What is arbitration?
Arbitration has become the standard way of resolving international commercial disputes. It is supported by a network of international conventions such as the 1958 New York Convention, which facilitates the enforcement of arbitral awards worldwide.
The success of the United Nations Commission on International Trade Law (UNCITRAL) Model Law has led States to adopt modern and favorable arbitration laws and fostered the international development of arbitration. Moreover, through the International Centre for Settlement of Investment Disputes (ICSID), which operates under the aegis of the World Bank, States are able to provide companies with a neutral institution for the resolution of disputes regarding their foreign investments.
The professionalism of leading arbitration institutions, such as the International Chamber of Commerce (ICC), and the existence of actual arbitral case law make recourse to arbitration easier and more efficient.
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