Bus 435 module 1 assignment 3: application of international law
In the United States, federal and state laws govern arbitration. The Federal Arbitration Act (FAA) of 1925 is the primary law that covers arbitration agreements throughout all states. This act outlines the enforceability of arbitration agreements as well as judicial review of arbitral awards. Additionally, state laws may provide additional enforcement rights to ensure that parties can resolve their disputes out-of-court through arbitration.
In Russia, there are several laws governing arbitration, including Federal Law No. 382-FZ “On Arbitration Courts” enacted in 2002 and updated in 2006; this law established an independent system for resolving commercial disputes outside of court proceedings by way of a private tribunal composed of three neutral arbitrators with expertise related to the case at hand. It also sets forth procedural rules such as time limits on proceedings and disclosure requirements for documents used in evidence during hearings. In addition, Russian Civil Procedure Code Article 238 establishes specific regulations regarding how to initiate an arbitration proceeding within the country, who is qualified to serve as an arbitrator on civil cases, and how decisions are enforced once rendered by a tribunal. Furthermore, Russia has also adopted international standards such as those outlined in the New York Convention—a 1958 treaty which provides for recognition and enforcement of foreign arbitral awards between signatory countries—and amended its legislation accordingly to comply with these norms accordingly.