20/07/16 Terminology related to Arbitration: ‘ARBITRAL CASE’ or ‘ARBITRAL PRECEDENT’
Today and in the coming e-Legal Lessons, we’ll analyze some useful terminology related to ARBITRATION.
The body of existing arbitral awards that may be referred to by parties in later disputes seeking a set of legal principles to support the arbitrators’ decision. Prior awards are referred to in relation to both arbitral procedure and substantive law. The vast majority of commercial arbitration awards are unpublished, but excerpts from many awards are published. Public international law arbitral awards (including the majority of awards in investment treaty arbitrations) have, on the other hand, very often been published and are frequently cited by parties in later cases. Unlike certain judgments in common law systems, arbitral case precedent is non-binding and is referred to only in support of arguments.