Arbitration and Fine Dining

26 Pages Posted: 16 Aug 2017

See all articles by William W. Park

William W. Park

Boston University - School of Law

Date Written: August 14, 2017

Abstract

A restaurant meal might turn into disappointment either when good food arrives late, or when prompt service delivers bad food. The chef cannot become preoccupied with any one aspect of fine dining to the exclusion of others. Likewise, arbitral proceedings implicate proportionality and balance among a multitude of factors which can make the experience good or bad. Several elements play key roles in evaluating any arbitration, namely: accuracy, fairness, cost, speed, and award enforceability. An inevitable tension exists among these goals. Decisions reached quickly and cheaply will do few favors if the award gets it wrong on the substantive merits. The prevailing party will find little satisfaction in a correct result that is refused recognition because the arbitrators denied due process to the losing side. A good arbitrator, like good chef, will seek balance and counterpoise. That which is excessive may become not only insignificant, but also counterproductive.

Keywords: International Arbitration, Arbitration, Counterpoise, Accuracy, Fairness, Enforceability

JEL Classification: K33

Suggested Citation

Park, William W., Arbitration and Fine Dining (August 14, 2017). Festschrift für Pierre Karrer (2017), Boston Univ. School of Law, Public Law Research Paper No. 17-25, Available at SSRN: https://ssrn.com/abstract=3018713

William W. Park (Contact Author)

Boston University - School of Law ( email )

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