Arbitration

For arbitration to take place, parties must enter into an arbitration agreement, either before - or after a dispute has arisen.

• True

• False

Parties enjoy large freedom to define procedural rules in arbitration - for example, they can agree to never meet in person.

• True

• False

A decision of an arbitral tribunal is not binding on the parties.

• True

• False

An decision of an arbitral tribunal is called:

• A judgement

• An arbitral award

• An arbitral tribunal

• Rule of arbitration

An arbitral award may never be challenged before a court.

• True

• False

If an arbitral award is challenged before a court, the court will usually not get a chance to review the "merits" (substance) of the dispute.

• True

• False

A court may deny to enforce a foreign arbitral award for any reason it sees fit.

• True

• False.

One of these is NOT a type of international commercial arbitration arbitration:

• Institutional arbitration

• Ad-hoc arbitration

• Trial by fire

An arbitration agreement needs to be carefully worded, and is interpreted as any other contract.

• True

• False

Which one of these is NOT a way of challenging arbitral awards?

• Validity challenge (lex arbitri, before courts of seat of arbitration)

• Appeal to arbitral institution after award is made

• Enforcement challenge (in country of enforcement, under NYC)