What type of international dispute resolution is available to global businesses?

Global businesses can use a variety of methods to resolve international disputes. Depending on the type of dispute, different methods may be useful. Generally, the most popular form of dispute resolution is arbitration. Arbitration is a process where two or more parties submit their case to a neutral third party, called an “arbitrator.” The arbitrator listens to both sides and then makes a decision that is legally binding. This can be an effective method of dispute resolution for global businesses as it is fast and less expensive than going through the court process. Mediation is another type of dispute resolution option available to global businesses. This involves a neutral third party, called a “mediator,” who meets with both parties to discuss the dispute. The mediator helps the parties come to an agreement that is mutually acceptable. Although this method is not legally binding, it can be effective in resolving disputes quickly and amicably. In addition, many states, including Washington, have International Commercial Arbitration Laws that provide for a procedure for resolving international disputes. This process involves parties from different countries submitting their cases to a specialized court, called the International Commercial Court. This court reviews both sides of the dispute and then makes a decision that is legally binding and enforceable. All of these dispute resolution methods can be useful to global businesses in resolving international disputes. Each method has benefits and drawbacks, so a global business should carefully evaluate the dispute and what type of resolution would work best for their specific case.

What type of international dispute resolution is available to global businesses?

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