What is arbitration?

The International Business Community has driven recent changes in commercial dispute resolution procedures. The evidence points to Arbitration being the first choice for the binding resolution of commercial disputes in the widest range of contractual relationships and across many jurisdictions, as the extraordinary reach of the New York Convention, currently extending to around 140 jurisdictions, testifies.  Litigation is quite rightly seen, in many jurisdictions, as too expensive, time-consuming and contentious.  The courts in the UK are most definitely expecting parties to have had a good attempt at resolving disputes and reaching out of court settlements.
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