Review Paper
Year: 2023 | Month: July | Volume: 10 | Issue: 7 | Pages: 599-607
DOI: https://doi.org/10.52403/ijrr.20230771
Executorial Power of Arbitration Institution in Business Disputes
Taufik Siregar1, Khsan Lubis2, Abdul Yaser Ihutan Siregar3, Surya Aymanda Nababan4
1Lecturer of the Legal Studies, Faculty of Law, Universitas Medan Area, Indonesia
2Lecturer at Faculty of Law, Universitas Prima Indonesia, Medan, Indonesia
3Faculty of Law, Universitas Medan Area, Medan, Medan, Indonesia
4Lecturer in History Education, Faculty of Teacher Training and Education, Universitas Islam Sumatera Utara, Medan, Indonesia
Corresponding Author: Taufik Siregar
ABSTRACT
This study aims to analyze the executorial power of arbitral institution decisions in business disputes. Arbitration is a legal issue that is currently hot and interesting to discuss, because it plays an important role in today's rapidly growing business world. In analyzing this problem, researchers used normative legal research methods. Data was collected through literature study, document analysis, and observation. The research findings show that decisions are meaningless if they cannot be implemented. However, even after a decision has been made, the losing party or the defendant for execution often refuses to enforce the award voluntarily or in good faith. Whereas the decision of the arbitral institution is final and has permanent legal force, and is binding on the parties to the dispute.
Keywords: arbitration institutions; legal force; courts; business disputes
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