Which of the following is usually placed in the arbitration clause and is becoming standard in many international contracts?
A) The preferred court or legal body of arbitration
B) The place of arbitration and the language used in the arbitration process
C) The contract stating that the results of the arbitration process are not binding on both parties
D) The judgment of the legal action initiated in the litigation stage
E) The copy of the lawsuit filed by the plaintiff

Question

Quizplus · Accepted Answer

While preparing contracts and other legal documents, including the number of arbitrators, the place of arbitration (city and/or country), and the language of the arbitration in the clause is useful. Arbitration clauses require agreement on two counts: (1) The parties agree to arbitrate in the case of a dispute according to the rules and procedures of some arbitration tribunal and (2) they agree to abide by the awards resulting from the arbitration.

Which of the Following Is Usually Placed in the Arbitration