The possibility that an international commercial arbitral award may be set aside is a major check on the system of such awards.
Arbitral tribunals and arbitrators must not be beyond the law. Where their arbitral awards violate the law and the principles of justice, they should be punished by law. The system of arbitration needs the backing of the court system.
Apart from flexibility and speed, parties that opt for arbitration are most concerned with fairness and whether their interests can be protected. If justice took second place to efficiency and if erroneous arbitral awards could not be set aside until the implementation stage, this would not only be a waste of judicial resources, but would also seriously damage the standing of the arbitration system.
For this reason, although some scholars have argued that it should not be possible to set aside international commercial arbitral awards, we believe that the existence of this possibility remains a necessity.
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Jim Qiu is a partner in the Shanghai office of Yao Liang Law Offices
701/702 Huaxia Bank Tower
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Pudong New Area
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Tel: + 86 21 5155 0338
Fax: + 86 21 5155 0051
www.yaolianglaw.com
E-mail:lilla.guo@yaolianglaw.com
