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INTERNATIONAL ASPECTS OF BUSINESS LAW Subject: "Critically discuss the role and importance of international commercial arbitration as an alternative dispute settlement mechanism in international trade today." Introduction Dealing with the role and importance of international arbitration as an alternative dispute settlement mechanism in international trade today raises two questions. First of all, the question of the "role" of international arbitration implies the following set of questions: Why arbitrate, in the sense of how can it be a better way of solving a commercial dispute than going before the court ? In other words, how does the arbitration make the dispute resolution between the given parties easier ? And what are the attractive attributes of international commercial arbitration ? As for the "importance", it is directly linked to the role of international arbitration through the enforceability of awards or judgments. Indeed, the international scope of arbitration depends on the willingness of the parties to...

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