Arbitration

Arbitration is a private process for resolving disputes in which one or more neutral arbitrators hear the parties and issue a decision, often binding.

Arbitration agreement: An agreement to submit specified disputes to arbitration rather than resolve them solely in court. It establishes the arbitrator’s authority and defines which disputes the process can decide.
Litigation: The resolution of disputes through proceedings in a court of law. Unlike arbitration, litigation places the decision in a public court system.
International commercial arbitration: Arbitration of commercial disputes involving parties or interests connected to more than one country. It addresses cross-border disputes where parties may prefer a neutral forum.
New York Convention: The 1958 treaty requiring its member states to recognize and enforce foreign arbitral awards, subject to limited exceptions. It supports cross-border enforcement of many commercial arbitration awards.
Arbitral tribunal: The arbitrator or panel of arbitrators appointed to decide a dispute. Its composition and authority shape how the arbitration proceeds.
Mediation: A process in which a neutral mediator helps parties negotiate a settlement without imposing a decision. Mediation facilitates agreement; arbitration authorizes a tribunal to decide.
Investor–state dispute settlement: Processes through which foreign investors bring claims against states under investment agreements or laws. Arbitration is a prominent route for resolving certain investor claims against governments.
Judicial review of arbitral awards: Court review of an arbitral award, usually limited by the governing law and agreement. Courts may set aside or refuse enforcement on specific legal grounds, not simply rehear the merits.
Arbitration hearing: A proceeding in which parties present evidence and arguments to an arbitral tribunal. It is the central opportunity to make the case before the decision.
Conciliation: A dispute-resolution process in which a conciliator helps parties pursue a settlement, sometimes proposing terms. Its settlement-oriented role differs from an arbitrator’s authority to issue an award.

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