Development and Changes of the Value Orientation of the Finality of Awards System of International Commercial Arbitration

Abstract

With the influence of the concepts such as “business field is battleground” and “time is money”, as one of the most important methods for resolving international economic disputes, international commercial arbitration’s effectiveness has always been recognized as the significant advantage of arbitration in resolving disputes compared with litigations. This paper points out the value deficiency of finality of awards system in arbitration under modern social background after analyzing the value orientation of finality of awards system. After analyzing why international arbitration has become the primary choice for resolving international economic disputes in a deeper scale, this paper explains that finality of awards system is not absolute correct and should compromise with the development of time.