Report No. 76
1.2. Essence of the law of arbitration.-
The law of arbitration is integrally connected with the question how far parties should choose their own forum rather than that constituted by the law. It is not uncommon for parties to choose a tribunal that is intended to resolve disputes between them. The tribunal might be stipulated in the contract itself or in a collateral agreement, or the tribunal might be agreed upon after the contract has been made and a dispute has arisen. It is the concern of the law of arbitration to decide how far such agreements should operate, and to what extent they should be supplemented by pro visions designed to meet points on which the agreement may be silent.