Arbitration of the International Centre for Settlement of Investment Disputes

Abstract

Arbitration has become a feature of the modern era. The use of arbitration as a means of resolving disputes has increased because it offers advantages that overloaded state courts cannot provide. It also benefits contracting parties from different countries by sparing them the problem of not knowing the substantive and procedural rules of foreign law. Furthermore, the significant growth in trade and investment has led to the widespread adoption of arbitration and its expansion at an international level, thereby increasing its importance and necessitating appropriate consideration. 

Arbitration is clearly accepted in most countries across their legal, economic and social systems. However, this acceptance is not limited to viewing arbitration as the optimal means of resolving disputes arising solely from domestic and international relations. Rather, it also serves as a necessary incentive arising from these relations and their development, achieving benefits for both producing and consuming states.