[2.11] The definition of “international requirements” must be the starting point of the New York Convention. It is “the most important pillar on which the building of international arbitration rests”16 and a pillar that “could perhaps claim to be the most effective case of international law in the history of commercial law”17 According to the Convention, each State party undertakes to recognize and implement an arbitration agreement if the following conditions are met. : FINRA is subject to a mandatory arbitration obligation, which requires all client and branch disputes with FINRA-licensed brokers and financial advisors to submit their disputes to a single arbitration panel appointed by FINRA. While fINRA arbitration is streamlined and much less costly than court proceedings, the parties waive their right to let a jury of their colleagues decide what drove and got the investment firms and industry many years ago. They wanted a forum where cases are decided by experienced professionals who make decisions without emotion and who are familiar with the securities industry. Some complain that the complainants` trial is biased, while others feel that it is a fair compromise for a faster and less costly dispute resolution process. As explained by the Supreme Court of Brazil (STJ), the difference between the arbitration clauses and the filing agreement in the International Cotton Trading Limited Case (ITC) 2 is that the filing agreement is subject to arbitration, a dispute that has already arisen between the parties, while the arbitration clause addresses future issues that may arise after its execution. If the arbitration agreement and all relevant rules on this matter remain silent, how many arbitrators will be appointed and how will they be appointed? Are there any restrictions on the right to challenge the appointment of an arbitrator? Yes, there are specific provisions on how to organize arbitration proceedings, appoint arbitrators and hold arbitration hearings in accordance with Act 876 (Arbitration Act) and Alternative Dispute Resolution Act 2004 and its terms and regulations. To initiate arbitration proceedings, it is necessary to respect the provisions of the filing or contract. For example, if a pre-arbitration application is required, the applicant must serve the party responding to an arbitration request with the nature of the controversy, the amount and the discharge requested. A compromise clause is a provision under which the contracting parties undertake to submit to arbitration or any dispute that may arise in relation to the contract.5 [2.31] Contracting parties must be able to enter into that contract, otherwise it is not valid.
The situation is no different when the contract in question is an arbitration agreement. The general rule is that any individual or corporation able to enter into a valid contract is able to enter into an arbitration agreement. As a result, the parties to these agreements include individuals and partnerships, capital companies, states and governments. Why can the court intervene in arbitration proceedings? [2.24] Finally, there are states where specific formal requirements are imposed with respect to arbitration agreements38 As a result, applicable national law must be considered where there is reason to believe that the formal validity of an arbitration agreement may be called into question under this Act.