Arbitration involves the resolution of existing or potential disputes between parties by the appointment of arbitrators. This replaces the need for court proceedings and offers a final and binding settlement, assuming that the subject matter falls within the legal jurisdiction for arbitration resolution.
Given the continuous expansion of international commerce, the practice of settling disputes via chosen arbitrators, as opposed to state courts, is gaining in popularity. The expedited completion of the arbitration process is a key factor contributing to this trend.