Law of Arbitration

In this Law, the following terms shall have the meanings assigned thereto, unless the context requires otherwise: 1. Arbitration Agreement: An agreement between two or more parties to refer to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or otherwise. An arbitration agreement may be in the form of an arbitration clause in a contract or in the form of a separate arbitration agreement. 2. Arbitration Tribunal: A sole arbitrator or a panel of arbitrators in charge of deciding a dispute referred to arbitration. 3. Competent Court: A court having legal jurisdiction to decide disputes agreed to be referred to arbitration.