What are the key methods of international dispute resolution?

What are the key methods of international dispute resolution?

The key methods include negotiation, mediation, arbitration, and litigation. Each has its own process and benefits.

Can you explain how arbitration works?

Sure! Arbitration involves a neutral third party who makes a binding decision after hearing both sides. It's often faster than court.

What are the advantages of mediation over litigation?

Mediation is usually less formal, more flexible, and can preserve relationships, while litigation can be adversarial and costly.

Are there any international treaties that govern these methods?

Yes, treaties like the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards play a crucial role.

How can parties choose the right method for their dispute?

Parties should consider factors like the nature of the dispute, desired outcomes, costs, and the relationship between the parties.