Arbitration, International

International arbitration is a leading means for the resolution of commercial disputes of an international character. There are almost as many definitions of international arbitration as there are commentators on the subject. Moreover, the term encompasses a whole kaleidoscope of different specific dispute resolution procedures (both institutional and non-institutional) that might, in turn, be applied to a broad spectrum of different forms of dispute. In general terms, however, international arbitration involves the definitive and binding resolution of an international [Page 84]dispute between two or more parties, pursuant to an agreement between those parties, by an independent, nongovernmental decision maker or decision makers.