An overview of international commercial arbitration

Next—and generally most importantly—there is the law or the set of rules that the arbitral tribunal is required to apply to the substantive matters in dispute. The aim is to maximise the effectiveness of the arbitral process, whilst minimising judicial intervention, other than when it is needed to support arbitration agreements and awards.

There is then the law—the so-called lex arbitri—that governs the actual arbitration proceedings themselves. It has resulted in increasingly harmonised arbitration practices by specialised international arbitration practitioners who speak a common procedural language, whether they practise in England, Switzerland, Nigeria, Singapore, or Brazil.

Study Aid Introduction International commercial arbitration is an alternative method of resolving disputes between private parties arising out of commercial transactions conducted across national boundaries that allows the parties to avoid litigation in national courts.

Decisions, awards, and other documents relating to arbitration proceedings are generally not published, and there is no centralized database or publication for researching arbitration proceedings. Print resources containing treaty texts and bibliographies include International Arbitration Treaties Loukas Mistelis, et al, eds.

There are sound legal and practical reasons for this.

An overview of international commercial arbitration

Disputants agree to submit their disputes to an individual whose judgment they are prepared to trust. He or she listens to the parties, considers the facts and the arguments, and makes a decision. If the parties wish to dispense with the disclosure of documents or with the evidence of witnesses, they may do so.

importance of international commercial arbitration

Again, which court has jurisdiction? That decision is final and binding on the parties—and it is final and binding because the parties have agreed that it should be, rather than because of the coercive power of any state.

The texts of most multilateral treaties can be found in commercial databases, such as Westlaw and Lexis, or on treaty depositary websites.

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International Commercial Arbitration