The Role of Mediation and Arbitration in Resolving Commercial Disputes: A Comparative Analysis
Keywords:
Mediation, Arbitration, Commercial Disputes, Alternative Dispute Resolution (ADR)Abstract
Maintaining commercial relationships and guaranteeing the smooth operation of markets in today's complicated and globalized corporate world requires efficient and effective dispute resolution systems. Two of the most well-known forms of ADR, mediation and arbitration provide companies an option to settle legal disagreements outside of the court system. a look at the pros and cons of both mediation and arbitration as a means of settling business conflicts, as well as the situations when each approach works best. Cultural, legal, and economic variables impact the acceptance and efficacy of arbitration and mediation; this study examines these influences across various legal systems and jurisdictions. The paper uses case studies from several nations to show how these ADR approaches work and what results they get. These countries include the US, UK, China, and India. Furthermore, the study considers how international conventions like the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards affect the enforceability of both the agreements and the results of arbitration.
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