Analysis of Application of Principles of Justice in Arbitration

The lack of or non-existence of precedents in an arbitration process is a cause of hardship when making an arbitral decision or award. Without precedents or references to previous awards a tribunal is left without guidelines on how an award should be made. The hypothesis is that a reference to the right jurisprudence as a legal philosophy can provide for these much needed guidelines. In this way most of the tribunals would posses the knowledge as to the procedure and the legal requirements in the making and arbitral award which cannot be challenged. The theoritical jurisprudence and process of legal defination is looked at in more detail. Besides that, the importance of jurisprudence in arbitration increases due to the lack of supervision on the arbitrator. These issues need to be addressed before the arbitration process can be considered as a prefect process and more preferable than court process. The conclusion is if a research on arbitration is centered on the right jurisprudence of arbitration would encompass other aspects of arbitration like philosophy, sociology, psycology and socio-economy. Therefore, if arbitration is viewed in these aspects, then most, if not all, the questions in relation to arbitral making process can be answered.