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How to draft an arbitration agreement effectively
Drafting an arbitration agreement is also an important matter to pay attention to when you and the disputing parties have agreed to choose “arbitration” in resolving the dispute. Thailand Arbitration Center (THAC) has a short video for further understanding. Click to watch
“Drafting an arbitration agreement” is where an agreement in which both parties must draft and define various details together for the sake of clarification. The draft of the arbitration agreement should specify the subject matter or issues that both parties allow settling in arbitration, which can simply be called the dispute. The number and method of arbitrator appointment, including qualifications of arbitrators. An arbitrator’s qualification criteria should be based upon their direct experiences and expertise with the disputing matters.
The key to drafting an arbitration agreement lies in two issues:
• 1. The seat of arbitration: whether the place will be decided by the disputing parties themselves or by the Arbitration Center;
• 2. Governing Rules: the draft must clearly state the applicable rules as each center and institution have their own rules.
These two issues will directly dictate the arbitration process. You can also avoid a complication when dealing with disputes by consulting with THAC for our services. THAC can help you with the proceeding along, and also, THAC has THAC’s own Rules, which can apply to the proceeding. For more information or consultation of Alternative Dispute Resolution, click.
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