Kazachenok S.Yu. Pragmatic assessment of the arbitration agreement of the parties of foreign economic contracts

Kazachenok Svetlana Yurievna

Candidate of Juridical Sciences, Associate Professor, Department of Civil and International Private La w, Volgograd State University, Honoured Jurist of the Russian Federation

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Abstract. This paper describes the true role of the institution of arbitration proceedings, established in the Russian legal system from the standpoint of practitioners that are often faced with problems of the business arbitration agreement and appeals to the institution of arbitration proceedings in their professional activities. The author compares the level and the financial cost of the arbitration in such countries as England and the United States with those in the Russian Federation, and comes to the conclusion that, despite the greater financial costs on arbitration in England and the United States in those countries, the Institute has a higher popularity than in the Russian Federation.

Key words: arbitration, the arbitral tribunal, business community, UNCITRAL, arbitrator, effect prorogation effect, competent defense, derogation effect, prorogation agreement, agreement for arbitration.

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