A New Power Given to Arbitrators in Korea: Will the interim measures work?
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Arbitration is one of alternative dispute resolution systems and it has more advantages than the judicial litigation especially in international commercial transactions. The one weakness of arbitration is lack of governmental authority because it commences based on a contracting parties’ private agreement. Therefore, whenever compulsory execution is necessary, the court has to be intervened and it reduces efficiency of arbitration. One of big changes in the revised KAA (2016) is to strengthen the power of arbitral tribunal. As one example, the KAA (2016) provides arbitrators with a power to order interim measures which have the same effects as those by a court. By ensuring this authority, an arbitral tribunal can freeze assets of breaching party during arbitral proceedings and it reduces aggrieving party’s worry ofpaper studi not being compensated after an arbitral award is rendered. Consequently, it gives an effect of maximizing advantages of arbitration. This es interim measure provisions which are newly drafted in the KAA (2016) and raises issues for the next revisions.
Abstract
Arbitration is one of alternative dispute resolution systems and it has more advantages than the judicial litigation especially in international commercial transactions. The one weakness of arbitration is lack of governmental authority because it commences based on a contracting parties’ private agreement. Therefore, whenever compulsory execution is necessary, the court has to be intervened and it reduces efficiency of arbitration. One of big changes in the revised KAA (2016) is to strengthen the power of arbitral tribunal. As one example, the KAA (2016) provides arbitrators with a power to order interim measures which have the same effects as those by a court. By ensuring this authority, an arbitral tribunal can freeze assets of breaching party during arbitral proceedings and it reduces aggrieving party’s worry ofpaper studi not being compensated after an arbitral award is rendered. Consequently, it gives an effect of maximizing advantages of arbitration. This es interim measure provisions which are newly drafted in the KAA (2016) and raises issues for the next revisions.
참고문헌 (16)
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