Browsing by Subject "Dispute resolution"

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    Problems of dispute resolution in international trade
    (2007) Esomeju, Nneka Cecilia; Christie, Rh
    Satisfactory resolution of disputes in the international arena has become very important, mainly because there has been an increase in the volume of world trade. Different concepts of the law come into focus when disagreements arise. In such disagreements, choice of law is a major issue. For businesses caught up in this, the assurances of known procedures obtainable at the local level are absent and they are forced to grapple with unknown realities. There are many ways of settling disputes internationally; these mechanisms include litigation, negotiation, mediation and arbitration. Each of the mechanisms has advantages and some limitations. Arbitration is easily the best-suited mechanism to handle international disputes mainly as a result of ease of enforcement through the New York Convention. These problems of dispute resolution could be ameliorated by the incorporation and use oflex mercatoria.