Merits of Arbitration Essay Example | Topics and Well Written Essays - 3000 words

Merits of Arbitration - Essay Example These are also points of interest that have been included into the presented work. The conclusion that has been found will show that arbitrary services are a necessity to International Commercial Businesses and are relied upon heavily by many national companies. The ICC has recently undergone a restructuring and has had an extension of affiliates added as new members of its court. The total membership of the ICC is now at an estimated 122 which includes the positions of: chairman, nine vice chairmen, eighty six members, and twenty five alternate members (International Chamber of Commerce 2006). The court is truly vindictive of International brethren as a total of 86 countries are now representative within the court. The processes and procedures of the ICC are carried out every week as they review all cases that are before them and asses specific ones, designating arbitrators, fixing arbitration costs, and reviewing various drafted reports and awards submitted by arbitral tribunals (International Chamber of Commerce 2006). There are a number of legitimate reasons why arbitration is selected by many as a means to solving a dispute but first and foremost both parties must be willing to enter the process with good intentions rather than making the situation more complicated than what it already is. Also, the rulings passed down through the ICC's arbitrary process are final and absolutely binding, there is no changing a contract once an agreement has been reached. Furthermore, it is found that the awards reached through arbitrary processes allow for a broader international recognition than those that are passed down by national courts (International Chamber of Commerce 2006). In the arbitrary methods found within the ICC, either party or both can feel on equal ground in five mutually respective key areas which are: Place of Arbitration Language Used Procedures or rules of law applied Nationality Legal representation (International Chamber of Commerce 2006). These five key areas make the atmosphere for arbitration more amicable as there are no restrictions within the realm of language or nationality, so therefore there is no undue discrimination to be found in the process. This allows for establishing a totally neutral setting to allow for a fair hearing for both parties without any prejudices. Furthermore, the process is found to be swifter and far less expensive than old fashioned litigation procedures found within the basic court system. Basically, this process prevents appeals so it does away with any possibility of the case being tied up in the court system for a prolonged period of time, which saves both parties concerned a lot of additional time and money. There have been instances where awards as high as multi-million dollars have been awarded and