International Dispute Resolution Essay Example | Topics and Well Written Essays - 5250 words

International Dispute Resolution - Essay ExampleAs the paper declares arbitrement whether in domestic or international context, is a private system of adjudication by which parties to the dispute decide to resolve their differences outside any judicial system. Invariably, finality handed out in arbitration is final and binding. and the award can be enforced in a national court. The deciding persons who are called arbitrators portrayal as sole arbitrators or multiple arbitrators usually three chosen by the parties. While each party chooses its own arbitrator, where there are devil parties, the two arbitrators chosen by them elect a presiding arbitrator and their majority decision willing be binding. The arbitration can be adhoc or administered by an international arbitral institution. If adhoc, there will be no institutional involvement. The rules applicable are that of the institution or those chosen by the parties as the character reference may be. According to the report findi ngs international commercial arbitration has become the norm for dispute resolution in international contracts. The consent of the parties is the source of forcefulness for the arbitrators to decide the dispute. It also limits their power as the arbitrators can decide the dispute only within the scope of the parties agreement. The arbitrators must apply rules, procedures and laws preferred by the parties. This will be set out in the clause of the contract as the agreement for arbitration in the event of disputes.