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Resolving International Commercial Disputes, Methods of Resolution,…
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Methods of Resolution
Alternative Dispute Resolution
Offers a faster, cheaper, and more efficient alternative to resolving international commercial disputes than litigation.
ADR requires that the parties voluntarily submit to the resolution process.
Arbitration
A more formalized process resulting in a binding award that the courts of law in many countries will enforce.
The parties must agree to arbitration, and once they do, they may not withdraw.
Arbitration rules
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The rules of arbitral tribunals that address issues such as;
- the qualification and appointment of arbitrators
- the conduct of proceedings
- procedures for finding the facts and applying the law
- the making of awards
National Arbitral Laws
Most commercial nations today have laws permitting arbitration and specify-ing the effect of an arbitral award.
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Arbitration Clauses
Many contracts contain clauses requiring that disputes be submitted for arbitration because doing so removes much of the uncertainty in the event of a breach of contract or other dispute.
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Avoiding Business Disputes
When disagreements break out, amicable settlements are usually the best outcome and offer the best hope of salvaging a business relationship.It is always helpful if the parties have a reservoir of trust and goodwill that they can draw on to settle the dispute in a friendly way.
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