Alternative Dispute Resolution Methods – Arbitration

I. GENERAL UNDERSTANDING

Arbitration

Arbitration is a consensual mechanism to resolve disputes by one or more private decision makers (arbitrators) selected by the parties pursuant to a mechanism agreed by them in an adjudicatory procedure, and resulting in a final and binding decision /arbitral award/ (Tony Andriotis, Emmanuel Jacomy, and Artis Straupenieks). It is one of the out-of-court alternative dispute resolution procedures in many countries, including Mongolia.

International arbitration

An arbitration is international if:

1. the parties to an arbitration agreement have, at the time of the conclusion of that agreement, their places of business in different States; o