The importance of arbitration as a dispute resolution method in disputes arising in local and international commercial life is revealed when the growth of world trade volume day by day, the number of independent states and the existence of different legal systems are evaluated together.
The main purpose of International Commercial Arbitration is the rapid and effective resolution of commercial disputes that is under the jurisdiction of more than one state and the parties are allowed to make arbitration agreements.In this way, it is aimed to prevent the inequality and loss of rights that may occur due to time, legal expenses and legislative differences.
In International Commercial Arbitration, it is aimed to ensure unity between arbitral decisions, and for this, continuity is given to legal regulations by international organizations and states.
It is clear that the developing trade system is not protected by the same laws in every country, and it is clear that opening the way for the parties to trade in developing and less developed countries is only possible by granting the rights accepted and recognized in the developed country legal systems.
Otherwise, trade could only be made between states with a certain level of development legally and the development of other states could have been slowed down.
The contribution of international chambers of commerce and similar organizations to the development of international commercial arbitration cannot be denied at the current stage.
Arbitration as a dispute resolution method is seen even in Ancient Greek and Ancient Egyptian civilizations.
What are the advantages of International Commercial Arbitration?
the dispute is judged by impartial and independent arbitrators.
Expert referees in the field are ed.
Parties have the opportunity to determine the law to be applied.
The judging is conducted in secret.
The enforcement of the decisions to be made as a result of arbitration is possible.
What are the disadvantages of International Commercial Arbitration?
It is possible that the consequences of non-compliance with the arbitrator's decision differ between countries.
It is possible that the dispute is not suitable for arbitration, according to the legislation of the country where the enforcement of the arbitral decision will be requested.
Due to the principle of confidentiality of arbitration, the concept of joinder of parties depends on the consent of the other party.
The cost is high.
