Research On Legal Issues Of Third Party Funding For International Commercial Arbitration

In recent years,the emergence of third-party funding has become a new thing in international commercial arbitration,and it has set off a new upsurge in international arbitration.With the gradual opening up of the international economy,the number of international commercial arbitration cases has increased,and the burden of arbitration fees has become increasingly serious.The involvement of third-party funding in international commercial arbitration not only eases the economic pressure of the parties to the arbitration,but also helps the parties involved to transfer the arbitration risks,and has received strong support from all countries.However,the involvement of third-party funding in international commercial arbitration has also caused many controversial issues,but the solution to the problem has been less introduced in the international community,and almost all remain in theory.In this regard,the article will focus on the detailed analysis of the legal issues of third-party funding of international commercial arbitration,laying the foundation for the following third-party funding of international commercial arbitration recommendations.There are three main issues in dispute:First,the issue of fairness of arbitration,the special relationship between third-party funders and arbitrators,which affects the independence and impartiality of arbitrators,thus affecting the fairness of arbitration;second,the issue of confidentiality of arbitration.The arbitration applicant will disclose the case information to the funder,which will lead to the violation of the confidentiality of the arbitration;the third is the recognition and enforcement of the arbitral award,the third party funder’s intervention,the applicant may also face the risk of losing the case,and the third party will be funded according to the funding agreement.The person bears all the costs of arbitration,which may lead to difficulties in the enforcement of the arbitral award and the refusal of the foreign court to recognize and enforce it.Therefore,by modifying the arbitration rules,a disclosure system is established,requiring the arbitration applicant to disclose the existence of the funding relationship and the identity of the funder to the arbitral tribunal and the arbitration respondent as soon as possible.The content of the funding agreement is determined by the arbitration institution whether or not to disclose the case and the trial process.Supervision,guarantee the fairness of arbitration;improve the confidentiality obligations of arbitration rules to prevent the arbitral parties and third-party funders from leaking.By reforming the arbitration cost burden rules in the International Commercial Arbitration Rules,a fee guarantee is provided to protect the legitimate interests of the respondent.The premise requires the arbitration respondent to prove that the arbitration applicant is indeed unable to support the compensation.At the same time,the suggestions for the improvement of international commercial arbitration by third parties also provide important reference value for China’s future third-party funding of arbitration rules.