The Innovative Conception Of International Arbitration Implemented By Key Players Worldwide

Author:Mr Benjamin Leventhal
Profession:Gideon Fisher & Co.
 
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It is recently apparent, that more and more key players and commercial as well as national entities world wide, are adopting an innovative conception, according to which, the most efficient and practical method to resolve commercial disputes and enforce such resolutions, especially internationally speaking, is by international arbitration rather then legal procedures in domestic courts wherever they may be.

During our legal careers, we have all faced one way or another the great difficulties of initiating legal proceedings in domestic courts against foreign entities and/or businessmen and we have all experienced that the said difficulty greatens once attempting to enforce a domestic judgment in foreign countries, if possible at all (depending of the country involved).

It is evident today, more then ever, that the power of international trade supercedes any political borders or boundaries and international commercial players will always find the way to conduct trade despite any obstacles, emphasizing the commercial version implementation of the well known saying "where there's a will there's a way". Yet, as we all know, disputes still arise as an inseparable part of life and trade, and key ongoing players in the international commercial field have learned, usually the hard way, that in order to be able to maintain business on one hand and enforce obligations on the other, they must turn to pragmatic legal solutions that will allow to calculate and consider reasonable solutions in reasonable timetables for disputes.

These are roughly the basic reasons we witness a drastic shift world wide towards parties including international arbitration clauses in their agreements and even turning to resolve disputes by International arbitration without specific prior agreements, all in the name of efficiency, also making extremely important use of the 1958 New York Convention concerning enforcement of foreign arbitral awards.

For this purpose we would like to point out one of the most significant institution in this regard - The ICC- International Chamber of Commerce. The organization was established after World War One in order to promote world peace through fair trade recognizing the magnitude and great influence and role economics and trade has in this respect. The ICC has branches and members in 150 countries worldwide, and is an influential advisory body for the world's economic policy- makers, such as the OECD, WTO.G8 and UN.

One of the ICC's main activities is...

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