Practicing Success

Target Exam

CUET

Subject

Legal Studies

Chapter

Arbitration, Tribunal Adjudication and Alternate Dispute resolution

Question:
This is an arbitration where parties select a particular institution, which in turn takes the arbitration forward by selecting an arbitrator and laying out the rules applicable within an arbitration. Which type of arbitration is being referred to here?
Options:
Ad-hoc Arbitration
Statutory Arbitration
International Commercial Arbitration
None of the above
Correct Answer:
None of the above
Explanation:
Institutional Arbitration - An arbitration where parties select a particular institution, which in turn takes the arbitration forward by selecting an arbitrator and laying out the rules applicable within an arbitration, e.g., mode of obtaining evidence, etc. There are several institutions to govern arbitration. Examples of prominent institutions of arbitration include, The London Chamber of International Arbitration (LCIA) which has its offices across the world, including New-Delhi, India.