SCHOENBERG AND RUTHERFORD.
INT'L COMMERCIAL ARBITRATION
Synopsis of Bill as introduced:
Creates the International Commercial Arbitration Act. Provides
that the Act applies to international commercial arbitration in the
State of Illinois. Provides for the receipt of written
communications, the waiver of the right to object, the extent of court
intervention, functions of a court, arbitration agreements, the
composition of an arbitral tribunal, the jurisdiction of an arbitral
tribunal, the conduct of arbitral proceedings, and the making of an
award and the termination of proceedings. Effective immediately.
HOUSE AMENDMENT NO. 1.
Provides that an arbitration is international if the parties to
an arbitration agreement have, at the time of the conclusion of
execution of that agreement (instead of at the time of the conclusion
of that agreement), their places of business in different countries.
Provides that an arbitration is international if the place where the
predominant part (instead of a substantial part) of the obligations of
the commercial relationship is to be performed is situated outside the
country or countries (instead of country) in which the parties have
their places of business. Provides that provisions that prohibit
certain decisions from being subject to appeal shall not preclude the
parties from raising any ground for setting aside or refusing to
recognize or enforce an arbitral award to the extent otherwise
permitted under applicable federal law. Provides that provisions
concerning an expert being appointed by an arbitral tribunal apply
unless objected to by one or both parties (instead of unless otherwise
agreed to by the parties). Makes other changes.
JUDICIAL NOTE, AMENDED
No increase in the need for the number of judges in the State.
FISCAL NOTE, AMENDED (Administrative Office of Ill. Courts)
No fiscal impact on the Judicial Branch.
Last action on Bill: PUBLIC ACT.............................. 90-0631
Last action date: 98-07-24
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status