International Commercial Arbitration Essay

654 words - 3 pages

Arbitration: It is a process wherein the parties to a dispute present their dispute or disagreement to the discernment and wisdom of an impartial person or group (known as arbitrators) nominated by the mutual/reciprocal consent, who decides the dispute in a quasi-judicial procedure and the award passed by the arbitrators is final and binding on the parties to the dispute.
Online Arbitration: If an arbitration procedure is conducted online then it is known as online arbitration. Online arbitration is a procedure of resolving disputes that has all elements of arbitration, including submission and accession to the arbitral tribunal. All the arbitral proceedings in case of online arbitration ...view middle of the document...

In this 21st century the application of technology has increased manifoldly. The expansion of the Internet affects many parts of our lives. We use the Internet in our daily lives in many areas like banking, game, shopping, teaching, communicating, study and research and even war everything is happening through the internet. The Internet has many benefits in international business transactions, it is less expensive - saves money and account for time differences. However, as the number of international business transactions grow in number we can anticipate more disputes and conflicts to arise.

As such international commercial business disputes are no exception to tremendous growth of the internet; every year several thousands of commercial business contracts are concluded electronically over the internet. Tremendous use and development of the internet on international commerce has created opportunities and a favourable option for quick and cost effective dispute resolution in an online mechanism through Online Dispute Resolution (ODR).

It is well established that International Commercial Arbitration (ICA) is a tool for the final and binding resolution of commercial disputes...

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