What is international arbitration?
Arbitration involves dispute resolution by a third party, the arbitrator. The arbitrator’s determination is called an award. The difference between court proceedings and arbitration rests on the flexibility of arbitral procedure and, more importantly, the fact the arbitrator derives authority from the agreement of the parties. Leaving aside the special case of arbitrations mandated by statute, an arbitration will only be possible if the parties in dispute have agreed to refer that dispute to an arbitrator for decision. Generally this authority is found as a clause in a commercial contract between the parties. By agreeing to arbitration the parties can select a decision maker of their choice. They can also agree on an appropriate procedure and may decide, for example, to impose strict time limits, to limit pleadings or even to dispense with a hearing and have a decision on documents alone. For international disputes arbitration has considerable advantages. Most importantly arbitration a
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