The landscape of international arbitration is fast changing. Who is driving and in control of this dispute resolution mechanism?
In the COVID-19 world which has significantly affected State economies, business and professional lives, we can look at the contemporary issues relevant to the development, practice and control of the international arbitration process. It is also appropriate to look at what has been achieved, how it has been achieved, the control and influences on international arbitration and the issues to be surmounted.
In this regard, a key question, not frequently discussed, is the legal nature of arbitration. Who is in control of the arbitral process: the parties or the law? In contemporary times, the question can be extended to include the tribunal, the arbitral institution and the parties’ legal representatives. In other words: “whose arbitration is it?”
I. PERCEPTION TODAY
Recent years have been booming times for international arbitration. Parties increasingly select arbitration to determine disputes arising from their international business arrangements.