Published on 02 Feb 2012 • Brazil |
"The parties may submit their disputes to arbitration by means of an arbitration agreement, which may be either an arbitration clause or a submission agreement."
"An arbitration clause is an agreement by means of which the parties to a contract undertake to submit the disputes which may arise regarding that contract to arbitration."
"If the parties, by means of the arbitration clause, refer to the rules of an arbitral institution or specialised entity, arbitration shall be initiated and conducted according to such rules; the parties may also establish in the arbitration clause itself, or in a separate document, the agreed procedure for initiating arbitral proceedings."
"The submission agreement is the agreement by means of which the parties submit a dispute to arbitration by one or more persons; such agreement may be either judicial or extrajudicial."