Application of International Law

Application of International Law

Kareema L. Smith

Argosy University

Arbitration is defined as an alternative form of resolving a dispute; it is an authorized method for the resolving issues outside of the courtroom, Those who are involved in the disagreement utilizes a group or overseer (the "arbitrators", "arbiters" or "arbitral tribunal") to preside over their case and mutually agree to obey to their decisions or settlement of the case. The resolution decided by the person or persons presiding over the case must be complied by both sides and the decision is legally binding. There are many forms of this method mediation which isn’t legally standing, but allows a person (or persons) on neutral ground to offer up a reasonable resolution for both parties to agree on. You will see this technique used mostly in the business world between businesses, companies and its employees and other organizations.

Arbitration can be either voluntary or obligatory. If it is deemed mandatory arbitration can only come after some sort of written agreement, like a contract that someone or some company signed into, where those involved decided to resolve any dispute to be resolved in the form of arbitration. So in short arbitration is an even where a disagreement is resolved by an unbiased arbitrator whose conclusion the parties involve agrees to adhere to. His rulings (in most instances) will be obligatory and absolute.

The Russian Arbitration Institute is a court in the Russian federation that holds the highest authority over commercial disputes in Russia. It also supervises the work of circuit courts and it manages the efforts of these courts of negotiations. It also clarifies the laws and offer guidelines on applying it to proceedings and decisions. The Russian Arbitration Institute can be compared to the U.S. Supreme Court also known as the highest court in the land. Like the Supreme Court the Russian Arbitration Institute holds influence, sway and control over the...