Should an Arbitral Award be Appealed by the Parties?
the World War II, with the impacts of the liberal theories and with the policies of free trade, remarkable, gradual developments and enlargements have been observed on the International Commercial Relations among states. Naturally, as a consequence of these improvements, traders or companies faced with crucial disputes in their relationships against counterparts. For this reason, these parties needed to solve trade disputes in an innovative and efficient ways. It can be said that International Commercial Arbitration has played a significant role to solve these obstacles both on legal bases and in a business manner. However, according to permanent settlement of International Commercial Arbitration, an arbitral award cannot be appealed by the parties. On the other hand, there is a common debate that „whether parties to international commercial arbitration should be permitted to appeal an arbitral award.‟ This paper intends to analyse and provides a critical assessment on this trend topic. It will stress the importance of finality of the international commercial arbitration award in the trade area.
Arbitral award; International Commercial Arbitration