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Principles of International Commercial Arbitration

International commercial arbitration is the process of resolving business disputes between or among transnational parties through the use of one or more arbitrators rather than through the courts. It requires the agreement of the parties, which is usually given via an arbitration clause that is inserted into the contract or business agreement. The decision is usually binding. International commercial arbitration is one of the most popular methods of dispute resolution in international trade. The increasing significance of inter-state trade and the links it forges between enterprises across borders help develop international methods of dispute resolution.