Arbitration

Arbitration law governs a method of alternative dispute resolution where parties in a dispute agree to have their case heard by one or more neutral third parties, known as arbitrators. Unlike traditional litigation in court, arbitration is a private, confidential, and often more flexible process. Its core principles are rooted in party autonomy, meaning the parties have significant control over the proceedings, including the selection of the arbitrator(s), the applicable law, and the procedural rules. The decision made by the arbitral tribunal, called an award, is generally final and binding on the parties and has limited grounds for appeal.

A key feature of arbitration law is the enforceability of arbitral awards. Thanks to international agreements like the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, an arbitration award issued in one country can be enforced in over 165 other countries. This makes arbitration a highly effective tool for resolving international commercial disputes, as it allows businesses to avoid the complexities and potential biases of foreign court systems. While arbitration is primarily a consensual process, national laws and international conventions provide a legal framework to ensure fairness, impartiality, and the proper functioning of the procedure, including the power of courts to enforce arbitration agreements and awards.