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weak parties

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57 - Weak Parties in International Arbitration
from Part XII - Areas of Concern
- By Friedrich Rosenfeld
Edited by Stefan Kröll, Andrea K. Bjorklund, McGill University, Montréal, Franco Ferrari, New York University
Book:

Cambridge Compendium of International Commercial and Investment Arbitration

Published online:

18 February 2023

Print publication:

02 March 2023, pp 1753-1771
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Summary

The principle of party autonomy in international arbitration rests upon the premise that individuals are rational maximizers of their own welfare. However, the reality sometimes differs and a number of parties suffer from weaknesses. Such weaknesses may originate from imperfect information, from insufficient expertise of the parties in testing information against their own preferences, or from the lack of bargaining power or financial means to implement their choices in practice. There is a risk that strong opportunistic actors exploit such weaknesses for their own benefit. In a worst-case scenario, this may result in undermining the weak parties’ fundamental right to access to justice

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57 - Weak Parties in International Arbitration

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57 - Weak Parties in International Arbitration

Summary