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The research paper has focused on understanding and analyzing the International Commercial Arbitration and effect of the same on the international trade and commerce. International trade law contains specific rules as well as customs for tackling the matters of trade between different counties. International commercial arbitration includes the participation of two parties and their respective arbitrators for resolving issues between the parties. This area of law is now an independent area of study as most of the governments have been becoming part of the international trade system. There is involvement of foreign commercial transactions to give the international trade system strong support. This branch of law is based on economic liberalism theories that developed in the states of Europe. International commercial law is a field that involves the regulation of international organizations, states, and private firms functioning in the area of the international economy. Inter-government trade agency, as well as non-government trade agency functioning, can be explained concerning the international trade law. International trade includes international commercial dealings. For participating in commercial dealing, one should possess special skills and strategies. The paper thus discussed the branches and areas concerning the world trade functioning and legislations governing the same.
Identifying the objectives of research makes the research more efficient to follow. The study in this paper has focused on establishing a relationship between international commercial arbitrational and international trade. It has evaluated the developments made in the unified body of commercial law. Divergence in the practice of jurisdiction will be analyzed. The paper further studied the skills and strategies for successful participation in the international commercial dealings. The development of international economic law has been analyzed in this paper.
In this paper, the main aim is to evaluate and demonstrate the matters regarding international commercial arbitration. Understanding the legislations of International commercial arbitration as an alternative method for resolving disputes regarding international trade has been considered. It has critically analyzed the development introduced in international economic law in case of initiatives brought in non-governmental and inter-state trade agencies. Examination of the skills and strategies for a successful engagement in the international commercial dealings has been done. The paper examined the significant divergences in the practice of national jurisdiction in the field of international commercial law.
According to the author Garvey, Jack I, the process of arbitration is broadly related to national law concerning the commercial dealings. In the case of two different states agreeing to make a transaction, there arises a matter of legal binding for possible future disputes. The disputes will get influenced by party autonomy in case of legal actions to be taken against the same. In case of the international transactions, there shall be an application of international business law on any probable dispute to arise out of the transactions.
According to the author Sunday A. Fagbemi, The foundation for every arbitration proceeding is based on the arbitration agreement. The agreement between the parties constitutes a contract for referring to the disputes that may arise in the future. The parties, therefore, get the freedom to execute the agreement so created between the parties consensually. The author defines this freedom of consensual execution as the party autonomy. In the paper, there were some questions raised by the author to be analyzed and determined upon. It is to be interpreted whether the parties possess the absolute right or freedom for learning the process of arbitration. The next question raised by the author is, whether the concept of party autonomy is reality or just a myth. These questions and related factors have influenced the study regarding the applicability of party autonomy in international commercial arbitration.
Arbitration is the process of resolving the disputes regarding the transactions made between two parties. In this matter, there are two or more parties to agree. The agreement so made is based on the transaction to be made between the parties. Party autonomy gives the parties the freedom to select the process of arbitration. This paper has provided an overview of the question against the validity of party autonomy in the case of international commercial arbitration. The paper has further explained the importance of arbitration agreements and sources of the principle of party autonomy. Applicability of party autonomy o the field of international commercial arbitration has been analyzed in this paper. The author has tried to demonstrate the facts related to the inter-relation arbitration law at the international level and party autonomy. Understanding the theories related to party autonomy is crucial to understand the matters related to the agreement and enforcement of the same. The parties will be enjoying the freedom of giving consent for the choice of law for the same dispute. There should be free consent concerning the party autonomy in case of international commerce relate dispute.
According to the author Jackson J., there is a relationship between international economic law and international business law. The author has drawn a distinction between the international economic law and the international business law in this paper. Transactions between the parties create an economic relationship between them. Non-governmental or private sectors have been given an overview of their economic transactions for the research study. Even the interstate transactions get affected by the relationship of these two aspects. The paper has described the disappearance of private international law in the field of business law and economic law. In this paper, by international law, the author has included comparative law as well as inter-domestic law. In the broader sense, it has further explained each area of law with relation to the subject of the paper. The author has analyzed functions of international economic law. The author has analyzed that the European approach in the international economic law has given it a functional approach to the same. The paper has demonstrated that in the case of transactions, there is involvement of both the private and public sectors. Not only that, as the paper has been discussing international trade and commerce, there is involvement of inter-state trade and commerce.
The World Trade organization follows the inter-state trade and commerce. Therefore, governance is based on international law o business. The economic transaction that results from the international transaction is governed by international economic law. Therefore, it can be observed that there is a close relationship between international economic law and international business law. Economic law is closely related to business law. With the business transaction between the parties, and economic relationship arises. With the relationship regarding economic transaction law regarding the same will bind the relationship.
According to the author Maniruzzaman, A. F. M, the reason behind the cross border disputes is the evolutionary kind of nature of the private international law. There is an ever-existing conflict between private international law and the traditional legislations. In the case of international trade and commerce and dispute to arise out of the same are governed by the international law of business.
According to the paper, international disputes in the commercial sector have given rise to much international legislation. The newly introduced legislations have been governing the relevant cases and disputes thereafter. The author has mentioned some of the important international legislations that have been governing international commercial disputes. Some of such legislations are the Vienna Convention on the International Sale of Goods, 1980, UNIDROIT Principles of international commercial contracts and so on. The legislations have been governing the matters related to the disputes related to international transactions in the field of trade and commerce. Apart from the legislations, some common principles apply to the same. According to the paper, there are certain requirements for the disputes to be governed by international legislation. There should be the presence of a foreign element in the dispute. Presence of foreign element is one of the most important requirements for the application of the legislation mentioned above. The governing domicile rules and implications of the same will be considered at the same time. The jurisdiction of the court will be considered for the application of international law. The paper thus demonstrated the choice of law concerning the disputes. International legislations are required to govern the disputes between two parties dealing with agreements internationally. Two parties from different countries execute cross-border agreements. The parties would be guided and governed by the legislation introduced by the governments for guiding international transactions. The parties and the agreement will be binding by the legislations. Any trade or commerce that comes under the world trade organization will be governed by international legislation.
The methodology is the systematic analysis of the methods used in research. The research methodology allows the readers to evaluate the reliability and validity of a paper of research in a critical sense. In this paper, the research has followed the qualitative method of research. In this particular paper, the data were collected qualitatively. The analysis of the data was done based on the same method.
A Research Design for this research was created based on the type of data to be collected and the aim of the study. This particular paper included various steps to create the Research Design for the same. There has been a collection of data done to support the study. Analysis of the data so collected was done to understand the validity and reliability of the data collected for the study. The research approach has been established to implement the design for the research being made. Ethics based on the study and the information collected have been found. Limitations regarding the ethics so found have been established. Research Design is established to evaluate the study logically. Research Design is initially followed by identifying a problem for the study. After that, it reviews the literature to support the study that is being done. Later, it will try to explain and clarify the problem so identified. It concludes by analyzing the collected data for supporting the study.
The approach of a study helps The Reader to identify the steps and strategies that have been followed for the completion of the research. It creates a transparent interpretation and analysis of the data collected. The approach analyzed and examined every needed strategy or step to be taken for the research. Individually analyze the approach of data collection and approach of data analysis. There are different types of approaches that can be followed for a research paper. Three kinds of approaches, namely, quantitative approach qualitative approach and the mixed approach. Case of a Quantitative approach numerical data collected analyzed. On the other hand, in the case of a qualitative approach, literary or kind of written data is collected and analyzed. Lastly, in the case of a mixed approach, both qualitative and quantitative data are collected. This particular paper qualitative approach was followed as there were only literary data that were collected. Analysis of the data collected in this Quantitative approach was done in a required manner. The research approach includes both systematic data analysis and philosophical assumptions. The other research approach involves the plan for conducting a study based on the data so collected. This paper has particularly focused on collecting relevant data following the qualitative approach and analyze the same. It helped in analyzing and examining the data to support and find the relevance of the aim of the research.
Data are collected to support the paper and establish the relevance of the research. The paper has collected data from several literary articles to dig into the depth of the subject. Data so collected helps the researcher to determine the relevance of the study and let the reader understand the established arguments. In this case, the study was followed by several pieces of literature on its support. Relevant data were collected from the same. Data collection is done in a research study based on the methodology adopted for the same. In this case, as the data was solely collected from the literary articles, the data can be categorized as the qualitative data. The paper has analyzed the literary articles based on selected themes. There were arguments established based on the data so collected. Collecting data is done in several different approaches to be followed. In this paper, the approach was qualitative as there were only literary articles that helped the study for collecting data. The collection of data is one of the most important parts of a research study. It helps in proving the relevance of the data and support the same. Readers get an opportunity to verify the data on their own with the shared information by the writer or researcher. The paper and the validity of the same get highly influenced by the level of relevance of the data so collected.
In research, study, ethics help the study complete the same without causing harm to any participant in the study. Any probable harm can be avoided or minimized by following appropriate ethical principles throughout the study. A research study, in many cases, might include human participation. It is to make sure that the participants face no harm of issues as a result of the study. Ethical principles help to identify the probable issues and avoid the same. Qualitative research typically tends to collect and follow the text-based data that numerical outputs. In research, ethics can guide the researcher in identifying and avoiding the initial or ongoing issues with the research. The researcher will be liable for identifying the issues that could cause harm to the participants in the study. The researcher will further be liable for avoiding the same and make the study harmless for both the participants and the researcher. In qualitative research accessing the written documents might be an issue for the researcher. There might be several issues that will affect the collection of literary articles in the case or accessing the same. The researcher will be obligated to follow appropriate ethical principles for getting access to the required written documents.
Limitations are the kind of influences that cannot be controlled by the researcher in the course of the completion of the study. They are the unavoidable situations that arise out of the progression of the study. Any limitation that was faced by the study in the course of the completion must be mentioned in the study. In a qualitative method accessing all the required documents might create a problem for the study. Demonstrating a selected study for the collection of data with the volume of data might create a limitation for the study in this case. Interpretation of the literary articles is a time-consuming method. Therefore, the time for the interpretation of each collected data creates a limitation for the researcher to complete the study.
The analysis made for the data so collected from the literary articles, some mentionable data were found. International commercial arbitration is the way for resolving issues to arise under international commercial dealings. It is an alternative method to the litigation and is followed by the terms that the parties have previously decided upon. Arbitration can be either ‘ad hoc’ or ‘institutional’. The terms mentioned in the agreement generally decided the kind of arbitration to be followed in a case. In the international arbitration international treaties and laws are followed.
Analyzing the data so collected is another important step for the valid completion of the study. In this case, the data were collected from several literary articles following the qualitative approach. In this paper, several issues need to be analyzed. The matter of party anatomy has been analyzed with the help of relevant articles written on this behalf. Party anatomy was demonstrated with the view towards the relevance of the same in case of international trade and commerce. The issues regarding International trade and commercial dealings have been examined based on the data collected for the same.
The national jurisdiction that is governing the matters related to international trade and commerce has been identified with the help of the literary articles do collect and analyzed. The legislations so identified is to be analyzed on behalf of the relevance of the same in the field of international trade and commerce. The impact of the international economic law on the market of international business has been analyzed in this paper. The paper has explained that there can be both non-government and private organizations as well as government organizations to the cross-border agreements. There might be interstate agreements as well. The international law of economy will be guiding every party participating in the agreement. The paper further tried to analyze the required skills for a successful participant in the sector of trade and commerce. Therefore, the paper has tried to cover every edge of international trade and commerce to identify the issues related to the same. Critically evaluating the data so collected from the existing articles has helped the paper to identify the solutions as well.
With the growing popularity of international commercial arbitration and its practice, the question arises why the parties choose arbitration law over litigation proceedings in national courts. There are many reasons why the method of arbitration has become such a common method of resolving issues. It gives the parties to follow a neutral decision over the existing issues. With the involvement of different counties as parties the issues, it might be complicated for the courts to deliver an unbiased decision. It gives the parties an opportunity for choice of law for proceeding with the case. There are several benefits to the application of International Trade Law. With the international practice of the trade, revenue for the dame increases for an organization. It provides an organization with a lower number of competitions in the market. It might provide the business organizations with a longer lifespan for production. It further opens a gate for the parties to keep the dealings confidential. Confidentiality is one of the greatest features of arbitration.
With all the benefits coming along with the arbitration procedures, there are several drawbacks in the same case. Arbitration is a costly process to choose over ordinary litigation. It involves a considerable amount of money for completing the same. On the other hand, it takes a notable amount of time to finish the procedure. Therefore, it is a time-consuming procedure. With the extension of business in another nation, there is always a risk of political involvement with international trade and commerce. Besides political complications, there might be the involvement of cultural difficulties. Managing the credit risk in case of international trade is another crucial drawback issue to be taken into consideration.
With the feedback on my previously submitted research proposal I have gained knowledge about many things that I was able to discuss in this paper. Failure in conducting the research proposal led me towards understanding the lacks in my study on the given topic. Absence of the research question in the proposal and proposed research methodology guided me towards adoption of the same in my final paper. With the information gained from the feedback given on my research proposal, I have introduced research questions in this paper. With the feedback so given, I was able to learn many aspects related to the topic and thus it helped me in valid completion of the study.
The paper has focused on examining the edges of international law in the field of trade and commerce in the light of international commercial arbitration. The legislation that will govern the disputes that might arise out of the transactions was analyzed. The paper further analyzed many pieces of literature for collecting supportive data. The focus of the paper was understanding the matters related to the depth of the legislations regarding international trade and commerce issues. It was observed that the agreement so made between the cross-border parties could result in many disputes in future. The disputes will be influenced by the domestic as well as international law. The paper further collected relevant qualitative data following a research method. It was analyzed that the parties of the contract have freedom of choice of law against the dispute to arise out of the agreement they have. The parties possess the party anatomy on this particular kind of dispute. The paper has demonstrated the relationship between international business law and the international law of the economy. The relationship was drawn to understand the relativeness of the agreement over a transaction with the economic issues of the same. The paper thus analyzed the edges of the international commercial dealings and international commercial transactions.
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