Legal nature of arbitration

Abstract

The arbitration has reasons to exist within the instruments that drive it. However, these tools require an approach beyond the rules that only doctrine has been in charge to develop. This approach is part of the philosophical analysis of arbitration as a legal institution and from that point it extends to the ways in which has to be implemented. Like any other institution, it embodies an own sense of self that remains and it is exteriorized in the regulations of legal systems. This is known as the legal nature. This paper analyses the two most widely accepted movements about the legal nature of arbitration, those are, the contractualist theory and the jurisdictional theory, which, according to the reality of each legal system, will have its reason of being.