Abstract
With the growth of the business and financial world, it is more important for all these companies to have a quick and efficient method to resolve the possible disputes that can occur: this alternative dispute resolution method is the Arbitration. Definition and description of international arbitration: Arbitration is a method often used for resolving disputes. We are talking about international arbitration when it deals with disputes resulting from international commercial agreements or any international relationships.
Arbitration is a voluntary process of dispute resolution where a neutral third party, the arbitrator, gives a final and binding decision after that each side had an opportunity to present its own view of the dispute. Most of the companies use the arbitration when they want to settle a dispute with another company, they indeed want to avoid going in front of national courts that they usually don't know and they want to have a quicker, private and more efficient way to settle their disputes, in order to maintain their business relationship.
The parties should specify in an arbitration agreement or an arbitration clause whether the disputes will be subject or not to the arbitration. The clause has to be inserted in the contract, however the arbitration agreement can be formed during the negotiation of the contract but also after the disputes occurs, and it has to be inserted in the contract as well. Arbitration is not a judicial process; it is not operated by the court system but by impartial arbitrators selected by the parties. International Arbitration can be directed by one or three arbitrators, the site, the format, the scope of arbitration should have been all decided by the parties in the arbitration clause.
