Resolving Global Conflicts: Unleashing The Power Of International Arbitration In Cross- Border Disputes
Divyanjali Rathore, Rajiv Gandhi National University of Law, Patiala, Punjab
ABSTRACT:
This study examines how important international arbitration is in settling difficult international conflicts. In the connected and globalised world of today, parties from many jurisdictions frequently run into complex legal disputes that call for impartial and effective resolution processes. Due to how time-consuming and burdensome traditional litigation can be, alternative conflict resolution techniques are becoming more and more popular. With its inherent benefits, international arbitration presents a workable platform for settling international conflicts.
The study emphasises the importance and pervasiveness of cross-border disputes in modern society, taking into account elements like the growth of global trade, various legal systems, and cultural diversity. It also discusses the drawbacks and difficulties of conventional litigation in the context of international issues.
The definition, guiding principles, and salient benefits of international arbitration are highlighted in-depth. In contrast to domestic arbitration, the article underlines the special concerns and complications inherent in cross- border dispute settlement. The importance of arbitration agreements and clauses in international contracts is examined, along with well-known international arbitration institutions and laws like the ICC, UNCITRAL, and ICSID.
The study analyses important international agreements and treaties, like the New York Convention and the UNCITRAL Model Law, that make it easier for arbitral awards to be recognised and upheld in different countries. This study also looks at the legal framework governing international arbitration. The article also examines how national laws and regulations affect the capacity of international arbitral verdicts to be enforced, emphasising the difficulties involved in doing so under various legal systems.
Important problems and difficulties unique to cross-border disputes are addressed, including jurisdictional concerns, legal issues, linguistic issues, and cultural issues. In cross-border arbitration, the choice of applicable laws and substantive norms is reviewed, as are the challenges to the enforcement of arbitral judgements in several jurisdictions.
Through case studies of effective cross-border dispute resolution through international arbitration, the research offers useful insights. Through the analysis of these instances, the efficiency and results of international arbitration in difficult cross-border disputes are assessed, illuminating the benefits of this dispute resolution method.
The discussion of upcoming trends and advancements in international dispute settlement finishes the article. It investigates how technology, such as online arbitration and virtual hearings, has affected cross-border arbitration. Along with prospective modifications and enhancements to the international arbitration framework, the creation of specialised arbitration centres and courts is also taken into consideration.
In conclusion, this study contributes to a thorough knowledge of international arbitration's importance in resolving cross-border disputes. It highlights the benefits and difficulties of using international arbitration to ensure a successful resolution in a globalised environment, and provides insightful information for parties involved in cross-border transactions and disputes.
Comments