Executorial Power of Arbitration Institution in Business Disputes

Abstract

This study aims to analyze the executorial power of arbitral institution decisions in business disputes. Arbitration is a legal issue that is currently hot and interesting to discuss, because it plays an important role in today's rapidly growing business world. In analyzing this problem, researchers used normative legal research methods. Data was collected through literature study, document analysis, and observation. The research findings show that decisions are meaningless if they cannot be implemented. However, even after a decision has been made, the losing party or the defendant for execution often refuses to enforce the award voluntarily or in good faith. Whereas the decision of the arbitral institution is final and has permanent legal force, and is binding on the parties to the dispute. Keywords: arbitration institutions; legal force; courts; business disputes