INTERNATIONAL COMMERCIAL ARBITRATION

During the second half of the 20th century, international arbitration has emerged as the method preferred by many private businessmen for the resolution of commercial disputes among them which they have been unable to settle by informal means. The growth of international commercial arbitration has accompanied and gained momentum from the phenomenal growth in world trade and private foreign direct investment (FDI) which has characterized the postwar period. This research paper summarizes the historical roots of commercial arbitration and its use in international transactions, including the role of various legal systems in facilitating or impeding its development, and the steps taken in the early postwar period to establish a solid international legal and institutional framework for its further expansion.

According to Domke, "arbitration is a process by which the parties voluntarily refer their disputes to an impartial third person, an arbitrator, selected by them for a decision based on the evidence and arguments to be presented before the arbitration tribunal." One of the principal bodies involved in the arbitration of commercial disputes, including international commercial disputes, the American Arbitration Association, defines an arbitration as "the voluntary submission of a dispute to an impartial person or persons for final and binding arbitration." Both definitions stress the voluntary nature o

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ries, Austria, Italy, the Netherlands, and the United Kingdom, "there is no limitation on the arbitrability of government contracts." He said that in Belgium, Germany, and with respect to the federal government of the United States, such PDAAs "are not arbitrable in the absence of a specific statute or treaty." He said that the French Cour de Cassation had held that "disputes relating to international commercial contracts between the French state or state-owned enterprises and foreign private parties are arbitrable." Another legal doctrine which has been used by courts in developed countries (in the absence of treaties requiring them to enforce foreign arbitral awards) to recognize the immunity of foreign nations from the enforcement of foreign judgments or arbitral awards is the Act of State doctrine which essentially holds that the court of one nation will not inquire into the validity of public acts of a recognized foreign sovereign power within its territory. See Banco Nacional de Cuba v. Sabbatino, 376 U.S. 398, 401 (1964). Until the post-World War II period, both American and British courts refused to allow themselves to be used to enforce foreign judgments or foreign arbitration awards against foreign sovereign nations u
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Some common words found in the essay are:
Arbitration Act, Arbitration Association, Latin America, Lord Mansfield, Law Jurisprudence, Berman Kaufman, Third World, York Convention, French Cour, Commercial Arbitration, commercial arbitration, international commercial, international arbitration, international commercial arbitration, civil law, common law, arbitral awards, commercial disputes, dispute resolution, lex mercatoria, arbitration rules, international commercial contracts, uncitral arbitration rules, foreign arbitral awards, settlement investment disputes,
Approximate Word count = 6505
Approximate Pages = 26 (250 words per page)

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