answered on 13/01/2013
There are a number of things which you will need to decide on, the main ones being: Number of arbitrators: Usually, parties choose either a sole arbitrator (ie., 1 arbitrator) or a panel of 3 arbitrators. A sole arbitrator can be agreed upon by the parties or assigned by an arbitration centre. As for a panel of 3 arbitrators, the two parties usually decide on 1 arbitrator each, and both arbitrators selected by the parties will in turn agree upon a third arbitrator (who will usually be the chairman of the tribunal). Seat of arbitration: This is usually the same as the place of arbitration. The choice of the seat of arbitration is important because the law of the seat of arbitration governs the arbitration procedure, and the courts of the seat of arbitration have supervisory jurisdiction over the arbitration proceedings. Rules of arbitration: There are different rules by different institutions, for example, the International Chamber of Commerce (ICC) Rules, the London Chambers of International Arbitration (LCIA) Rules and the Singapore International Arbitration Centre (SIAC) Rules. The different rules differ as to the procedure and the form which the arbitration proceedings will take.