13. Find the right definition:

1. international commercial arbitration	a) the arbitration body attached to the ICC
2. arbitration	b) based on the same principles as domestic arbitration except it takes place between companies
3. the International Court of Arbitration of the International Chamber of Commerce	c) a procedure for the resolution of disputes on a private basis through the appointment of an arbitrator, an independent, neutral third person who hears and considers the merits of the dispute and renders a final and binding decision called an award
4. trade	d) a branch of government employment; assistance or advantage given to another; the benefit derived from this
5. service	e) to give as a prize, reward or judgment; a prize, grand won or given
6. award	f) the business of distribution, selling and exchange; persons engaged in a field of commerce, a deal, a purchase and sale

14. Complete the following text about arbitration with the words from the box.

a) adjudication	f) documentation	k) hearing
b) arbitration	g) duration	l) litigation
c) arbitrator	h) expensive	m) needs
d) decision-maker	i) expert	n) submissions
e) dispute	j) forum

The process is similar to the (1) ____________ process as it involves

(2) __________ . However, the parties choose their (3) ___________ and the manner in which the (4) _______ will proceed. For example, if the (5) _________ is fairly straightforward and does not involve any factual questions, the parties may agree to waive a formal (6) ______ and provide the arbitrator with written

(7) ______ and (8) _____ only, called a document only arbitration. However, in other cases the parties may wish a full hearing. Therefore, the parties create their own adjudicatory (9) ______________ which is tailor-made to the particular (10) ____________ of the parties and the nature of the dispute.

The advantages of arbitration over court adjudication can include the following:

• Expertise of the (11) _______ : The parties can choose an

arbitrator who has (12) _ knowledge of the law, business or trade in which the dispute has arisen.

• Low cost: Arbitration is not (13) _____ if the process is kept simple.

• Speed: Arbitration can be arranged within days, weeks or months.

• (14) : Arbitration does not take as long as litigation.

15. Translate the sentences into English and compare them with the text.

1. Цей закон не зачіпає дії будь-якого іншого Закону України, в силу якого певні спори не можуть передаватися до арбітражу або можуть бути передані до арбітражу згідно з положеннями, іншими, ніж ті, що є в цьому Законі.

2. Відносини торгового характеру включають такі угоди, не обмежуючись ними: будь-які торгові угоди про поставку товарів або надання послуг; угоди про розподіл; торгове представництво; страхування; банківські послуги; спільні підприємства та інші форми промислового та підприємницького співробітництва.

3. З питань, що регулюються цим Законом, ніяке судове втручання не повинно мати місце.

4. До міжнародного комерційного арбітражу можуть за угодою сторін передаватися спори підприємств з іноземними інвестиціями.