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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 signato...
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