The Arbitral Award - Chapter 15 - Asian Leading Arbitrators' Guide to International Arbitration
Custodio O. Parlade is the former Managing Partner of the Benitez Parlade Africa Herrera Parlade & Panga in Makati City, Chair of the Committee on Arbitration of the Philippine Chamber of Commerce and Industry, founding member and Vice Chairman of the International Chamber of Commerce (Philippines), Inc. and co-founder and first president of the Philippine Dispute Resolution Center, Inc. He has served as chairman or member of several arbitration panels in ICC arbitration. He has written articles on arbitration for domestic and foreign journals. He helped draft the Implementing Rules and Regulations of the ADR Act, and is currently Vice Chairman of the Supreme Court Subcommittee to draft the Special Rules of Court for ADR.
Originally from Asian Leading Arbitrators' Guide to International Arbitration
I. WHAT IS ARBITRATION?
In its traditional form, arbitration is understood as a private process of dispute resolution where parties agree to submit their dispute to a neutral and impartial third person for hearing and decision. The decision, commonly referred to as an award, is a final determination of the dispute and is binding upon the parties. Over time, there have been numerous variants of this process so it has become quite difficult to provide a definition of arbitration that will encompass all of them. At the time the Working Group1 was preparing the UNCITRAL Model Law on International Commercial Arbitration [the “Model Law”], the UNCITRAL Secretariat submitted a draft of a definition of arbitration. In the First Secretariat Note: Possible Features of a Model Law,2 it was recognized that it was difficult to distinguish between arbitration as regulated by the Model Law and those procedures which, although sometimes labeled arbitration, are or should not be within its scope.3 Eventually, no definition was included in the Model Law. It was decided that the term is well known and understood in many jurisdictions and that such a definition is no longer necessary to be made in the Model Law itself.