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International Commercial Disputes - Essay Example
The role of arbitration in today's world has changed dramatically in many realms. With the advent of global commercial enterprise and with the expansion of that global commercial enterprise corporations are now expanding, developing into global entities. The necessity for arbitration in commercial disputes has become more and more prevalent…
(Armstrong, K; Fire of Asia; Allied Publication; 2004; page 98)
Commercial dispute arbitration on an international scale would entail interesting specifics. The Encyclopaedia Britannica would state that the art of international arbitration began between the United States and Great Britain approximately in the year 1794 in order for America to build a sound national economy and ensure commercial prosperity. The pursuit of international negotiations led to the creation of the Jay Treaty. This treaty, regardless of its extremely controversial nature and the nation's outrage, passed the senate at President Washington's urging. Commercial dispute arbitration, as can be seen just in early American developments, would in fact bring interesting considerations to light.
The evolution of commercial dispute arbitration has in fact become something of an incredible undertaking. This would be undeniable in light of the vast number of often daily changes involved in international business relations and political and social contexts worldwide. In the realm of judgments managed in arbitral situations the International Law Association, which was founded in 1873 utilizes definitions of public policy including international public policy and public policy. ...