International Commercial Arbitration at the Beginning of the Third Millennium

127 Abstract The thesis is divided into nine chapters, each of them dealing with different aspects of arbitration. Arbitration is being defined as a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the arbitrators, or arbitral tribunal), by whose decision (the award) they agree to be bound. It is a settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides. Arbitration in the Czech Republic is governed by the Act No. 216/1994 Coll., on Arbitration Proceedings and Enforcement of Arbitration Awards, as amended (hereinafter referred to as the "APA"), that is largely based on the same principles as the UNCITRAL model law. The APA applies to both domestic and international arbitrations taking place in the area of the Czech Republic. Pursuant to the APA an arbitrational award may only be reviewed by other arbitrators if the parties have provided for such an option in the arbitration agreement. Where there are serious legal defects, the APA allows parties to seek a court decision whereby such a defective award will be set aside. In the Czech Republic parties may choose to have their matter heard and resolved either before an institutional (permanent) arbitration court..