International Commercial Arbitration Essay

1.0 Introduction

The research explores international commercial arbitration with the objective of understanding its global overview, commercial arbitration approach in Islam, and specifically in Saudi Arabia. International commercial arbitration is used to resolve disputes arising due to international commercial contracts. Most of the cases include those transactions that take place between private parties across international borders which allows people to avoid litigation in courts. There are both primary and secondary sources in this area including national legislation, treaties, arbitral awards, arbitration rules, and decisions made by the courts. The decision obtained as a result of the process is usually binding to the involved parties.

Compared to the standard judicial process and time taken, the non-judicial nature makes it more efficient and attractive to many organizations and individuals. For instance, the litigation, especially in a foreign court, is time-consuming, expensive and complicated to resolve and in some cases, the decision arrived at may be potentially unenforceable. Conversely, arbitral awards have received significant recognition in the context of addressing disputes internationally. In respect to this about 140 countries abide by this process of resolving conflicts such as the New York

In the past five decades, arbitration options are becoming more recognized and preferred. Contrary to the previous century, where only a few countries had well-developed practices and laws in place, virtually all countries across the world have made tremendous progress to entrench the precise. Before, courts were the only institutions in many countries that offered solutions to these disputes. The whole process was cumbersome and lengthy because the laws compelled witnesses to appear and the judgments were not enforceable. However, nowadays the case is different due to the growth of arbitral bodies which provides many alternatives for parties can select based on their needs. Some of these agencies deal with any dispute while others specialize in certain types of disputes that focuses on a topic like intellectual property or