renowned arbitration theory

Renowned arbitration theory emphasizes that arbitration is a private, agreement-based process where parties choose a neutral individual or panel to resolve disputes outside courts. It offers a flexible, efficient alternative for settling disagreements, often with binding decisions that are recognized internationally. The theory highlights principles like party autonomy (control over process), neutrality, confidentiality, and enforceability. It is designed to provide a fair, efficient resolution mechanism while respecting the parties’ rights to tailor procedures to their needs, making arbitration a trusted method for resolving commercial and legal conflicts globally.