DOI: 10.5176/2251-3809_LRPP13.26
Authors: NIDHI CHAUHAN and MAHANAND KUMAR
Abstract:
Arbitration is not part of the State system of courts. It is a consensual procedure based on the agreements of the parties. International arbitration as an alternative dispute settlement mechanism in international trade today and simultaneously it is a better way of solving a commercial dispute than going before the court. Arbitration makes the dispute resolution very easier between the parties.
With the arrival of international commercial arbitration, the fundamental question which arises is the determination of the commercial and international nature of these arbitrations. The development of economies of different countries is mainly governed by the commercial contracts which these countries maintain with other countries. These contracts are becoming more international in character due to universal integration. Thus, it has become inevitable that the idea of commercial and international nature of any international commercial arbitration be determined.
The present paper analyses the terms ‘commercial’ and ‘international’ and their applicability through a variety of international and national legislations. Firstly, the paper highlights the idea of commerciality and also analyses a range of transactions which can be termed as commercial. Secondly, the paper analyses the term “International” and also provides the tests which were evolved for determining the international character of any arbitration proceedings. Lastly, the author concludes the paper, with intent to provide global and commonly accepted definitions of the terms “commerciality” and “international” so as to facilitate transactional commerce and to provide speedy dispute resolutions on these international commercial disputes.
Keywords:
Internationality, commercial, arbitration, Model Law, NewYork Convention
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