Essay Title: 

Compare and contrast the abitration system in relation to international trade be

March 11, 2016 | Author: | Posted in mathematics and economics, trade

The United Kingdom Arbitration Act vs . the Australian Model Law

Parallels and Differences , and World Context

The second half of the twentieth century witnessed a colossal expansion in international trade . While trade is generated at the individual level between one business and another , the governments are in charge to create conditions that encourage and foster its dynamics . But rapid development of the international business is inevitably accompanied with occurrence of disagreements between the participants of commodity-money relations . The disputes arise often between traders and sometimes between traders and government authorities in [banner_entry_middle]

the entities with which they trade

Arbitration vs . Adjudication – the Choice by the International Trade Players

Alessandra Casella asserted in 1992 that “the legal services provided by the courts deteriorate in the presence of arbitration ” and foretold increasing of “the share of traders using arbitration [ .] as markets expand . It seems to be true as now we observe this tend at advanced stage of development . Contemporary worldwide commercial relations grow to be very complex due to development of information technologies increasing volumes of import-export transactions , establishment of transnational corporations etc . The number of international market-place participants is immensely large . They are to operate in business environment of diverse legal systems with different policy agenda and political structure

The experts recognize many commercial disputes can be avoided through the increased transparency of laws , regulations , administrative guidelines and policies related to trade and investment . But as at present time such transparency often is not provided , arbitration is an effective instrument of resolving parties ‘ disagreements in the international trade

There is a very long history behind international trade dispute resolution , particularly in the development of arbitration in the civil and common law jurisdictions as a popular method between traders to settle disputes in a way that largely avoids recourse to local courts Last decades in practice of international trade the parties quite often are orientated toward new processes of normative regulation of their relations , and they mostly include the provisions to their international contracts that any disputes occurred would be solved by arbitration Among the available dispute resolution alternatives to the courts arbitration is by far the most commonly used internationally Arbitration has become the primary method of resolving disputes in many economies

Looking Back to the Beginnings

Two countries were standing at the cradle of formation of world arbitrage system , and until now they have been substantially contributed to its development and advancement . Those are the United Kingdom and Australia – since its origins arbitration in both has been universal human institution which preceded the monopoly system of law embraced by contemporary states . Having explored similarities and differences between these countries ‘ arbitration systems especially in relation to international trade we would be able to draw conclusions concerning the effectiveness of different arbitration regimes and what could be done for further evolution of world arbitration systems as considered countries are very indicative in this field

It is exactly a hundred years since the uniquely Australian system of conciliation and arbitration was proposed… [banner_entry_footer]

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