Academy of Accounting and Financial Studies Journal (Print ISSN: 1096-3685; Online ISSN: 1528-2635)

Abstract

Arbitration in Contract Construction and their Arising Dispute Settlement Mechanisms: Comparative Study

Author(s): Maan Abdulqader Ibrahim, Marwah Firas Abdullah Al-Rawe

In general, most of the contracts and commercial ones in particular are agreed upon and executed without any difficulty. If some difficulties arise in implementing these contracts, they are often resolved by agreement between the parties, but the contracting parties may not reach a solution between them and thus a dispute arises in general. There are four types of dispute dissolutions that may arise between the contracting parties: It is resorting to one of the alternative dissolutions to resolve the dispute, such as mediation, expertise, arbitration, or resolving the dispute through national courts, since the legislature has permitted arbitration in commercial disputes and that the contracting contract is a commercial contract in which the parties can agree to a contract construction to resolve disputes related to it, whether they are disputes related to their interpretation, implementation, termination or end. Statistics have shown an increase in the percentage of these disputes, especially international ones, including referring many of them to arbitration. The study that was carried out in the most famous arbitration institutions in the world, the International Court of Arbitration of the International Chamber of Commerce, showed that 12.5 percent of the disputes submitted to it in 1982 by the ICC International Trade in Paris were related to construction contracts, and that this percentage increased gradually to reach the beginning of the nineties to 28%, which is higher. Proportion between other commercial disputes. It is imperative to know the nature of these contracts, fees and plans, the duration of the contract, the circumstances pertaining to it, in addition to arbitration, its origin, types, procedures for requesting adjudication, and what are the procedures followed to resolve this dispute, and this is what we will explain in this research.

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