International commercial arbitration is one of several forms of dispute resolution for international commercial agreements. The use of arbitration has increased along with the growth of international trade and commerce and the accompanying disputes springing from these pursuits. In its broadest sense, arbitration is a vehicle of dispute resolution in which parties to a contract select a neutral arbitrator (or a panel of arbitrators) to present their dispute for a legally binding ruling. Arbitration is often selected for the reasons of confidentiality, speed, enforceability of arbitral awards, and to eliminate the uncertainties in the choice of arbitrator and forum. Parties from different national origins may also be reluctant to accept national court litigation with the potential for national bias. Arbitration offers the parties more control over how proceedings will be conducted. Arbitration awards are, with rare exception, final and binding.
[...] The International Court of Arbitration was established in 1923 as the arbitration body of the ICC. Composed of members from 80 countries, it has administered over 13,000 arbitration cases involving parties and arbitrators from more than 170 countries and territories. The ICA oversees the arbitration process and regularly reviews the progress of pending cases. One of the Court‘s most important functions is to scrutinize and approve all arbitral awards. Located in The Hague, the Permanent Court of Arbitration “administers arbitration, conciliation, and fact finding in disputes involving various combinations of states, private parties, and intergovernmental organizations”. [...]
[...] Definition of international commercial arbitration It is the process of resolving business disputes between or among transnational parties through the use of one or more arbitrators rather than through the courts. It requires the agreement of the parties, which is usually given via an arbitration clause that is inserted into the contract or business agreement. The decision is usually binding. We will present the major international arbitral institutions and the resources. It will also review commercial and private databases that provide primary and secondary sources of arbitration information. [...]
[...] In addition, UNCITRAL in 1985 issued a Model Law on International Commercial Arbitration that has influenced the national arbitration legislation of more than 45 countries. At least four states in the US have based their arbitration laws on the model law (California, Connecticut, Illinois, Oregon and Texas). Other international agreements relevant to international arbitration concern enforcement of arbitral awards and decisions. There are several mechanisms by which foreign arbitration awards may be enforced. Countries may agree bilaterally to enforce arbitral awards, sometimes through a treaty of friendship, commerce, and navigation or through a bilateral investment treaty, of which there are now an estimated 2000. [...]
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