What is the most common method to resolve international trade disputes?

The most common method to resolve international trade disputes is arbitration. Arbitration is a process where the parties in a dispute agree to resolve their dispute through a neutral third party. The third party may be a single arbitrator or an arbitration panel. The arbitrator(s) will listen to the parties’ dispute and make a legally binding decision on the matter. This decision is typically final, and the parties are obligated to abide by it. In Florida, the Florida International Trade Arbitration Center (FITAC) serves as a neutral forum for the resolution of international trade disputes. FITAC is able to provide domestic and foreign arbitration services. The arbitration process at FITAC is an easier and faster alternative to alternative dispute resolution methods such as litigation. Furthermore, the parties can select the arbitrators of their choice and set terms for their arbitration, allowing them to have more control over the process and outcome. Arbitration is often a preferred method of dispute resolution because it is less expensive and more efficient than another method such as litigation. It is also confidential and allows the parties to reach a final decision without the time-consuming process of a trial. Additionally, arbitration has the added benefit of allowing the parties to settle their dispute without the potential for appeals. This makes arbitration the most popular method for resolving international trade disputes in Florida.

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