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International commercial arbitration
International commercial arbitration is based on the same principles as domestic arbitration except it takes place between companies. The International Court of Arbitration of the International Chamber of Commerce is the arbitration body attached to the ICC. The function of the court is to provide for the settlement by arbitration of business disputes of an international character in accordance with the ICC's arbitration rules.
Below is a summary of the work and workings of the court. Match the descriptions to the headings.
| Headings | ||
| Function | c | |
| Composition of the Court | ||
| Plenary Sessions of the Court | ||
| Appointment | ||
| Committees | ||
| Confidentiality | ||
| Number of Arbitrators | ||
| Request for Arbitration | ||
| Answer to the Request |
Descriptions
a The work of the Court is of a confidential nature which must be respected by everyone who participates in that work in whatever capacity. The Court lays down the rules regarding the persons who can attend the meetings of the Court and its Committees and who are entitled to have access to the materials submitted to the Court and its Secretariat.
b Within 30 days from the receipt of the Request from the Secretariat, the Respondent shall file an Answer.
c The Court does not itself settle disputes. It has the function of ensuring the application of the Rules of Arbitration.
d The Court may set up one or more Committees and establish the functions and organization of such Committees.
e The Court shall consist of a Chairman, Vice-Chairmen, and members and alternate members (collectively designated as members). In its work it is assisted by its Secretariat (Secretariat of the Court).
f The dispute shall be decided by a sole Arbitrator or by three Arbitrators.
g The Plenary Sessions of the Court are presided over by the Chairman, or, in his absence, by one of the Vice-Chairmen designated by him.
h A party wishing to have recourse to arbitration under these Rules shall submit its Request for Arbitration to the Secretariat, which shall notify the Claimant and Respondent of the receipt of the Request and the date of such receipt.
i The Chairman is elected by the ICC Council upon recommendation of the Executive Board of the ICC.
Introduction to the law of contract – for the teacher
Here is a brief summary of the law of contract. Complete the texts using the words in the box.
| agreement breach capacity consideration damages fraud illegal obligation oral performance property signed terms |
What is a contract?
It is an agreement that creates a binding (1) obligation upon the parties. The essentials of a contract are as follows: mutual (2) agreement; a legal (3) consideration which in most instances need not be financial; parties who have legal (4) capacity to make a contract; absence of (5) fraud or duress; and a subject matter that is not (6) illegal or against public policy.
What form does a contract take?
In general, contracts may be either (7) oral or written. Certain types of contracts, however, in order to be enforceable, must be written and (8) signed. These include contracts involving the sale and transfer of (9) property.
How does a contract end?
In case of a (10) breach of contract, the injured party may go to court to sue for financial compensation (or (11) damages), or for rescission, for injunction, or for specific performance if financial compensation would not compensate for the breach. Specific (12) performance of a contract is the right by one contracting party to have the other contracting party perform the contract according to the precise (13) terms agreed.
Types of legal contracts
Link the type of contract to its description.
| Type | Description | ||
| f | Consultancy agreement | a | This agreement is used to ensure the repayment of money borrowed, usually in monthly instalments. |
| b | Distribution agreement | b | This agreement is used where one party buys goods from the manufacturer and re-sells them on his own account. He will however be given the right to use the manufacturer's intellectual property rights. |
| d | Franchise agreement | c | This agreement sets out the terms and conditions on which a business supplies goods. |
| a | Loan agreement | d | This agreement is used where one party grants to another the right to run a business in the name of the first party. Examples include Body Shop and McDonalds. |
| g | Manufacturing licence agreement | e | This is the equivalent of a contract of employment for directors. |
| c | Terms and conditions of sale agreement | f | This agreement is used where one party is providing services as an independent advisor to a company. |
| i | Contract of employment | g | This agreement should be used where one party (the licensor) owns intellectual property rights in respect of a product it has developed and wishes to license the manufacture of the product to a third party. |
| e | Directors' service agreement | h | This is intended to govern the relationship between a number of shareholders in a company. The agreement works as a second.' layer of protection preventing the company from being run in a manner other than has been agreed. |
| h | Shareholders' agreement | i | This contract comes into existence as soon as a job offer is accepted whether that offer is oral or in writing. |
Date: 2015-01-12; view: 3248
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