbitration being the most favored form of the parties.

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