What are advantages and disadvantages of arbitration in international Essay

What are advantages and disadvantages of arbitration in international law Discuss - Essay Example Out of the necessity to find a systematic way to resolve business problems alternative dispute resolution systems (ADR) gain tremendous popularity. The most common and utilized ADR is arbitration. This paper studies international arbitration law by analyzing how it works and providing examples of real life arbitration cases. It provides insight into the advantages and disadvantages of utilizing arbitration to resolve conflict in international business affairs. Arbitration is a relative new concept in the modern business world. One of the first cases in which arbitration was utilized in a business transaction in the 20th century occurred in 1943. In that year the New Your City Council Claims’ Manager Council appointed a committee to as an arbitration board to resolve to arbitrate certain automobile physical damage subrogation claims dispute that arose among the members of the council (Arbfile, 2002). Arbitration had been utilized previously to find peaceful resolutions to war conflicts and by diplomats to solve problems between nations. Contrary to common beliefs the roots of the utilization of arbitration were not planted in this century, they date back thousands of years. Alexander the Great utilized arbitration as a means to settle territorial disputes arriving from a peace treaty he had negotiated with the Southern States of Greece in 337 B.C. (Massey). Current and past history demonstrates that arbitration has always been a com monly utilized method to find resolution to problems involving countries and territories around the world. Arbitration cases in business disputes involve two parties with a problem in which neither of them whishes to take the case to court and are unable to resolve the problem themselves. In order to find a solution the parties decide to delegate the responsibility of finding a solution to a person or panel of people. The