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Arbitration of International Business Disputes - Studies in Law and Practice, 2nd Edition by Park, William W. (20th September 2012)

Part II Legal Framework: Courts, Statutes and Treaties, A Arbitral Jurisdiction, 1 Who Decides What? A Comment on Lesotho Highlands

From: Arbitration of International Business Disputes: Studies in Law and Practice (2nd Edition)

William W. Park

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 06 December 2019

For pure intellectual challenge, few endeavors match the task of setting principled standards to distinguish an arbitrator’s good faith mistakes from an excess of authority. In bargaining for out-of-court dispute resolution, parties to arbitration agreements commit themselves to respect the result regardless of who wins. The award is intended to be final even if one side thinks that the arbitrator got it wrong. Arbitration is a consensual process, however, unfolding within an enclosure created by the contract and applicable arbitration law. The litigants accept...
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