EX AEQUO ET BONO – THE WAY TO REDUCE TIME AND COST IN ARBITRATION
This article analyses the regulation of commercial arbitration and the ex aequo et bono principle. The arbitration community is concerned regarding the judicialisation of commercial arbitration. This article analyses the judicialisation of commercial arbitration and the problems arising from it. In...
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| Format: | Article |
| Language: | English |
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Mykolas Romeris University
2021-08-01
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| Series: | Jurisprudencija |
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| Online Access: | https://ojs.mruni.eu/ojs/jurisprudence/article/view/6625 |
| Summary: | This article analyses the regulation of commercial arbitration and the ex aequo et bono principle. The arbitration community is concerned regarding the judicialisation of commercial arbitration. This article analyses the judicialisation of commercial arbitration and the problems arising from it. In addition, it examines examples of the judicialisation of commercial arbitration and the negative consequences arising from it – such as increases in cost and time, reduced flexibility, and reduced party autonomy. Furthermore, the concept of ex aequo et bono is presented, along with an analysis of how it can reduce time and cost in arbitration. Moreover, criticisms of ex aequo et bono, such as the notion that arbitrators may abuse their discretion and the unpredictability of awards may increase, are examined and analysed in terms of their validity. |
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| ISSN: | 1392-6195 2029-2058 |