Alternative Dispute Resolution or ADR is becoming more popular with both small and large businesses around the world as the logical choice to settle disputes between themselves and their business partners.
International arbitration is the alternative for businesses and individuals to settle their disputes instead of going to a court of law. This fact is becoming more evident as the world has become a global village and companies do more and more of their transactions in foreign countries. The appeal of being able to stipulate the law of the country that will settle the dispute, and how the arbitrator will be chosen and by whom gives the parties to the dispute more control than they would have had they gone to court and a foreign court whose laws may be vastly different form their own.
The key to international arbitration like any arbitration proceeding is based upon the arbitration clause within an agreement or a specific arbitration agreement detailing the needed particulars as to the arbitration proceedings agreed upon by the parties. Thus, in most cases if the parties involved are in need of enforcing the arbitration clause or agreement a court of law will not even be required to be involved in the settlement of the dispute.
Also, any party to an arbitration award may enforce the arbitration judgment within any country that is a member state to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, (New York, 1958). Thus, the ability to enforce the award in most countries courts is feasible.
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