Application of International Law Essay Example | Topics and Well Written Essays - 1000 words

Application of International Law - Essay Example tive partnership that has yielded profits for both partners and they may likely want to continue fostering and developing their business oriented venture. Therefore, the laws governing arbitration are very important. According to Jenkins et al., in the U.S for instance, arbitration laws are governed by a number of sources ranging from the constitution, appellate courts’ decisions, international treaties and others. However, the most relevant law governing arbitration in the U.S is the Federal Arbitration Act, which stresses the importance of arbitration agreements by placing them on equal footing with other contractual agreements. The FAA reviews almost all arbitration agreements in the U.S using one judicial review standard for both local and international jurisdictions (Jenkins, 2006). The Act ‘s core purpose is to mandate courts to foresee the enforcement of contractual agreements relating to disputes in an arbitration, regardless of whether there are legislative efforts by the state department to curtail the enforcement of the agreements made in the arbitration. This further supplements the supremacy of arbitration agreements on par with other contractual agreements. In addition, arbitration is also governed by the Panama Convention (1990), the North American Free Trade Agreement, the New York Convention (1958) and the Uniform Arbitration Act. According to Jenkins et al., arbitration in Russia is governed by the German-Roman civil laws, which place more focus on legal codes rather than on court precedents and regulations. When settling disputes in arbitration, the arbitrator relies on general codes of provision to settle disputes and conflicts. Specifically, in matters relating to commercial arbitration on an international level, Russia is governed by the Federal Law of 1993, which enforces arbitration agreements between partnerships where one party is a Russian company with foreign participation (foreign direct investments). However, disputes like