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

The most common method to resolve international trade disputes is arbitration. This involves deciding a dispute between two trading parties by seeking the help of a third party, or arbitrator, with expertise in the relevant area of international trade law. Arbitrators are often trained in international trade law and have substantial experience in resolving disputes. They are also impartial and will not take sides in the dispute. Arbitration can be a quicker and more cost-effective way to settle disputes than taking legal action, and the decisions made are binding on all parties involved. This means that once a decision has been made, it cannot be appealed or reversed unless the parties agree to it. In Georgia, the International Chamber of Commerce (ICC) is the most common organisation used to resolve international trade disputes through arbitration. This is because the ICC offers an arbitration service based on their own rules and procedures, which have been used to ensure fair and fast settlements for many years. The ICC arbitration procedure unfailingly seeks to provide a flexible yet efficient way to resolve disputes. This procedure can also include the use of local arbitrators in Georgia, giving the parties more control over the process. Of course, if arbitration is not suitable for the parties, there are other methods available such as litigation, negotiation, and mediation.

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

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