Arbitration, ADR, and International Trade
Arbitration Framework
Understand the arbitration agreement (separability, competence-competence), the tribunal's constitution, and the grounds for setting aside an award. Know the role of the courts in supporting arbitration (interim measures, enforcement) and the limited grounds for refusing enforcement of foreign awards under the New York Convention.
ADR Methods
Study mediation, conciliation, and negotiation, and how they differ from arbitration (non-binding versus binding). Understand the enforceability of settlement agreements.
International Trade
Know the basics of Incoterms, letters of credit, and the CISG where applicable. Understand the role of arbitration institutions and the difference between ad hoc and institutional arbitration.
Traps
Candidates often confuse setting aside (at the seat) with refusal of enforcement (at the place of enforcement). Another trap is assuming courts may review the merits of an award - they may not. Questions also test whether an arbitration clause survives termination of the main contract (it does, by separability).
Rule of thumb
For arbitration questions, ask: is there a valid agreement, was the tribunal properly constituted, and is the challenge about jurisdiction/procedure (reviewable) or merits (not reviewable)?