Arbitration of oil contracts in oil-producing Arab countries

Mousa Sami Al-Qaaida
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Mousa Sami Al-Qaaida: PhD student in University of Pécs, Hungary Author-Orchid id: http://orcid.org/0000-0001-8502-3495

Journal of Social Sciences (COES&RJ-JSS), 2020, vol. 9, issue 2, 394-428

Abstract: In this article, the principles of governing arbitration in Arab oil contracts are investigated.It focused on the independent nature of arbitration and the distinguished characteristics that make an arbitration the most preferable means to settle international economic disputes. As well asitsheds light on the arbitration agreement which included in the oil contracts in a way that excludes this agreement from the legal rules that usually prevent such agreements from developing in scope and content on the one hand, whereas, on the other hand, the article takes a look on the arbitration tribunal (An arbitral tribunal) that resulted from the arbitration agreement that included in the oil contracts which have a special characteristics that distinguishes them from any other contracts in other economical and trading ventures. The article concluded it is better for the disputes resulting from the oil contracts to be resolved via arbitration thus, arbitration remains the most popular method for resolving international trade disputes. Additionally, settlement of disputes for issuing the arbitration decision should be acceptability by both parties in conflict, if arbitration is established by agreement, it is more flexible there is a greater chance of implementation. Finally, the researcher recommends arbitration as the only viable tool in settling conflicts/disputes of oil contracts in oil-producing Arab countries because it is generally faster and less expensive than going to court, most reliable, less expensive and save a lot of time by allowing resolution in weeks or months.

Keywords: Arbitration; Oil contracts; Oil-producing Arab countries; Oil Contract Disputes (search for similar items in EconPapers)
Date: 2020
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