Critically discuss the role and importance of intenational commercial arbitration as an alternative dispute settlement mechanism in international trade today.

International trade contracts can give rise to disputes, which need resolution. This can be done through a process of litigation, or arbitration, to mention just two methods. Certain issues however, need to be taken into consideration when using either of the two methods for dispute settlement. Many businesses in recent times have preferred to use the latter method of arbitration. This has in many cases become the norm. It has also been suggested, the increased …

…Perspectives of International Trade Law: London: Sweet & Maxwell. Goode (1995). Commercial Law: Pelican. Hotchkiss, C. (1994) International Business Law: McGraw-Hill ICC [n.d]. Introduction to Arbitration [on-line] http://www.iccwbo.org/court/english/arbitrartion.asp [Accessed 17 March 2003] Schmitthoff, C. (1990) Export Trade: The Law and Practice of International Trade: 9th Edition. London: Sweet & Maxwell. Vibhute K (1998). Waiver of State Immunity by an Agreement to Arbitrate and International Commercial Arbitration. Journal of Business Law. Vol. 550.