Arbitration - Appendix C (Definitions)

Transcription

1. Shari ’ah Standard No. (32): Arbitration Appendix (C) Definitions Sulh (Reconciliation) It refers to a request of relinquishment of what the arbitrators consider to be the right of one of the two parties of the dispute. Such request shall not be made to a party who is an agent, unless he is delegated to do reconciliation. Preferably, the issuance of a reconciliation decision is to be based on a clear clause in the arbitration document indicating that arbitrators have the right to pursue reconciliation. Consensual Settlement It refers to the case when the two parties of the dispute agree, outside the arbitration task, on a settlement which they both accept, and request the arbitrators to issue a decision based on that settlement. The arbitrators in this case shall concur to the request of the two parties, unless the proposed settlement is impermissible, or contrary to public order. Arbitration Document It is a document signed by the two parties to pursue arbitration on a dispute which has arisen between them. Arbitration Agreement It is a prior condition or a contract stipulating resort to arbitration when dispute arises. Material Mistakes It refers to unintentional mistakes in names or numbers, when proofs or documents indicate the aspects which need correction. Institutional Arbitration It is the selection of an Institution that comprises competent arbitrators to resolve the dispute. In this case, there is no need for designating the arbitrator in name. 807