*4.3.2 Arbitration agreement*

A cardinal principle of arbitration is that it is a consensual process - no arbitral agreement means no arbitration. The Rules provide a standard dispute resolution clause (which may be in electronic or encoded form) for parties to incorporate the Rules into a smart legal contract before a dispute has arisen. The agreed arbitration rules and procedures are stored in the block and activated if certain pre-defined events are triggered or at the request of a party.

An important consideration of using arbitration is the ability to enforce an award which is not given in the same jurisdiction via the New York Convention. However, care must be taken to comply with the requirements of the convention, one of which is that the arbitration clause must be in writing, see Article II(2) of the New York Convention 1958. To address this issue, parties should enter into a specific written agreement as in the conventional arbitration agreement.
