Ad hoc arbitration

Institutional arbitration

Mediation

Expert determination

To promote arbitration as a means of resolving disputes

To provide a framework for the conduct of arbitration proceedings

To enforce arbitral awards

All of the above

The award was obtained by fraud or corruption

The award is in conflict with public policy

The award is based on a mistake of law

The award is excessive or inadequate

In ad hoc arbitration, the parties appoint their own arbitrators, while in institutional arbitration, the arbitrators are appointed by an arbitral institution

In ad hoc arbitration, the parties are free to choose the rules of procedure, while in institutional arbitration, the rules of procedure are set by the arbitral institution

Both of the above

None of the above

To hear the evidence and arguments of the parties

To decide the dispute and make an award

To enforce the award

All of the above

An arbitration agreement is a stand-alone agreement between the parties to submit a dispute to arbitration, while an arbitration clause is a clause in a contract that provides for arbitration of disputes arising out of the contract

An arbitration agreement is binding on the parties, while an arbitration clause is not

Both of the above

None of the above

It prevents the parties from litigating the dispute in court

It gives the arbitral tribunal exclusive jurisdiction over the dispute

Both of the above

None of the above

Arbitration is faster and less expensive than litigation

Arbitration is more confidential than litigation

Arbitration is more flexible than litigation

All of the above

Arbitration is less formal than litigation

Arbitration is less transparent than litigation

Arbitral awards are not subject to appeal

All of the above

To appoint the arbitrators

To enforce the arbitral award

To review the arbitral award

All of the above

A maritime lien is a charge against a vessel for services or supplies provided to the vessel, while a mortgage is a charge against a vessel to secure a loan

A maritime lien is created by operation of law, while a mortgage is created by agreement between the parties

Both of the above

None of the above

A maritime lien has priority over a mortgage

A mortgage has priority over a maritime lien

The priority of a maritime lien depends on the type of lien

None of the above

A maritime lien gives the lienholder the right to seize and sell the vessel

A maritime lien gives the lienholder the right to foreclose on the mortgage

Both of the above

None of the above

A charterparty is a contract between the shipowner and the charterer for the use of the vessel, while a bill of lading is a contract between the shipowner and the shipper for the carriage of goods

A charterparty is a long-term contract, while a bill of lading is a short-term contract

Both of the above

None of the above

The shipowner is liable for damage to cargo caused by the negligence of the crew

The shipowner is liable for damage to cargo caused by an act of God

The shipowner is liable for damage to cargo caused by a latent defect in the vessel

All of the above