The Workings of International Commercial Arbitration (ICA)

International commercial disputes require a significant and expeditious determination as enormous sums are approximately involved. Customarily, such disputes are settled through litigation, which was the only door. However, in modern times, with the growth of other dispute resolution methods, parties to an international commercial agreement have at their fingertips different range of choices for the settlement of their dispute. One of such methods is arbitration, which is frequently utilised in modern-day international commerce because of its attractions and popularity.
Consequently, this paper weighs in on these attractions or advantages of arbitration in comparison with litigation. It will also explore the nature, processes and features of ICA, which has drawn parties to international trade agreements to resort to arbitration. However, there are drawbacks, especially the issue of cost and delay that affect efficiency in arbitration. Does this drawback take away the beauty of arbitration? This paper has recourse to primary and secondary data approach-books, articles from the institutional bodies, newspapers and websites.
This drawback will be critically discussed in this paper, and the conclusion will reveal the current satisfaction with the system while at the same time, analysing the challenges raised.