Arbitral institutions are responsible for administering and supporting arbitral proceedings. The institution does not have the power to decide on the merits of the dispute; this function lies exclusively with the arbitrators, who are independent persons, chosen by the institution or the parties.
The specific powers of an arbitral institution can be found in its rules. Generally, the institution has the power to intervene in the selection and appointment of arbitrators, to rule on challenges, to designate the venue and the language of the arbitration, to establish and administer the arbitrators’ fees and, sometimes, to make a formal review of the draft award prior to its issuance.
The most prestigious arbitration institutions have specialized staff with proven experience, which allows arbitrations to be handled with greater efficiency and security.
Each arbitral institution has rules of procedure that complement the applicable arbitration law and provide the basic rules governing the arbitration procedure.
The content of the rules of the arbitration institution is deemed to be incorporated into the arbitration agreement by reference, so that the provisions of the rules apply to the arbitration, except where the parties agree otherwise. See Art. 4 of the Arbitration Act 60/2003, of December 23, and Art. 2 of the UNCITRAL Model Law on International Commercial Arbitration.
The number of arbitral institutions—both domestic and international—is vast. Some institutions specialize in international arbitration while others provide services within a particular country or region of the world.
Despite the abundant number of institutions, only a few have sufficient experience and prestige to be trustworthy.
We offer here the TEXT OF THE RULES of some of the most prestigious institutions, with which Wonders&Co has direct experience: