International Commercial Arbitration Assignment 2022

INTERNATIONAL COMMERCIAL ARBITRATION

INTRODUCTION
• Dispute resolution system is a very important arena of the development of judiciary and
international trade and commerce.
• Disputes arising out of international trade and commerce are dealt with the clause of arbitration.
• The need for arbitration is to allow the parties to feel neutrality of the adjudicating party towards
them.
• Arbitration is the process of the dispute resolution system where the third party is intervened for
the sake of the dispute resolution between the disputing parties.
• Litigation is the fundamental right of the citizens. However, alternatives like Arbitration ensure
faster and time efficient resolution of disputes.
• Arbitration can only be implied when it has been agreed upon by the parties at the time of
entering into the contract or after the breach of the contract.
• The decision of the arbitrator shall be final and binding upon the parties like an order of the
Court.

FREEDOM TO ARBITRATION
• When the parties enter into the contract, they are free to enter into arbitration by way of
incorporating an arbitration clause in the contract.
• Parties are free to choose their arbitrator by way of mutual consent.
• Before the commencement of arbitration, the parties are free to modify the terms of
arbitration as incorporated as the arbitration clause in the contract.