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Web of Proceedings - Francis Academic Press
Web of Proceedings - Francis Academic Press

Application and Challenges of the Good Faith Principle in Commercial Arbitration

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DOI: 10.25236/icfmhss.2024.103

Author(s)

Yue Wang

Corresponding Author

Yue Wang

Abstract

With the acceleration of globalization, international trade and investment activities are becoming more and more frequent, and the resulting commercial disputes are also increasing. As one of the effective ways to resolve such disputes, commercial arbitration is favored because of its efficiency and flexibility. However, in practice, the implementation of the principle of good faith, as the core value orientation of arbitration procedures, faces many challenges. Starting from the position of the principle of good faith in commercial arbitration, this article first defines the basic concept of commercial arbitration and emphasizes the importance of the principle of good faith. Subsequently, the practical application of the principle of good faith is demonstrated by analyzing the specific performance of the principle in arbitration proceedings and the consideration of substantive awards. In addition, the multiple challenges such as the diversity of legal application, the complexity of the rules of evidence, and the obstacles to the enforcement of awards were discussed, and the countermeasures such as strengthening international cooperation, improving domestic legislation, and enhancing the integrity awareness of the parties were proposed. The purpose of this paper is to provide theoretical support and practical guidance for promoting the healthy development of commercial arbitration.

Keywords

commercial arbitration; the principle of good faith; Challenge; Strategy