Arbitration on Response to Challenges of Contemporary Market

Response to the challenges of the modern market, which requires prompt resolution of the business problems, in order not to fall out of the economic game, are the alternative methods of dispute resolution, which include arbitral proceedings. Arbitration might be useful while resolving civil and commercial disputes, increasingly many corporate disputes, like conflicts between the company and the partner. The arbitral tribunal is constituted by the parties, which are entitled to choose arbitrators, as well as rules governing the proceedings, if not provided otherwise. The main advantages of the arbitral proceedings are the following: flexibility, speed, effectiveness, informality in the conduct of the proceedings and confidentiality. However, the statistics regarding the number of the cases being arbitrated are not impressive, the increase in the number of the disputes directed to the arbitration might have been observed. It is determined by the dissemination of the idea of the arbitration – friendly businesses, likely to adapt to the requirements of the modern market.