Question

In: Economics

How civil-law disputes between the parties from different nation-states can be resolved through national court systems...

How civil-law disputes between the parties from different nation-states can be resolved through national court systems or arbitration.

Solutions

Expert Solution

Arbitartion

The aim of arbitartion is to resolve disputes through the legally binding decision of an Arbitrator.

In arbitartion party don't actually agree necessarily on the resolution, they might come to their own agreement. But generally the third party who is arbitrator will choose how the dispute will be handled and will choose the process and will make a legally binding decision.So the arbitrator actually makes here not the parties coming to an agreement .So the party will put forward evidence, it might be constructive like a normal trial and in a sense of witnesses use there documentary evidence used.But the Arbitrator will actually ask both parties lots of questions and is able to ask question about the evidence which a judge can't do in a trial and can't uncover new evidence.Ans the idea is that the arbitrator is going to try and find out the truth of the matter and make a judgement and this judgement might be a compromise for both parties or it can be in favour of one party over the other but it is legally binding.

Why arbitartion is appropriate ?

When a decision needs to be legally enforceable

When two parties cannot come to an agreement using other form of ADR.

When there is a history of broken promises.

Usually used for disputes between businesses.

Not accessible for everyone - usually part of terms of a contract


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