Are there any special considerations for international arbitration?
Yes, there are special considerations for international arbitration in Georgia. International arbitration is a form of dispute resolution that involves settling a dispute outside of the traditional court system. International arbitration is used in situations where the parties to the dispute are located in different countries or if the dispute involves multiple countries. In Georgia, there are certain statutes and rules that must be followed in order for international arbitration to be successful. The first is that the arbitration must be conducted in accordance with the rules of the International Centre for Dispute Resolution (ICDR). This is the primary international arbitration institution, and it oversees the process of international arbitration. The parties to the dispute must also agree to resolve the dispute through international arbitration and they must sign an agreement that states that they are subject to the rules and regulations of the ICDR. Additionally, the parties need to choose a neutral third-party arbitrator, who will render a final decision on the dispute. This arbitrator must be accepted by both parties. Finally, international arbitration awards from a dispute in Georgia can be enforced through the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which is also called the "New York Convention". This convention helps to ensure that the award rendered in international arbitration is recognized and enforced in other countries.
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