What is the legal framework for international arbitration?

What is the legal framework for international arbitration?

The legal framework for international arbitration includes treaties, national laws, and institutional rules that govern arbitration processes.

Can you explain the role of the New York Convention in this framework?

The New York Convention facilitates the recognition and enforcement of foreign arbitral awards, making it a cornerstone of international arbitration.

What are some key advantages of using international arbitration?

Key advantages include neutrality, confidentiality, and the ability to choose arbitrators with specific expertise.

How does international arbitration differ from litigation?

International arbitration is generally more flexible, faster, and less formal than litigation, which is bound by court procedures.

What are the common challenges faced in international arbitration?

Common challenges include enforcement issues, differing legal standards, and potential biases in arbitrator selection.