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wording covering these matters in the arbitration agreement, as the
burden concerning these subjects will fall on the party that is unsuc-
cessful.
Parties can set Qualifications for Arbitrators
The parties can agree on certain professional experience, national-
ity, and any other qualifications they deem to be necessary. Excessive
qualifications will create difficulties in the selection of arbitrators.
Parties can set Time Limits in the Arbitration Agreement
Most of the institutional rules provide time limits. For example,
Article 30 of the ICC Rules regulates six months for the arbitral tri-
bunal to render the award with a possible extension. The arbitral tri-
bunal should be allowed to extend these time limits to avoid challenges
and enforcement problems.
It is difficult for the parties to ascertain during the drafting period
whether a particular resolution can be rendered within specific time
requirements. If the award is not rendered within the provided period,
there can be enforcement problems.
Finality of the Arbitration
Most of the arbitration rules provide regulations with respect to the
finality of the arbitration . If the parties do not choose a set of arbitra-
tion
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rules, it is important to state in the arbitration agreement that the
award is final and not subject to recourse. In adding such language, the
parties should examine the law of the seat of arbitration to see the
scope of the waiver, and the language required under the law of the seat
of arbitration.
Conclusion
The will of the parties is the constitutive element of an arbitration
agreement. This will should be clear. The selection between ad hoc or
institutional arbitration shall be made in accordance with the particu-
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See ICC Rules Article 34 (6).