Converting settlement agreements into consent awards

0
3865
LinkedIn
Facebook
Twitter
Whatsapp
Telegram
Copy link

In the procedure of an arbitration case, it is not unusual for parties to reach a settlement agreement, during or outside the oral hearing, either through negotiations conducted under the auspices of the arbitral tribunal or at their own initiative, resolving their dispute in an amicable manner.

Arbitration cases in which a settlement agreement is reached are generally concluded by withdrawal of the case, a mediation document or a consent award. Conclusion of a dispute by way of mutual settlement achieves a balance in the parties’ interests and maintains the basis for future co-operation, and also avoids the risk of an unfavourable arbitration award and can produce a more efficient resolution to the dispute. For parties previously at loggerheads, this can be the best outcome.

Any single arbitration case usually only reflects a small portion of the business dealings and disputes between the parties, and the settlement agreement submitted to the arbitral tribunal often contains a string of resolution opinions regarding the relevant contract and disputes. The combination of the string of demands for resolving disputes, and the demands for the efficient rendering and enforceability of the award, generate a need for conversion of the settlement agreement into a consent award.

You must be a subscribersubscribersubscribersubscriber to read this content, please subscribesubscribesubscribesubscribe today.

For group subscribers, please click here to access.
Interested in group subscription? Please contact us.

你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章,欢迎成为我们的订阅会员成为我们的订阅会员

已有集团订阅,可点击此处继续浏览。
如对集团订阅感兴趣,请联络我们

Tian Yusu is a case manager of China International Economic and Trade Arbitration Commission

LinkedIn
Facebook
Twitter
Whatsapp
Telegram
Copy link