Are there any special considerations for investment arbitration?
Yes, there are special considerations for investment arbitration in Virginia. Investment arbitration is a form of dispute resolution which allows two or more parties to settle a dispute without the need to go to court. In Virginia, investment arbitration is governed by the Virginia Arbitration Act. The Act contains various provisions which are particularly applicable to investment arbitration. First, the scope of an arbitration agreement in Virginia is narrowly defined and is limited to the specific dispute or claims that are included in the arbitration agreement. This is important because it ensures that the parties involved in the arbitration have a clear understanding of the issues at stake. Second, the Virginia Arbitration Act governs the procedure of the arbitration, from the selection of the arbitrators to the enforcement of the arbitral award. For example, the Act requires the arbitrators to be impartial and independent. This requirement helps ensure that parties involved in the arbitration have equal access to a fair and impartial arbitral process. Third, the Act also contains provisions which are specifically tailored to investment arbitration. For example, it sets out procedures for the disclosure of confidential information and for the determination of the applicable rate of interest. Finally, the Act sets out the enforcement of the arbitral award. Specifically, the Act allows for the enforcement of a Virginia arbitral award in any jurisdiction in the United States by filing a petition in a Virginia court of competent jurisdiction. This provision ensures that a Virginia arbitral award is enforceable even outside of Virginia.
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