International Arbitration

International arbitration is comparable to domestic court litigation, except it takes place before private adjudicators known as arbitrators, rather than a domestic court. It is a private, enforceable, consensual, impartial and binding method of resolving international disputes that is generally faster and less expensive than domestic court processes.

Parties to international arbitration belong to separate countries and are bound in a legal relationship. This type of arbitration allows the parties belonging to different geographical, cultural, lingual and legal backgrounds to resolve their disputes without getting into the complex process of litigation.

The process of litigation for an international dispute is very complex and tedious due to conflicting laws and judicial systems, but in arbitration, the parties can mutually decide a specific law and process for dispute resolution.

One important aspect of international arbitration is enforcement of arbitral awards and, because of that, many countries have come to an agreement on reciprocal enforcement of arbitral awards. There are various international legal instruments formed between countries for recognition and enforcement of international arbitral awards and most followed among them is the New York Convention on Recognition and Enforcement of Foreign Arbitral Award. The process of enforcing foreign arbitral awards is easy and convenient in most countries.