What are the steps involved in international arbitration?

International arbitration is a method of settling disputes between two or more countries bordering each other, or having a mutual interest in a dispute. In North Carolina, the process of international arbitration involves several steps. The first step is for the parties involved to choose the method of arbitration. This can be done through mediation, in which the parties agree to dispute resolution through an outside third-party, or through direct arbitration, which is a more formalized process overseen by a panel of arbitrators. The next step is to develop the Arbitration Agreement, which will establish the procedural rules and regulations governing the international arbitration. This document will also specify the jurisdiction, or legal authority, of the arbitrators. The next step is to select the arbitrators. Generally, the parties will mutually agree on the number of arbitrators, as well as their qualifications. After the selection of arbitrators is complete, they will review the agreement and submit their findings. The findings will include a decision on who must pay damages, if any. The final step is for the arbitrators to draft a final award, or a legal document, that details the decision of the arbitration. In the event that one of the parties disagrees with the award, the document can be challenged in court. These are the basic steps involved in international arbitration in North Carolina. While there may be additional steps in the process, depending on the types of disputes and the agreement of the parties, these are the general steps involved in international arbitration.

What are the steps involved in international arbitration?

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