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Arbitration is a preferred method for resolving trade conflicts from "summary" of Modern Law of International Trade by Ajendra Srivastava
Arbitration has gained popularity as a preferred method for resolving trade conflicts in the international business arena. This is primarily due to the flexibility it offers parties in choosing arbitrators, determining procedural rules, and setting the venue for the arbitration. Unlike litigation in national courts, arbitration allows parties to select arbitrators who have expertise in the specific subject matter of the dispute, ensuring a more informed and fair decision-making process. Furthermore, arbitration proceedings are generally confidential, providing parties with a level of privacy that may not be available in court proceedings. This confidentiality can be particularly advantageous for businesses seeking to protect sensitive commercial information or avoid negative publicity that may arise from a public court case. Additionally, arbitration awards are often easier to enforce across different jurisdictions, as many countries are signatories to international conventions that facilitate the recognition and enforcement of arbitral awards. Moreover, arbitration is known for its efficiency and speed in resolving disputes. Parties can agree on a timeline for the arbitration process, allowing for a quicker resolution compared to the often lengthy and unpredictable timelines associated with court litigation. This can be particularly beneficial for businesses seeking to avoid prolonged legal battles that may impact their operations and bottom line. Another key advantage of arbitration is its informality and flexibility in terms of procedure and evidence. Parties have the ability to tailor the arbitration process to suit their specific needs and preferences, allowing for a more streamlined and cost-effective resolution of the dispute. This flexibility can be especially valuable in complex international trade disputes where parties may have differing cultural or procedural expectations.- Arbitration has emerged as a preferred method for resolving trade conflicts in the modern era of international trade. Its flexibility, confidentiality, efficiency, and informality make it an attractive option for businesses looking to efficiently and effectively resolve disputes in a global marketplace.
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