Fundamentals｜An Overview on International Arbitration
摘要
There are three major methods of international dispute resolution; namely international arbitration, international commercial litigation, and alternative dispute resolution (ADR). Among these, arbitration is the most popular way of resolving cross-border disputes between states, companies, and individuals. At present, against the backdrop of the Belt and Road Initiative, Chinese companies are increasingly “going global.” Trade and investment activities between Chinese parties and foreign states or enterprises are becoming more frequent. In the face of ongoing and possible future cross-border disputes, many Chinese companies have already agreed with their counterparties to resolve disagreements and differences through international arbitration. However, international arbitration is markedly different from PRC domestic arbitration in terms of applicable laws and procedures; it is possible to regard them as two different systems. In general, Chinese parties and Chinese lawyers do not have a lot of experience in the area of international arbitration. In the past, a lack of understanding of international arbitration procedures and rules has led to disappointing results for many Chinese parties, even in cases with good prospects of success. This article will introduce international arbitration, international litigation and alternative dispute resolution as three methods of civil and commercial dispute resolution mechanisms, with discussing the advantages and disadvantages of international arbitration.
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