WHAT IS ARBITRATION?
learn about the advantages of arbitration
Arbitration has become the standard method of settling international commercial and investment disputes between corporations, states, and individuals.
Arbitration provisions are set out in various International Conventions. The binding solutions to the disputes provided by arbitral awards are internationally enforceable through the provisions of the 1958 New York Convention on the Recognition and Enforcement of Arbitral Awards, and through the provisions of the 1966 Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States.
The prestige of arbitration centres and institutions, such as the International Chamber of Commerce (ICC) and the International Centre for Settlement of Investment Disputes (ICSID), among many others, as well as the increasing use of the UNCITRAL Rules for non-administered arbitration, have provided companies with neutral procedures and institutions to resolve their commercial and investments disputes, and have contributed to the growth of international arbitration.
The scope of arbitration has gradually expanded, giving rise to what have been called “the New Frontiers of International Commercial Arbitration”, including, with almost no exception, any kind of dispute of an economic nature that concerns the commercial activity of a company and its relations with other companies and with states.
Harmonization efforts, particularly since 2010, including the constant alignment of international arbitration centres’ new rules and the contributions of UNCITRAL and private associations and institutions such as the IBA, the ICC, and UNIDROIT, have been key to the development of our current system of international commercial arbitration. Alongside the undeniable contribution of new technologies, they are pioneering the pursuit of a unified “Global Arbitration System”.