Commercial arbitration is a process of dispute resolution by which parties agree to have their disputes determined by independent and impartial dispute resolution practitioners (known as “arbitrators” or collectively a “tribunal”). The tribunal makes a binding determination of the issues in dispute. The arbitral tribunal can include legal and/or technical experts of the parties’ own choosing, and use procedures which the parties can select and influence. Arbitration is a private process which can be kept confidential and can provide for the quick, practical and economical settlement of disputes. The process is flexible and can be adapted to meet the needs of parties and the circumstances of their transaction.
International commercial arbitration is arbitration of disputes between parties from different countries, without recourse to the courts of a particular country. The resulting award is final and binding on the parties and is readily enforceable throughout the world.
In a global economy, international arbitration is a vital part of doing business effectively. International arbitration is no longer just an alternative to litigation but an important tool in safeguarding commercial relationships and managing risks. The several advantages of international arbitration have made it the preferred method for resolving cross-border disputes in the world today.