КЛАСИФИКАЦИЯ НА МЕЖДУНАРОДНИЯ АРБИТРАЖ И РОЛЯТА НА ПОСТОЯННИЯ АРБИТРАЖЕН СЪД В ХАГА
CLASSIFICATIONS OF INTERNATIONAL ARBITRATION AND THE ROLE OF THE PERMANENT COURT OF ARBITRATION

Summary/Abstract: International arbitration is dispute resolution procedure based on an agreement between states parties to an international dispute, which is decided by a third party that can be a sole person (arbitrator) as well as a panel of arbitrators, whose award is final and binding on the disputing parties. The arbitral practice has differentiated two classifications of arbitration: the first one comprises two types of arbitration - optional and compulsory, and the second classification also comprises two types of arbitration - ad hoc and institutional. The best example for institutional arbitration is the Permanent Court of Arbitration (PCA) established by the Hague Conventions for the Pacific Settlement of International Disputes of 1899 and 1907. PCA features its own legal regime on formation of the panel of arbitrators and the arbitral procedure. Currently the PCA is the most important arbitration tribunal.

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