Abstract
A number of factors are of critical importance in international commercial arbitration. The purpose of this chapter is to provide a narrative of the key terms used in commercial arbitration, a discussion of the different types of arbitration, and a brief description of international arbitration laws, as well as to emphasize the value of alternative dispute resolution and to define the concept and nature of the arbitration. International commercial arbitration has many facets, and reading about these problems can help gain deep insights into them. In terms of discussions, mediations, collaborative laws, and arbitration, alternative dispute resolution (ADR), sometimes known as external dispute resolution (EDR), is categorized into different forms. Laws governing the resolution of legal disputes fall under the purview of common law in some jurisdictions, such as the United Kingdom. The customs and practices of various nations give rise to distinct alternatives for resolving legal disputes.
TopBackground
While conflicts are common, it is essential that they be resolved, redressed, or settled to allow society to function normally. While judicial systems have long been seen as the standard by which justice is to be achieved, other, external dispute-resolution mechanisms have become increasingly important in recent decades. Therefore, it is crucial to talk about the value of EDRs (External Dispute Resolution) and ADRs (Alternate Dispute Resolution).
In alternative dispute resolution (ADR) or External Dispute Resolution (EDR), a neutral third party helps parties in conflict to work through their issues. As a rule, this option is more convenient and economical than going to court. Alternative dispute resolution (ADR) can be useful because it can reduce the amount of time spent on resolving a dispute from years to weeks or months if used properly.
There are many positive aspects of ADR/EDR procedures. They are adaptable, economical, and quick, and give the parties more say over the outcome.
Disputes can be settled more efficiently, and overburdened courts can rest easier knowing that they won't have to deal with as many cases as usual.
In this chapter, an attempt is made to achieve the following objectives:
- 1.
To provide a narrative of the key terms used in arbitration
- 2.
To discuss different types of arbitration
- 3.
To analyze the different arbitration laws to gain deep insights into the concept and practices
For the purpose of achieving the above objectives, the methodology used is analytical and descriptive using the secondary sources as available in the published material as also the web sources.
TopPrevious Research Literature
Many experts in the field have studied ADR methods and published their findings in academic publications. Insightful and illuminating, the analysis provided by these scholars’ points to avenues that can be pursued to achieve the goal of justice in a timely and economical fashion.
Key Terms in this Chapter
External Dispute Resolution: This refers to any means of settling disputes outside of the courtroom. It typically includes early neutral evaluation, negotiation, conciliation, mediation, and arbitration 1 .
Freeform Negotiation: Freeform negotiation refers to a negotiation process that is not bound by any specific rules or procedures. The parties are free to negotiate in any manner they see fit.
Institutional Arbitrator: An institutional arbitration is one in which a specialized institution intervenes and takes on the role of administering the arbitration process. Each institution has its own set of rules which provide a framework for the arbitration, and its own form of administration to assist in the process 2 .
Early Neutral Evaluation: Early Neutral Evaluation (ENE) is a form of alternative dispute resolution where an experienced evaluator assesses the strengths and weaknesses of each side’s case and provides an evaluation of the likely outcome if the case were to go to trial. This can help parties reach a settlement or narrow the issues in dispute.
Ad hoc arbitrator: Ad hoc arbitration refers to arbitration that is not administered by an institution. The parties are responsible for all aspects of the arbitration, including selecting the arbitrators, determining the rules and procedures, and arranging for a hearing location.
Conventional Court: This refers to the traditional court system where disputes are resolved through litigation.
Collaborative Law: Collaborative law is a legal process enabling couples who have decided to separate or end their marriage to work with their lawyers and, on occasion, other family professionals in order to avoid the uncertain outcome of court and to achieve a settlement that best meets the specific needs of both parties and their children without the underlying threat of litigation.