Analysis of Party Autonomy in the Application of Law in Arbitration Agreements

Abstract

The principle of party autonomy gives the parties the right to act in accordance with their interests. Under this principle, the parties may enter into an arbitration agreement that will allow them to resolve their disputes through arbitration rather than through the national judicial system. The Arbitration Agreements is the only document for initiating arbitration proceedings. In this case, the wishes of the parties may prevail over the national judicial system. The scientific study examined the application of the principle of party autonomy in the drafting of arbitration agreements. The article analyzes the use of this principle by the parties in the preparation of contracts. The issue of the wishes of the parties was discussed as the only basis for the development of arbitration agreements. The legal definitions and features of an arbitration agreement are analyzed based on the laws of many countries. The main function of agreements is to allow the parties to choose the applicable law for their disputes, so the process of choosing the applicable law is discussed. Ways of solving problems are presented when the choice of applicable law is not indicated in the contracts.