An Examination of the Concept of the ‘Seat of Arbitration’ in the Context of International Commercial Arbitration
Arbitration is one of the mechanisms for settlement of dispute. It is different from mediation or conciliation because in arbitration, there is a third-party arbiter who renders a final and binding award.
It is also different from litigation, because arbitration is consensual and constituted by the parties or based on agreement between the parties, while litigation and the court system is set up by the State. Common advantages of arbitration include party autonomy, speed of adjudication, confidentiality, expert arbitrators/tribunal, less acrimonious and less costly, and it does not constitute a strain to parties’ commercial relationship.
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