Arbitration Law Essay Example | Topics and Well Written Essays - 3000 words

Arbitration Law - Essay ExampleWith the rapid strides make by the world financial and business communities, it has become imperative for businesses to have a proven method of resolving business disputes promptly, expeditiously and constructively. When businesses grow and draw out it is natural that disputes will arise. In wake of this, parties often favor a private and informal settlement of disputes, in a businesslike fashion that modify them to further their business interests without strangling their business relationship. It is for such occasions that arbitration is designedfor prompt, pragmatic and efficient resolution of disputes. Arbitration is essentially a wreak of dispute resolution inspired by ones free will where a neutral third party renders a final and binding decision later the concerned sides have presented their views. This method is particularly useful in international business transactions where parties are often unfamiliar with foreign legal systems. The parti es may reside in a number of different geographic locations, each subject to quite different laws and legal systems. Matters get much more modify if their transactions involve activities in other jurisdictions, where they otherwise have no presence or familiarity. With stark deviations from a judicial procedure, arbitration is conducted outside the dally system by disinterested arbitrators selected by the concerned parties based on the criteria that best suit the nature of the contract.