Conclusion

Abstract

The world of business has become small, interconnected, and driven by a desire for growth and profits. In all parts of the world, human desires and consumer appetites are demanding that the economy produce, distribute, and sell. The net result has been a rapid increase in commercial transactions: more negotiations, more contracts, more business obligations and, consequently, more disputes to be resolved. Most business disagreements, domestic or transnational, are resolved over the phone. Sometimes, a face-to-face meeting may be required; but negotiations are the main method of dispute resolution. Some intractable controversies survive. Whatever such methods may be called conciliation, mediation, med/arb, mini-trial, etc., they have created a new terminology for advocates and neutrals. From the foregoing discussions on identified issues, a concluding chapter attempts to provide the future of international commercial arbitration, the lessons from experiences, challenges to address and the summary and inferences.