Abstract
In terms of globalized economy, the integration trade cooperation process between state institutions, international organizations, and business entities are being followed by a dynamism regarding creation, modification, and termination of relations through the contracts which are now more standardized. Good business practices offered a good experience in terms of solving disputes on business transactions, local or international, security, efficiency and speed of trialing are enforced only if this issue is foreseen and contracted with special courts of arbitration. The role of arbitration on international trade, before all it is not only the solution of disputes. The arbitration has its mission before itself to build a fair trading practice and legal – business principle – bona fides. DOI: 10.5901/ajis.2016.v5n1p31
Highlights
Arbitration is the most common contemporary method of dispute resolution that arisesin international trade operations
Arbitration contributes on surpassing the disputes and creation of conditions for regular attendance of international trading transactions
“Regardless of principles and beliefs of certain countries for impartiality of the regular national courts, still the practice has not rarely shown that there are cases when these courts were bias favoring the local party. Such situation favored and actualized arbitration as a serious and impartial forum on resolution of disputes”.The selection of arbiter criteria influenced on determination of interested parties for arbitration, usually they are experts of international trade turnover and have enough knowledge about business techniques and operations
Summary
Arbitration is the most common contemporary method of dispute resolution that arisesin international trade operations. It is a private mean of dispute resolution based on initial agreement of parties referring the dispute to a private court. This form and method to conduct a court issue usually it is preferred for a number of reasons. The procedure before the arbitration court has a tendency to be much faster than a same dispute issue if addressed to a national court for a trial. A contracted or assigned court of arbitration to hear and solve a disagreement according to practices very surely will pay full and continuous attention to the contested issue. Regular courts usually have limited time, long list of cases that require deeper concentration and attention to judge a case which is a difficult situation
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