International arbitration refers to the process of resolving disputes between parties from different countries outside of national court systems. It's a form of alternative dispute resolution (ADR) where the parties agree to have their dispute settled by an arbitrator or arbitral tribunal rather than going to court.
Here's how it typically works:
1. Agreement to Arbitrate: Parties agree in advance, often in a contract or treaty, to submit any disputes arising between them to arbitration instead of litigation.
2. Selection of Arbitrators: The parties may agree on a single arbitrator or a panel of arbitrators to decide the case. These arbitrators are usually experts in the subject matter of the dispute or have expertise.
3. Arbitration Proceedings: The arbitration process usually involves hearings where both parties present their evidence, witnesses, and arguments to the arbitrator(s). The process can be flexible and less formal than court proceedings, depending on the agreed rules of arbitration.
4. Arbitration Award: After considering the evidence and arguments presented by both sides, the arbitrator(s) make a decision, called an arbitration award, which is legally binding on the parties.
5. Enforcement: Arbitration awards can typically be enforced in most countries through national courts or under international conventions like the New York Convention, which facilitates the recognition and enforcement of arbitral awards internationally.
International arbitration is often favored by parties involved in cross-border transactions or international contracts because it offers several potential advantages over traditional litigation, including neutrality, confidentiality, flexibility, and the ability to choose arbitrators with relevant expertise.
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