For several decades of maritime history, arbitration has served as, and remains, a valuable tool for the settlement of disputes. The formal requirements of a valid arbitration are discussed in this paper, as are an enforceable arbitral award arising out of the bill of lading and the charter party. Two questions are primarily raised here: in order to prove parties' intention to arbitrate in case of an arbitration agreement incorporated from a charter party into a bill of lading, are formal obligations required? and in the event the formal obligations are met, is the extant law sufficient to determine when parties did or did not intend to arbitrate? This paper also offers a description of the rise of maritime arbitration and its important to the maritime industry. Formal requirements for an arbitration to occur, as well as the law relating to incorporation of arbitration contracts, are discussed. The extant law on arbitration and incorporation by reference to the bill of lading as a standard form of contract is applied, and a review of various decisions given by the U.S. and U.K. courts on this issue are provided, along with conclusions and suggestions for the future.