Bushrat Jahan1
1 Doctoral School of Law, University of Pecs, 48-as-ter 1, 7622, Pecs, Hungary
Original language: English
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Abstract
The significant increase in the development of world economy over the last few decades have been experienced a considerable increase in the number of commercial disputes. When there is any business and dealings with contracts the question of dispute must be happened. But all of the parties actually want to run their business well and smoothly. In recent world a massive part of global economy depends on the trans-border business. But disputes in such business dealings sometimes can be the reasons to become risk the inter-relation of those parties. Which can affect the global economy as a whole. Comparing to the disputes inside domestic entities the trans-border or international business disputes can arise as bigger problem because of different jurisdictions, diverse legal systems and tradition. International Court of Justice (ICJ) already has the jurisdiction to try all the international civil suits but Alternative Dispute Resolution (ADR) mechanism also considered as a viable alternative to resolve the dispute over the court. The international arbitration arises as a way of alternative dispute resolution mechanism which upraise benefits both of the parties and maintain the confidentiality. In this paper details of international arbitration and the broader impact of this mechanism in the global business economy will be focused. The legal status and the implementation process of international arbitration also be the discussing point of this paper.
Author Keywords: international arbitration, business economy, globalization, enforcement of awards.
