Conceptual Analysis of Arbitration in Equity and Related Institutions.

One of the most important characteristics contributing to international commercial arbitration popularity as a dispute settlement is the freedom of the parties to choose the applicable law, i.e. the law governing the merits of the dispute and the process of arbitration proceeding as well. This party autonomy is somehow that the parties can allow arbitrators for decision making and the issuance of a award according to principles of equity. Although many international contracts include the arbitration clause based on equity, it is not defined clearly, precisely and even obligatorily in arbitration rules including national laws and international documents. Moreover, there is other similar procedures also that difference between them and arbitration in equity is not determined. Considering amiable arbitration as a way for applying the easier and more flexible solution compared to the arbitrations based on the rules, meanwhile with facilitation of their mutual cooperation even after settling conflict issue through the restoration of contractual equivalence between the parties, this article will analyze and demystify this concept and separate it from similar institutions as to resolution of commercial disputes.