Originally from Dispute Resolution Journal

As the cost and delay of litigation in national courts continue to rise, parties contemplating a contractual relationship have sought alternative methods of dispute resolution. One of the most prevalent techniques of alternative dispute resolution is arbitration. In fact, in recent decades, a profusion of organizations have sprung into being specializing in both national and international arbitration.1 Different countries have also encouraged the use of arbitration by passing legislation recognizing, both nationally and internationally, the enforceability of agreements to arbitrate and any corresponding arbitral awards. Furthermore, national courts have encouraged the use of arbitration by liberally interpreting these national and international accords in favor of arbitration.