Arbitration and Governance

International Commercial Arbitration Governance

Synonyms

Arbitration; Arbitration agreement; Arbitration clause; International commercial arbitration; Party autonomy; Public policy

Introduction

International commercial arbitration (hereinafter referred to as ICA), adjunct to court litigation of commercial disputes, is new locus of private authorities of adjudication system. There are queries how much ICA is efficient, functional, and valid (Moritz Renner, 2016). However, it evolves as transnational private adjudication system due to indiscriminate booming of international market with no state interference. It is more neutral, widely enforceable, and cheaper though the same adjudicative exercise is accomplished in different venues and flat forms. Activities of ICA have constituted a form of global governance unlikely to atomized form of global governance derived from the authority of national laws and courts and emergence of universal organization demoralizing sovereignty, to some...