International Arbitration Definition
There is no one international arbitration definition because arbitration is a method of dispute resolution that can be tailored to the specific needs of the parties involved. However, in general, international arbitration is a process in which two or more parties agree to submit their dispute to one or more independent third parties for a binding decision.
The key features of international arbitration are that it is voluntary, confidential, and typically faster and cheaper than going to court. International arbitration can be used to resolve disputes involving any type of legal issue, including commercial contracts, intellectual property rights, investment disputes, and even personal injury claims.
