Arbitration In International Contractual And Commercial Disputes:
Arbitration is a well-accepted means of resolving business disputes that cross national borders. It is one of the most efficient, fast and less expensive instruments of dispute settlement, which usually is included in a contract as an arbitration clause or may the parties enter into after a dispute has arisen. Compared with ordinary legal procedures, the advantage of arbitration lies in its highly efficient management of proceedings.
Parties are free as regards choosing an arbitrator, particulars concerning the place and language of arbitration, as well as the applicable rules of law. Moreover, arbitral proceedings result in binding awards.