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Critically Discuss the Role and Importance of International Commercial Arbitration as an Alternative Dispute Settlement Mechanism in International Trade Today
International trade contracts can give rise to disputes, which need resolution. This can be done through a process of litigation, or arbitration, to mention just two methods. Certain issues however, need to be taken into consideration when using either of the two methods for dispute settlement.
Many businesses in recent times have preferred to use the latter method of arbitration. This has in many cases become the norm. It has also been suggested, the increased use of arbitration as a mechanism of dispute settlement is due to the perception it has significant advantages over the former method. 'In the recent past international commercial arbitration owing to its advantages over litigation in a national court has emerged as an effective alternative dispute resolution device for the settlement of transnational disputes'. (Vibhute 1998).
Thus, it is pertinent to mention the issues relating to litigation as a form of dispute settlement, to place in perspective the role of international commercial arbitration as an alternative means of settling disputes in international commercial trade.
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