In institutional arbitration the parties refer in their arbitration agreement to arbitration rules which are promulgated and administered by an arbitration institution, such as the ICC Rules of Arbitration, the Swiss Rules of International Arbitration or ICDR Rules of the American Arbitration Association.
Constitutionally neutral since the Congress of Vienna in 1815, Switzerland is by its nature ideally suited for international arbitration. Its multi-lingual and federal nature, its geographical position in the center of Europe and its small size encouraged Switzerland’s lawyers to develop keen cross-cultural skills to find mutually acceptable solutions for all cultural and linguistic groups that make up the country.
Disputes that are referred to arbitration result in an arbitral award. Awards are final and binding on the parties. Unlike a court judgment, an award cannot be appealed to a higher court, and most arbitral laws sharply restrict the reasons for which an award may be annulled by the court at the place of arbitration.