Today, companies doing business on a national and international scale find alternative methods of dispute resolution more attractive than ever. Arbitration is often the only possibility of settling a dispute when differences arise in the course of international transactions between business partners from different countries of origin.
Arbitral proceedings give the parties involved an opportunity to choose and combine the place of arbitration, the arbitration rules as well as governing law. They also have a say in the composition of the tribunal, especially in regard to the arbitrators’ areas of expertise. Moreover, arbitral decisions are internationally recognized and enforced to such an extent that they frequently offer a clear advantage over national jurisdiction.