Abstract
Arbitration is a private exercise based on the agreement of the parties and is administered by appointed ad hoc arbitral tribunal or established arbitral centre or institution. International commercial arbitration which is one of the procedures for resolution of international commercial disputes is patronized by many commercial men and women including corporate bodies and states. The essence of this paper is to inquire into the obstacles confronting this international lucrative procedure for settlement of commercial disputes between private individuals, private individuals and state, and between state and state parties. This paper will among others consider the obstacle of national courts, cost of arbitration, nationality of the arbitrators, political instability and unrest, etc. Key words: Obstacles, international commercial arbitration, law.
Highlights
MEANING OF INTERNATIONAL COMMERCIAL ARBITRATIONWhereas domestic commercial arbitration is governed and regulated by national laws or municipal legislations, international commercial arbitration is governed by variety of laws, namely, comparative law, conventions, and usage of international trade
Ole Olando claimed that international commercial arbitration is governed by the new Lex Marcatoria which he defined as a set of general principles and customary rules elaborated in the framework of international trade without reference to a particular national system of law (Ole, 1985)
This position taken by Ole Olando is highly unacceptable as it is not practically possible for international commercial arbitration to be governed by an autonomous legal regime unconnected with national legal system of the place of entering into an agreement or the venue of its enforcement
Summary
Arbitration is a private exercise based on the agreement of the parties and is administered by appointed ad hoc arbitral tribunal or established arbitral centre or institution. International commercial arbitration which is one of the procedures for resolution of international commercial disputes is patronized by many commercial men and women including corporate bodies and states. The essence of this paper is to inquire into the obstacles confronting this international lucrative procedure for settlement of commercial disputes between private individuals, private individuals and state, and between state and state parties. This paper will among others consider the obstacle of national courts, cost of arbitration, nationality of the arbitrators, political instability and unrest, etc
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