ADVANTAGES OF INTERNATIONAL COMMERCIAL ARBITRATION IN RESOLVING THE COMMERCIAL CONTESTS

Abstract

Flexibility and other advantages that the International Commercial Arbitration has in resolving commercial contests has made it possible that this mechanism be one of the key factors influencing the foreign capital in the developing countries, as well as signing of a large number of contracts involving a large amount of financial means. The purpose of this paper is to focus on analyzing the advantages of the international arbitration as a credible institution with a procedural and mitigating flexibility towards other mechanisms for solving commercial contests. From the other perspective, this paper analytically explains the reasons as to why the parties avoid other procedures in solving commercial contests. The main purpose of this paper is theoretical influence in promoting this institution by specifically focusing on the importance of the advantages that this institution has as compared to the other procedures in solving the commercial contests. This study will be carried out using content analysis method wherein a number of data from various authors will be analysed (analyzing the relevant literature for this institution through which advantages and disadvantages of the Arbitrary Procedure will be explained).