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Arbitration: Governance Benefits And Enforcement Costs, Keith N. Hylton
Arbitration: Governance Benefits And Enforcement Costs, Keith N. Hylton
Faculty Scholarship
These remarks, presented at the 2004 AALS Annual Meeting panel on civil procedure, review the economic theory of arbitration and related empirical evidence. For parties who can choose between alternative legal regimes, the key determinants of that choice are the governance benefits and enforcement costs connected to the rules under each regime. The choice between arbitration and litigation should be made on the same basis. The empirical literature, though sparse, suggests that superior governance benefits provide a significant reason for arbitration agreements.
The Nature Of Arbitral Authority: A Comment On Lesotho Highlands, William W. Park
The Nature Of Arbitral Authority: A Comment On Lesotho Highlands, William W. Park
Faculty Scholarship
Arbitration unfolds within an enclosure created by the contract terms and the applicable arbitration law. Some measure of judicial scrutiny must be imposed to ensure that an award does not fall beyond an arbitrator’s authority. But how should one identify excess of authority? The House of Lords decision in Lesotho Highlands v. Impreglio serves as a prism through which to separate several themes that inhere in the nature of arbitral authority. In rejecting arguments that an error about the currency of an award represented an excess of jurisdiction, their Lordships confirmed a healthy appreciation that arbitrators do not exceed their …