The Workings of International Commercial Arbitration (ICA)

International commercial disputes require a significant and expeditious determination as enormous sums are approximately involved. Customarily, such disputes are settled through litigation, which was the only door. However, in modern times, with the growth of other dispute resolution methods, parties to an international commercial agreement have at their fingertips a different range of choices for the settlement of their dispute. One such method is arbitration, which is frequently utilised in modern-day international commerce because of its attractions and popularity. Consequently, this paper weighs in on these attractions or advantages of arbitration in comparison with litigation. It will also explore the nature, processes and features of ICA, which has drawn parties to international trade agreements to resort to arbitration. However, there are drawbacks, especially the issue of cost and delay that affect efficiency in arbitration. Does this drawback take away the beauty of arbitration? This paper has recourse to questionnaires and laws collected from various Arbitral bodies via email as well as primary and secondary data to analyse this drawback. The conclusion reveals the current satisfaction with the system while at the same time analysing the challenges raised.