The International Bar Association (IBA) has published guidelines that provide detailed recommendations on how to draft effective arbitration agreements. The guidelines are designed to help parties who want to use arbitration as a means of resolving their disputes, and to facilitate the efficient and fair conduct of arbitrations.
The IBA Guidelines on Drafting Arbitration Agreements cover a wide range of issues, including the form and content of arbitration clauses, choice of law, confidentiality, the appointment and qualifications of arbitrators, the conduct of the arbitration process, and the enforcement of awards.
One of the key features of the guidelines is that they emphasize the importance of clarity and precision in drafting arbitration agreements. This is because ambiguity and ambiguity in the language used in an arbitration agreement can lead to disputes about the scope and interpretation of the agreement, which can in turn delay the proceedings and increase costs.
Another important aspect of the IBA Guidelines is that they recognize the need to balance the parties` interests in achieving a fair, efficient and cost-effective arbitration process. For example, the guidelines recommend that parties should agree on a timetable for the arbitration, and that they should choose arbitrators who are experienced in the relevant fields and can act impartially.
The Guidelines also point out that parties should be mindful of the confidentiality of the arbitration proceedings, and that they should take steps to ensure that their arbitrators and lawyers comply with confidentiality obligations.
Overall, the IBA Guidelines on Drafting Arbitration Agreements provide a valuable resource for parties who wish to use arbitration as a means of resolving their disputes. By following the recommendations of the guidelines, parties can ensure that their arbitration agreements are clear, precise, and effective, and that they can achieve a fair and efficient resolution of their disputes.