Legal analysis of arbitration in international trade law

With the development of international trade and the globalization of the economy, arbitration has grown rapidly as a way to resolve international trade disputes, so today it is a common practice to resolve international disputes. There are fewer cases of unpredictable arbitration in an investment engagement contract, technology transfer, large factory building, cross-selling, industrial and commercial cooperation, and so on. An arbitration is a private-law process approved by the law, whereby one or more independent individuals hear a lawsuit and decide on a dispute. Referring a dispute to arbitration, unlike the court, requires an agreement between the parties that may take place before or after the dispute.