The Challenges of the Contemporary Arbitration Landscape
Arbitration and non-judicial forms of dispute resolution exist to provide parties with flexible means of settling their conflicts. This is particularly significant for both international business and foreign inward investment, where a mix of different legal cultures and nationalities, the risk of protracted litigation and uncertainty as to final cost may render recourse to national courts unattractive.
At the same time, the hallmarks of efficiency traditionally associated with arbitration have been called into question, with increasingly long drawn out and resource intensive arbitral proceedings and the adoption of presentational strategies and challenges that owe more to the adversarial trial.
Given this new reality, businesses, investors and states are now recognising the value of taking proactive and pre-emptive steps at negotiation, agreement and dispute stages, while also exploring complementary forms of dispute resolution, especially mediation.