Award binds parties only to extent that they have agreed to be bound by the private contract that commits them to arbitration. E. The Arbitration Institute of the Stockholm Chamber of Commerce has functioned as an international arbitration institution since 1976, particularly in contracts dealing with East-West trade. The London Court of International Arbitration 1. Jointly controlled by City of London, London Chamber of Commerce and Industry, and Chartered Institute of Arbitrators. Oldest and growing center for international arbitration.
Fees are modest.
1985 revised rules enhance party autonomy and reflect changes in English law to promote non-interference in arbitration proceeding by the courts. May be best way to ensure successful arbitration as it provides opportunity for parties to design mechanism to meet their needs, and to express their intent. B. Elements of Arbitration Agreement 1. Scope of Arbitration a. Arbitration clause should be as broad as possible, but it cannot cover matters not capable of being submitted to arbitration. Choice of Arbitrator a.