In today 's world, international commercial arbitration has become the effective mechanism to resolve disputes between foreign parties, especially in the business community. Besides, nowadays many parties turn to use the arbitration proceeding as an optional method for solving the conflict instead of litigation. This is because the parties need to escape from the national courts, which may postpone procedural dispute. Compared with the arbitration procedure that offers more flexibility, neutrality, finality and enforceability than the litigation, therefore this will cause the more positive outcome. It may be said that the delay of the procedure is the adverse effect that every parties worry about because delayed justice is denied justice.
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The NIOC and the CPCI entered into a long-term gas supply and purchase contract (the "GSPC") on 25 April 2001. The two parties agree to govern this contract by the Laws of Islamic Republic of Iran. In addition, this contract contained an agreement "…any dispute arising out of or relating to this contract shall be finally settled by arbitration before three arbitrators" and the parties chose London as an arbitral seat. Furthermore, in 2003 the CPCI assigned the contract to Crescent Gas, which is its …show more content…
On 4 March 2016, nevertheless; the commercial court by Mr. Justice Burton refused to set aside the award.
According to this case, several important legal principles of the international commercial arbitration had been discussed. First of all, an arbitration agreement is considered separately from the main contract, although it is a part the contract. An additional doctrine arisen from this case is that even if there is no written copy form of consent provided to another party, the assignment of contract is valid. Finally, regarding to English public policy, a contract procured by bribery can still be enforceable because there is no rule to refuse enforcement of that contract in the English public
The NIOC and the CPCI entered into a long-term gas supply and purchase contract (the "GSPC") on 25 April 2001. The two parties agree to govern this contract by the Laws of Islamic Republic of Iran. In addition, this contract contained an agreement "…any dispute arising out of or relating to this contract shall be finally settled by arbitration before three arbitrators" and the parties chose London as an arbitral seat. Furthermore, in 2003 the CPCI assigned the contract to Crescent Gas, which is its …show more content…
On 4 March 2016, nevertheless; the commercial court by Mr. Justice Burton refused to set aside the award.
According to this case, several important legal principles of the international commercial arbitration had been discussed. First of all, an arbitration agreement is considered separately from the main contract, although it is a part the contract. An additional doctrine arisen from this case is that even if there is no written copy form of consent provided to another party, the assignment of contract is valid. Finally, regarding to English public policy, a contract procured by bribery can still be enforceable because there is no rule to refuse enforcement of that contract in the English public