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OLUWAYEMISI DIYA INTERNATIONAL BUSINESS TRANSACTIONS SEMINAR LEADER: DR A.F.M MANIRUZZAMAN DATE: 12th MARCH 2004 QUESTION NUMBER 21 Question: write an essay on the role and importance of international commercial arbitration as an alternative dispute settlement mechanism in the present day world. Arbitration can be defined as where parties state their views, offer evidence at an arbitration hearing, and agree to let an impartial, professionally-trained arbitrator make a decision that will end the dispute1. In most cases, once the arbitrator hears the evidence, he or she hands down a binding decision. There is, however, also non-binding arbitration where the disputing parties put their case before an impartial third party who renders an opinion or recommendation, which the parties may choose to accept or not. Alternative Dispute Resolution ("ADR") refers to any means of settling disputes outside of the courtroom2. ADR usually includes arbitration, mediation, early neutral evaluation, and conciliation. As rapidly increasing court queues, rising costs of litigation,...

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