International Arbitration is the leading dispute resolution method between businesses of different nationalities, as well as between foreign investors and States. It has become increasingly popular because of several benefits of international arbitration agreements that cannot be found before national or local courts. This dispute resolution system aims to cure some of the shortcomings of national court systems.

Below are some of the benefits of the international arbitration agreements –

1. The international arbitration provides globally enforceable agreements and awards. The whole system would be deprived of value without this enforceability feature. International arbitration even goes as far as attempting to produce final results for each legal issue.
2. The second benefit is the centralized forum. The international arbitration process is designed to avoid choice-of-law issues and multiple litigations in front of different national courts. This aims to create a consistent jurisprudence and better enforcement of awards. It follows that uncertainties, risks and costs are decreased.
3. International arbitration dispute resolution is neutral. The forum is completely independent from the parties or their governments, contrary to national courts that may be pressured by society, media, or political considerations. International arbitration offers parties a fair opportunity to present their cases to an objective tribunal, thanks to both a neutral composition of the tribunal and the use of neutral procedures and rules.
4. The fourth benefit is the competence and expertise of the tribunal. International arbitration has a particular focus on this point. Local courts judges may sometimes lack technical knowledge – mainly because they are generalist and do not often specialize, but also independence. International arbitration aims at fighting corruption and favoritism, while providing a legally sound decision.
5. The fifth benefit is the finality of the decisions, as briefly mentioned above. In international arbitration, there is no appellate system to review the award, unlike local courts, unless the parties stipulate that there will be one.
6. The sixth benefit is party autonomy and procedural flexibility. International arbitration allows parties to choose and agree upon the composition of the tribunal, the applicable law, the seat of arbitration, and the rules of arbitration.
7. The seventh and eighth main benefits are the confidentiality of the process and its cost/efficiency. International arbitration may offer a less expensive, quicker process than local courts, as there are no appeals, and protect parties by offering confidentiality in many jurisdictions.

Do you want to know more about international arbitration agreements?

Aceris Law’s ICC Arbitration Lawyers Desk is a dedicated team of lawyers at Aceris Law, a specialized international arbitration law firm, which accompanies clients involved in ICC arbitrations.

Aceris Law’s Harvard, Oxford and Sorbonne trained lawyers are admitted to bars of Western Europe, Eastern Europe and North America and have significant prior experience dealing with commercial, construction and investment treaty arbitrations under the ICC Arbitration Rules. They are experts in international arbitration: this is all that they do, which allows them to offer more cost-effective fees than other firms for the highest quality international arbitration legal representation. For more information, feel free to visit https://www.acerislaw.com/.