Definition of international commercial arbitration
It is a means of settling disputes arising from international trade contracts, and it is a private judiciary appointed by the parties, and this court avoids many of the defects of litigation before the local judiciary.
Arbitration has found its field in the growth of international commercial relations between countries, which make it the most successful way to resolve international commercial disputes instead of knocking on the door of the judiciary.
Types of international commercial arbitration:
Compulsory arbitration ———- is the one whose arbitrator is appointed by the judge, then in the event that the amount subject to dispute is small, then there is no reason to have a long litigation period.
Binding arbitration ——— is that which takes place through the work of the parties to the arbitrators to appoint an arbitrator among themselves to settle the dispute
Non-binding arbitration —- In the event that the parties agree that the decision issued by the arbitrator is not satisfactory, the parties shall reserve the right to litigate.