There Are a Number of Distinct Parts to the Arbitration

question 12

Multiple Choice

There are a number of distinct parts to the Arbitration Act 1996. Match up the sections with their meaning
-Autonomy

• A)The AA 1950 allowed for either party to the proceedings to have questions of law authoritatively determined by the High Court through the procedure of ' case stated '
• B)Section 30 provides that, unless the parties agree otherwise, the arbitrator can rule on questions relating to jurisdiction in certain situations
• C)Where one party seeks to start a court action, contrary to a valid arbitration agreement, then the other party may request the court to stay the litigation in favour of the arbitration agreement under ss 9-11 of the AA 1996
• D)It is signifi cant that most of the provisions set out in the AA 1996 are not compulsory

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Definitions:

Unit Cost

The calculated cost to produce one unit of a product, taking into account all relevant production expenses.

Technological Advance

The progress in technological development that leads to more efficient processes, products, or services.

Productive Capital

Resources such as machinery, tools, and buildings used in production to generate wealth.

MP/P

The ratio of marginal product to price, often used to optimize production levels in economic analysis.