Business Law Deneme Sınavı Sorusu #1019146
Concerning the international commercial affairs, which of the followings refers to the specially established mechanism for the final and binding determination of disputes, concerning a contractual or other relationship, by independent arbitrators, in accordance with rules chosen by the parties?
Mediation. |
Liability. |
Simulation. |
Arbitration. |
Conversion. |
In an international commercial relationship, usually the parties are from different countries and different legal cultures, speaking different native languages. Contracting parties from one country are generally unwilling to submit to the national courts of the other party. There is often a distrust of foreign courts, and moreover a hesitation for their suitability for certain types of international contractual relationships. Therefore, arbitration, as an alternative dispute resolution method, flourished and bloomed for the resolution of international commercial disputes. Arbitration is a specially established mechanism for the final and binding determination of disputes, concerning a contractual or other relationship, by independent arbitrators, in accordance with rules chosen by the parties. Therefore, the correct option is D.
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